Skip to main content

Customer Relationship Management (CRM): What is it and why you need it

CRM Meaning

Customer Relationship Management, or CRM, is a way for companies to manage their interactions with customers. Any method that uses data to improve interactions during each stage of the customer journey can be considered CRM.

Yet, for many, CRM is about the software that manages these relationships.

What Is CRM Software?

CRM Software is a tool or collection of tools that collect and store customer data. This software is then used to analyze and manage these details to help companies deliver better results.



What Are the CRM Benefits?

CRM software exists to collate and analyze customer data. From here, organizations can use this information to create insights into customer behavior.

The different roles in a business’s CRM define which data will be helpful at each stage of the customer journey. Additionally, each department will benefit in different ways.

Marketing Teams

By understanding their customers' needs, profiles, and demographics, marketing teams can create more accurate and effective campaigns.

Sales Teams

CRM software means sales teams have a more sophisticated understanding of their prospects. From the marketing materials that drive awareness of their product or service through to details of any previous contact, sales professionals enter each engagement armed with valuable knowledge.

Another advantage of CRM for sales teams is that it significantly reduces their administration time. This time saved can be spent on their core tasks.

On a management level, CRM helps businesses track their sales reps' performance. From here, it can provide insights into how to assist better performance.

Customer Support

For customer support, CRM software helps this team understand how each product or service was sold to each client. This data allows them to tailor their support to each client with a higher degree of accuracy. Additionally, customer support teams have an oversight of what each customer has been told and any previous issues.

Omni-channel Communication

Another of the CRM advantages is how it can manage omnichannel communication. For example, customers have various options when contacting a business, such as an email, phone, social media, messenger apps, etc.

Contact on these different mediums can quickly become siloed or missed. Using CRM as a hub for customer contact means all the information is centralized.

Supply Chain and Third-Party Vendor Management

CRM software also allows companies to have a better control and understanding of their procurement, supply chains, and partners.

From tracking meetings and requests to using data analytics to garner insights and improve operational efficiency, CRM is able to add value to any organization.


Conclusion

Software like Salesforce and Hubspot have come to define customer relationship management. But, the phrase is as much a concept as a tool. CRM systems make this service possible, but CRM is also a strategy and a process for acquiring and retaining customers.

CRM can be a philosophy that a business has about how they manage interactions with clients. Additionally, CRM can be a process that a company uses to ensure they maximize the potential of their client relationships.

Popular posts from this blog

Gartner Reports: Best Digital Adoption Solution

The coming decade will see a significant investment in digital transformation for the vast majority of organizations looking to drive success. But successful digital transformation relies on leveraging software to help employees acclimatize to new and evolving technology. This poses a challenge to employee productivity, as workforces across the globe will be forced to adapt to new technology in their day-to-day roles. Ideally, implementation of such tech requires an approach that impacts productivity as little as possible. That's why companies are increasingly turning to digital adoption platforms that facilitate the process and support employee efficiency rather than hampering it. What is a Digital Adoption Platform? A digital adoption platform (DAP) sits on top of an existing software application, offering users insight and guidance that helps them to adjust to the software application, providing information on key tasks and functions. With a DAP, companies can introduce new sof...

Select Element on Your Page

  To associate tour steps (pointers) with specific elements on your site, you need to hook to the selectors of elements. Selectors are used to "find" the HTML elements on your site. It is not difficult to find out the selector of a specific page element. The easiest way is to use our Chrome extension . Usetiful for Chrome extension (Recommended) 1. We recommend you to first install  the extension  - it enables you to preview product tours directly on your page without embedding the code. When on the page, it allows you to get the element selector on just one click.   2. Inside the tour editor, the " Element"  field require you to enter the selector of the HTML element on your site. Click on the  "Select element"  action on the right side of the field.  The following dialog will appear if the Usetiful browser extension is enabled. 3. Enter the address of your web page and click "Open page" 4. To select the...

Create product tours with Usetiful