CRM is the abbreviation for . It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. While the phrase is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
CRM is often thought of as a business strategy that enables businesses to:
1. Understand the customer
2. Retain customers through better customer experience
3. Attract new customer
4. Win new clients and contracts
5. Increase profitably
6. Decrease customer management costs
Technology and the Web has changed the way companies approach CRM strategies because advances in technology have also changed consumer buying behavior and offers new ways for companies to communicate with customers and collect data about them. With each new advance in technology—especially the proliferation of self-service channels like the Web and smart phones, customer relationships is being managed electronically.
Many aspects of CRM relies heavily on technology; however the strategies and processes of a good CRM system will collect, manage and link information about the customer with the goal of letting you market and sell services effectively.
The biggest benefit most businesses realize when moving to a CRM system comes directly from having all your business data stores and accessed from a single location. Before CRM systems, customer data was spread out over office productivity suite documents, email systems, mobile phone data and even paper note cards and Rolodex. Storing all the data from all departments (e.g. sales, marketing, customer service and HR) in a central location gives management and employees immediate access to the most recent data when they need it. Departments can collaborate with ease and CRM systems and it helps and organization to develop efficient automated process to improve business processes.
Other benefits include a 360-degree view of all customer information, knowledge of what customers and the general market wants and integration with your existing applications to consolidate all business information.