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What is Customer Relationship Management?

CRM – a Customer Relationship Management is an approach that is used to manage and consolidate customer information and record interactions with existing and new customers. It is also a system that is used to control customer’s data, information, leads and various other factors that can help analyze business touch points ultimately focusing on customer retention and acquisition, in turn, driving profitability and sales growth.

Why your Business needs CRM?

Buying and selling is a portion of every business that moves market prices. If you are looking to keep track of the way your business is proceeding, it’s vital that you need a software or a tool that analyses, centralizes and simplifies your customer engagement.

There are n number of reasons why it’s essential for your business to have a CRM software and below are few of them.

  1. CRM software helps your marketing strategy by allowing you to target the right leads at the right pace and with the right capital.
  2. Enables you to fast-forward the growth of your business by channelizing financial systems, lead generation, opportunity creation, pipeline value and others.
  3. Stimulating best practices by making use of CRM dashboards that record business activities and embed best sale practices.
  4. Tailoring Customer relationship and engagement can be earlier and simpler using the CRM Software
  5. Risk management is another significant issue in business and can be controlled by making use of CRM Software that enables the seamless transfer of responsibilities.

CRM Workflow

Types of CRM?

Operational CRM – It is based on Customer oriented process such as sales, marketing, and customer support.

Analytical CRM – It’s based on customer acquisition, retention, and managing data.

Collaborative CRM – It’s a strategic CRM that enables organizations to share customer information across various other business units.

Most Popular CRM Software’s in the market.

  • Salesforce CRM – It’s known to be one of the largest CRM software publisher which has acquired over 2 million customers worldwide.
  • Microsoft Dynamics CRM – It’s one of the CRM market share leaders and is the second largest CRM software publisher next to Salesforce.
  • HubSpot CRM – It’s a quick and smart CRM that is ideal for companies that are starting to recognize the usage of CRM.
  • SAP CRM – It’s a fully integrated CRM that targets mid-size and large organizations.
  • And many more..

Business and Customer benefits of using CRM.

  • Improves customer relationships by providing satisfactory services.
  • Maximize selling by following strategies during the customer interaction by knowing what customer wants either through offline or online.
  • Increase revenues to a great extent by using CRM software for product promotions and increase customer revenue.

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