What is the Definition of Customer Relationship Managment?

What is the Definition of Customer Relationship Managment?

08/09/2016

More and more businesses are turning to CRM (Customer Relationship Management) as they realize how it can help them deal with customers and prospects more effectively. CRM is a system that companies use to manage customer interactions. It includes all sales and marketing operations aimed at optimizing the quality of the customer relationship, increasing loyalty and maximizing revenue and margin per customer. 

A 360 Degree of Your Customer

CRM utilizes an array of innovative support technologies and applications to guide users through a company’s processes and practices and helps convert positive business relationships into profitable business growth. A lot of SMBs define CRM as a 360 degree view of the customer on one application. 

Information in a CRM solution could include the following data: company name; SIC (Standard Industry Classification) profile; address; phone number; website address; contact name and job title; social media account details; purchasing history; buying cycle and preference of product and service.

Subscription Based Software for CRM

CRM solutions are aimed at all types of organizations, regardless of size or sector. Generally speaking, companies start investing in CRM software when they have approximately 5-50 employees. There are many examples of components being made available on a subscription basis, allowing anyone in any sized business to better manage their clients using this kind of software. A CRM solution allows a company to keep track of interactions whether it’s for a customer or a prospect. It allows a company to monitor and grow existing business, as well as nurture new opportunities.

Small Business Growth with CRM

The scalability of these applications allows very small businesses to expand to more sophisticated features that enable them to: collaborate with colleagues and customers; manage customized marketing campaigns; assemble insights from social media conversations and put together a holistic picture of their company’s health in real time. 

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