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CRM stands for customer relationship management. It is a technology that analyzes and manages customer interactions and data throughout the customer lifecycle, thereby providing better customer service and better business relationships while simultaneously increasing revenue.
Think of CRM as modern software, similar to a traditional registration system made with Office 2019, which stores the names of clients, as well as all relevant information (phone number, e-mail, stage of the transaction, notes, etc.). CRM systems help improve customer relationships and communications by offering a 360-degree view of the customer with easy access to data such as contact information, customer service requests, marketing campaigns, as well as history and sales opportunities, optimizing business processes.
CRM software has become almost ubiquitous in the business world for growing large organizations - there are several reasons for this. Let's take a look at how a customer relationship management system solves organization-wide pain points for today's growing companies.
3 reasons why a CRM system is important for your business
1. Organization and scale.
The foundation of any good company is impeccable customer service.
For small companies, it may be appropriate to use Excel or another system to identify each potential client, call records, and then proceed to the client. However, over time, the detailed updating and maintenance of spreadsheets can take up an incredible amount of time, distracting your salespeople and other team members from their revenue-generating responsibilities.
This is where customer relationship management software comes in handy. It works with other tools to automatically obtain the necessary information, helping to lighten part of the workload on the part of employees.
A good customer relationship management software solution makes updating customer information incredibly easy and affordable for the entire company. This is useful if the potential customer needs to be transferred to another team member. There is no need to hand over Excel documents or hold a meeting to discuss the client's history, instead everything will be noted and tracked in the CRM system.
2. Data and tracking of actions.
In addition to simply transferring information and manually tracking input, CRM software also tracks much more than a salesperson can.
For example, CRM also tracks:
• Client activity on the site.
• Interaction with clients by e-mail.
• What forms on the site are filled out by clients, how often, when and from which channels they go to the site.
This type of tracking goes beyond traditional customer relationship management, which tracks only customer contact information and transaction stage information (or information that a salesperson can enter into a spreadsheet on their own).
Having received this information, you can start the analysis of aggregated data. For example, you can start answering questions like:
• How long does the average deal last for a person who subscribed to our newsletter?
• How many pages on the site are viewed by typical potential clients before filling out the form?
• What pages on the site hide the majority of potential clients?
This information helps sales professionals better understand the prospect's journey, changing their field of view and conversations based on what's most relevant to that particular customer, as well as what the aggregated data says about the sales cycle and the journey they're in. the client
3. Increased personalization.
Your entire team can pull both aggregate data and information about customer movements, and understand the specifics of each customer so that your marketing, sales, and customer service professionals can tailor specific messages, conversations, and content to those customers.
This helps to better interact with these customers, build relationships, gain trust and, ultimately, increase their connection with the company.
