CRM stands for "Customer Relationship Management" and refers to the principles, practices, and guidelines that an organization follows when interacting with its customers. It is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location. CRM systems compile data from a range of different communication channels, including a companys website, telephone, email, live chat, marketing materials, and social media. A CRM software system helps business owners easily track all communications and nurture relationships with their leads and clients.

Some key features of CRM include:

• Contact management: A CRM system lets you store customer and prospect contact information in one central location.
• Sales management: CRM tools can be used to manage customer relationships across the entire customer lifecycle, spanning marketing, sales, digital commerce, and customer service interactions.
• Workflow automation: CRM systems help businesses optimize processes by streamlining mundane workloads, enabling employees to focus on creative and more high-level tasks.
• Lead management: Sales leads can be tracked through CRM, enabling sales teams to input, track, and analyze data for leads in one place.
• Mobile CRM: CRM applications built for smartphones and tablets have become a must-have for sales representatives and marketing professionals who want to access customer information and perform tasks when they are not physically in their offices.

Overall, CRM is a software system that helps businesses manage and analyze customer interactions and data throughout the customer lifecycle, from discovery to education, purchase, and post-purchase.