About Product : Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth. CRM systems are designed to compile information on customers across different channels -- or points of contact between the customer and the company -- which could include the company's website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customer's personal information, purchase history, buying preferences and concerns.
CRM software consolidates customer information and documents into a single CRM database so business users can more easily access and manage it.
The other main functions of this software include recording various customer interactions (over email, phone calls, social media or other channels, depending on system capabilities), automating various workflow processes such as tasks, calendars and alerts, and giving managers the ability to track performance and productivity based on information logged within the system.
Inefficient practices are eliminated: Valuable time is commonly lost each day by using several different software packages or spreadsheets to track all sales and customer service issues. One large advantage of using a CRM system is the consolidation of all these separate solutions that you use to track your customer activities. With a CRM in place, you rid yourself of double entry across multiple spreadsheets or contact systems, and you set the stage for greater automation of all your customer activities. By using one CRM software package to complete all daily tasks a business will save thousands of hours each year, hours which can be focused on your overall business strategy.
Customer details are stored in an easy to access place: No more searching for customer information on various databases. Customer relationship software enables all customer details to be stored in the same place which can then be accessed by anyone within the business who has the correct permissions. The advantage of having a single centralized CRM in place is that even if you lose employees you’ll always have access to up-to-date customer information. You’ll always have the information at your fingertips to close any sales lead, regardless of employee turnover or lost data.
Invoicing and quoting is more streamlined: Being able to create quotes and invoices for a customer within minutes means that no more quotes will be overlooked and no more invoices will be left unsent. Many businesses lose a great deal of revenue by failing to send out quotes on time and leaving invoices languishing in filing cabinets. With a CRM in place, you can benefit from the automation of all paperwork and invoicing, without any delay.
CRM gives a professional image to your business: All businesses want their customers to regard them as professional and it can be the little things such as knowing what your customers usually buy that will help to project this image. Knowing the service or products your customers have purchased also enables you to cross-sell or up-sell any additional services/products that you offer to gain additional value.