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What is Customer Relationship Management (CRM)?

What is Customer Relationship Management (CRM)?

Customer Service

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CRM is the process of a business interacting with current and potential customers. It’s a software system designed for businesses to improve their profitability.

The term usually refers to a software tool that automates this process. The software provides data about target audiences that a user can analyze in order to gain insights that help make sales. A CRM can be used to help retain customers as well as getting new ones.

Customer relationship management

A typical CRM system includes a database of contacts with information such as: name, address, phone number, email, company, job title, and other relevant data to make a sale. It’s similar to the old type of Rolodex used to keep track of contacts. You’re also likely to find a database for business or organization information. That way you can understand which of your contacts work there and what their roles are. This data is linked to each sales opportunity in order to qualify leads, nurture sales, close deals, and get repeat business. The CRM helps a user to manage each stage of the sales funnel from the moment you’re looking for a new customer through to establishing customer loyalty.

 

A CRM system often integrates with other software tools such as: email automation, customer service, financial projections, and billing information. It provides relevant data using these integrations in order to get an overview and create efficiencies. You’ll often find a dashboard or multiple dashboards.

 

What do CRM systems stand for in business?     

 

Having a system to manage customer relationships is essential to making sure that your business is involved in each stage of the customer journey. It’s a centralized place to find out about all of your customers and sales leads. That way, you can derive valuable insights for your business and understand the state of every customer relationship.

 

The businesses that use a CRM system come in many varieties. They can be positioned as B2B (business-to-business) or B2C(business-to-consumer).  A CRM system can also be applicable across many industries and for different sizes of operations.  It could be just as relevant to your local plumber as to an international consultancy firm. If you’re trying to decide whether your business might benefit from a CRM system then you should ask yourself a few questions about the business challenges you would like to solve:

 

·      Do I wan tall of my contact information in one central location?

·      Would I Iike my customer interactions to be recorded automatically?

·      Am I trying to grow my business?

·      Would it help me to save time by automating business processes?

·      Do I want to serve my customers better?

 

If you answered yes to any of these questions then you might want to investigate using CRM software for your business. There are many options at different price points. You can find simple free software options to extensive – and often expensive – customisations. What’s important is that you’ve found something that suits the size and budget of your SME and will be a suitable solution for your specific needs.  

 

 

 

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