CRM is the acronym for “Customer Relationship Management“. CRM includes all marketing or support measures or operations designed to optimize the quality of customer relations, build loyalty and maximize revenue or margin per customer.
CRM combines techniques for collecting and analysing customer data (see Analytical CRM), marketing operations and support operations. CRM uses all available contact channels with the customer and is strongly impacted by the rise of the omnichannel and in particular by the development of digital contact channels. This relationship between traditional and digital CRM can be achieved through the use of onboarding CRM techniques.
In a more restrictive sense, CRM can refer to the entire IT system dedicated to customer relationship management. CRM is then the IT solution for managing all information relating to customers and prospects and all interactions with these individuals (incoming and outgoing contacts). Marketing tools can then be connected to the CRM solution or integrated into a marketing suite or CRM.
Why is CRM important?
CRM enables a company to grow its relationships with its customers, service users, colleagues, partners and suppliers.
Establishing good relationships and tracking prospects and customers is crucial to acquiring and retaining customers, two imperatives at the heart of the CRM function. You get a global view from a centralized location: a simple and customizable dashboard that tracks customer interaction history, order status, any unresolved service issues, and much more.
Gartner predicts that by 2021, CRM technology will be the largest single item of software spending by companies. If you want to make your company sustainable, you need to put in place a strategy for the future. For visionary companies, CRM is the ideal framework for this strategy.
What are the advantages of CRM?
By collecting and data that are organizing customer interactions, making them accessible to all and facilitating their analysis, CRM offers advantages that are many.
- Improved contact management
- Collaboration between teams
- Increased productivity
- Dynamic sales management
- Accurate sales forecasting
- Reliable reporting
- Business that is optimized
- Improved customer satisfaction and retention
- More return on marketing investment
- Best products and services