What is CRM? How can every business benefit from CRM?

CRM means "Customer Relationship Management", there is a misconception that CRM means having software that holds and processes customer data. But it is not completely true. CRM is about having strategies, techniques, tools, and technologies, where all of them are working together to retain and acquire customers. In this article, we will describe what is CRM and in addition to this, we will show you some benefits of CRM as well.

What is CRM?

A CRM is a tool designed and developed to assist sales, marketing, and customer service teams to build firm relationships with customers. In some cases, CRM also helps in managing relationships with colleagues, suppliers, and vendors as well. Every company irrespective of its size can benefit from a CRM system. If you have implemented the CRM in your business workflow properly then you will rise in metrics such as customer acquisition rate, customer retention rate, and customer satisfaction rate.

Key Benefits of CRM

A CRM system provides a structure and organizes the customer as well as company information. Those who are already using this software will know the ease and seamless workflow that a CRM delivers. Let’s have a look at some benefits of CRM.

1. Reporting: A business gets data from various sources like social media channels, websites, Google Analytics, different business applications, etc. But the problem is most of the data is unstructured and you can’t take actions just by looking at them. A CRM system allows you to give a structure to this data by cleaning it, removing errors, and analyzing it, you will be able to interpret the customer demand. There are different kinds of reporting features available in typical CRM software like some will show you how a lead gets to know about your business or how often and effectively your company has been interacting with its leads and customers.

1. Automation: In this technologically advanced world, a business continuously receives data and insights related to its customers, market, and industry. The good news is that you can send more personalized messages to your targeted audience using this data. However, it will increase the workload and pressure on the manual workforce, which could also lead to some errors. In this case, a CRM can come handy because it can automate even complex tasks of sending segmented campaigns. For example, you can group people together who have shown interest in some niche products and then send them automated emails.

1. Collaboration: In a CRM you will see information like conversations records, interactions, needs, notes, and contact information. Sometimes, many personnel from different departments within an organization work together on the same CRM simultaneously. Therefore, CRM nowadays comprises collaboration tools that allow the users to do the same.

The best thing about what is CRM is that you can integrate it with other business applications as well. The outcome after the amalgamation would be significant too. Before you choose any new software make sure to analyze your needs and budget.

A CRM comes in different shapes and sizes. For example, there are open-source solutions like SuiteCRM and there is per-user basis proprietary software like SugarCRM. All of them have their own drawbacks and advantages. If you are not using any CRM software right now then we recommend you get one as soon as possible.

Outright Store has years of experience in simplifying the user experience by providing top-notch SuiteCrm and SugarCrm products and services.