WHAT IS CRM AND IMPORTANCE OF CRM

What is CRM? CRM stands for Customer Relationship Management. (CRM) is a technology for managing all your company's relationships and interactions with customers and potential customers.

How CRM Helps Organizations : CRM helps organizations streamline processes, build customer relationships, increase sales, improve customer service, and increase profitability. A CRM connects all the data from your sales leads and customers, all in one place. It also consolidates all communications (form fills, calls, emails, text messages and meetings), documents, quotes, purchases and tasks associated with each lead and client.

Importance of CRM: When your data is organized and managed by a CRM platform, you have a better understanding of your customers, which leads to more aligned messaging.

• Cost Effective : Cost-effectiveness is one of the most important aspects of CRM for businesses. It helps to reduce process costs in a variety of ways.
• Improves Productivity : The CRM technique is extremely effective, which improves business performance when compared to the traditional model. Data stored in a database is accessible at any time and from any location.
• Retain Customers : Retaining customers is the most difficult task for any business. In today’s competitive market, customers are switching from one product to another more frequently. CRM helps businesses retain and maintain long-term customer relationships.
• Understanding the Customers : A company can better serve its customers after gaining a thorough understanding of them. CRM enables companies to provide better customer service.
• Increasing the number of customers : It helps businesses gain a clear understanding of what their customers want. As a result, businesses develop policies for acquiring new customers.
• Developing company’s image : Customers who are treated well and are satisfied with the company’s products and services will undoubtedly spread the word about it. The company’s market image will improve as a result of this.
• Increasing Business Growth : CRM plays a critical role in increasing a company’s profits and turnover. CRM assists in the long-term acquisition of new and loyal customers. These devoted customers make repeat purchases, which boosts the company’s revenue.