What is CRM? CRM stands for Customer Relationship Management. It is a strategy used to learn more about customers’ needs and behaviors in order to develop stronger relationships with them. Good customer relationships are at the heart of business success. There are many technological components to CRM, but thinking about CRM in primarily technological terms is a mistake. The more useful way to think about CRM is as a strategic process that will help you better understand your customers’ needs and how you can meet those needs and enhance your bottom line at the same time. This strategy depends on bringing together lots of pieces of information about customers and market trends so you can sell and market your products and services more effectively.
You can track all customer interaction – from everyone in your company. Next time you talk to a customer or prospect, you get the upper hand when you know what that company is talking about. You can get the person to feel seen and important. And this history builds a long-time relationship. Emails should be in your system, and not in each person’s mailbox.
CRM can improve a company’s customer service practices, helping employees respond to clients’ queries quickly and effectively. For example, an entrepreneur can track customers’ complaints and see where and why the company is not performing well. The software can also provide insights into clients’ order trends, ensuring that personnel never mess up any order related questions in the future.
Real time customer engagement is about giving the customer an experience as personal as possible. By keeping up to date with a customer’s industry news and updates a company will be able to deepen an existing relationship or ensure that prospects feel like they understand their business. A CRM solution will provide links and live feeds to the customer or prospects social media platforms, while also being able to utilize Google news for updates.