Understanding CRM

25 April 2017   |   Startup, Blogs
What do you understand by CRM?

CRM is the abbreviation for Customer Relationship Management. It is a software that manages customer relations with the company. It keeps a track of people that are connected with the company. These may be our customers, colleagues, or suppliers. This software is dedicated towards delivering the services to the customers, providing support, managing the sales and purchases, and finding new relations.

It is useful for identifying new sales opportunities, like what the customers are buying, what product they might need in the future, what recommendations can be shown, revenue management, number of win and loss deals, and finding new leads. Recruiting or marketing can also be done using CRM in an effective way. This tool is useful as it is responsible for overall increasing the productivity of the business.

Why is it important to have a CRM for your business?

CRM software is important for maintaining a healthy relationship with your customers. Various sectors of IT like startups, firms, legal service providers, hospitals, travel, restaurants, media, professionals, and large enterprises are using CRM for increasing their marketing value, sales, providing customer satisfaction that results into profitable business deals. In business to business communication, it serves as a common platform to keep in sync with the customers, partners, stakeholders, sales, and revenue. There are different types of CRMs that hold a different set of features. One may choose according to their requirement suitable. Apart from the basic roles that CRM render, it performs the analysis metrics of sales opportunities, revenue obtained, sales forecast, number of customers with their region, and territory.

It gives a 360-degree view of your customer by collecting the customers' information from various channels and keep a track of their activities, which helps in dealing with them appropriately as we know what the customer needs next or what he/she is looking for. This tool saves the time of the salespeople and telecallers, preventing them from wasting time on tedious tasks. Going one step ahead, there are CRMs that are developed by integrating with artificial intelligence, where it automates the administrative tasks like management of the distribution of deals with the salespeople, providing recommendations to users, forecasting revenue, etc.

CRM is a software that gives all the insights from customer acquisition to service provided. It helps how the business can serve its customers more effectively. It facilitates everything in a single place. It may be the status of your sales, the customers' orders, service issues, and more.

Must know these features of CRM that help in growing your business

1. Contact management - It manages the contact number, email, and other social media of his customer. It keeps the track of the conversations and the time you contacted the customer. CRM also handles the emails efficiently, according to their priority, sets reminder if any mail is left unattended, analyze the mail response and sets an automatic draft ready for you.
2. Automation - Automating tasks like data entry, assignment, and other administrative tasks intelligently, save a lot of time. Salespeople will spend less time on data tasks and concentrate more on resolving customer problems and fulfilling their business needs. This time will be used efficiently in gaining and building the trust of your audience.
3. Customer management - CRM lets you know everything you need to know about your customer. It smartly gives you a 360 view of your customers where deals can be converted into opportunities and where there is a low probability of winning.
4. Analytics - CRM provides valuable business insights in the form of graphs and visualizations for better understanding and helping you in spotting out the weak areas of your business.
5. Marketing - Using marketing techniques in marketing CRM is proved to be very advantageous when you are marketing your new products, executing the email marketing campaigns, and expanding your business by finding new customers.