Customer Relationship Management (CRM) is a process, strategy, and technology that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal of CRM is to improve customer service relationships, assist in customer retention, and drive sales growth. CRM systems compile customer data across different channels, such as the companys website, telephone, live chat, direct mail, marketing materials, and social networks.
A CRM system helps businesses organize and centralize their information on customers, allowing for easier access and customer support. It replaces the multitude of spreadsheets, databases, and apps that many businesses patch together to track client data, resulting in organization, efficiency, better time management, and impressed clients. A CRM system can give a clear overview of customers, including their previous history with the company, the status of their orders, any outstanding customer service issues, and more.
CRM systems have traditionally been used as sales and marketing tools, but customer service and support are a rising segment of CRM and a critical piece in managing a holistic customer relationship. A CRM system is used to store and track customer data and interactions, and different groups access the CRM within an organization for various reasons. Companies are interested in capturing customer sentiments, such as the likelihood they will recommend products and their overall customer satisfaction, to develop marketing and service strategies.
In summary, CRM is a technology for managing all a companys relationships and interactions with customers and potential customers. It helps companies stay connected to customers, streamline processes, and improve profitability. A CRM system consolidates customer information and documents it into a single database so business users can more easily access and manage it. It connects all the data from sales leads and customers, all in one place, and consolidates all communications, documents, quotes, purchases, and tasks associated with each lead and client.
