What is CRM?

If you run a business or manage a sales team, you have most likely come across the term "CRM". While you might already know that CRM has something to do with managing your customer base, this article aims to dig deeper into the topic and answer the popular question ‘What is CRM?’.

What is CRM?

First off, let’s define the acronym ‘CRM’. CRM stands for Customer Relationship Management. It is a strategy aimed to improve the way you manage your customer base and business processes in order to improve customer satisfaction and increase revenue. CRM software is the tool that you can use to implement a CRM strategy for your business. When implemented and used properly, you can expect major improvements which include reduced costs, enhanced team productivity, increased customer loyalty, and boosted sales.

Why is a CRM good for your business?

A CRM system is the best tool for organizing and managing your business data. By unifying your sales, support, and marketing efforts, it's easier to increase revenue and grow your business.

Main Benefits of a CRM

Reduced costs

A CRM lets you automate many time-consuming tasks so you can focus more on your customers and sales process. By reducing administrative tasks, a CRM will save your business time and money.

Customer Management

Your customers are what drive your business, offer crucial feedback, and bring in revenue. These days, most business owners know that giving customers a good experience is the key to success. With a CRM, you can store all your data in the system, and get a holistic view of each customer’s details, transaction history, correspondence and more. Since the data is centralized in the CRM, it’s easily accessible so you can provide informed and personalized service to all of your customers.

Sales Management

One of the most important CRM features is the sales pipeline. It gives you a clear view of each of your deals as well as their current stage. It helps you decide on your next steps to push your deals towards closing. Each deal has a record where the relevant data is kept including its contact information, account details, tasks, emails, and documents. Each deal record gives your sales team a 360 degree view of a deal’s details so they can make fully informed selling decisions.

Cross-Team Collaboration

In order to give your customers the best experience possible, it's crucial that your sales and service teams are able to collaborate. A CRM gives both teams access to important sales and support data that will keep them informed in their interactions with prospects and customers.

Business Analytics

Data analytics leave out the guesswork and give you fast, visuals stats on your business activity. This CRM benefit gives you important business intelligence so that you can make informed and successful decisions. A good CRM will allow you to create custom dashboards so you can focus on the most valuable insights for your business.

Data Accessibility

It's often that business takes you to locations outside of the office. Whether you in a meeting or business trip, it's important that you have access your business data. This is why a CRM that is cloud-based the best CRM solution. As opposed to on-premise software, your cloud CRM can be accessed from any device with browsing capabilities.

Why a cloud-based CRM

When looking for a CRM software, it may be difficult to choose which one is best. It’s important to know about the benefits of a cloud based CRM and why it might be the right choice for your business.

Key benefits of a cloud based CRM platform:

Easy implementation

There is no need for your own servers, maintenance, or complex installation. You simply sign in online and access your CRM with all its data.

Accessibility

With your CRM on the cloud, you can access your CRM from any device with an internet connection and browser such as your mobile and tablet. Your data is at your fingertips whenever you need, without having to be in the office.

Affordable

Cloud CRMs tend to be much more affordable than on-premise software. Usually you pay an inexpensive subscription fee for a plan that suits your needs.

Integrations

Cloud based CRM software allows you to integrate important data with other platforms. You can manage your contacts, email, tasks, and calendars without having to leave the CRM.

Conclusion

With the above information, you not only know the answer to the question ‘What is CRM?’, but how a CRM can improve your business and prime it for success.