What is the meaning of CRM?
Customer Relationship Management (CRM) is an approach that helps businesses improve existing customer
relationships and acquire new customers faster.
When people talk about CRM, they are usually referring to a CRM system, a tool that helps with contact
management, sales management, productivity, and more.
The goal is simple: Improve business relationships.
A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
The definition of CRM
CRM is actually an acronym that stands for customer relationship management. In today’s marketplace, CRM
most often refers to the specific tools, usually a web application or software,
that allow organizations to focus their attention on individual customers and associates—be they buyers,
suppliers, service users, or anyone else the organization does business with.
With a CRM system, you can automate and integrate your customer-facing activities: sales, marketing,
customer service, and e-commerce.
Best-in-class CRM software also offers tools for customer analytics, personalization, social media,
collaboration, and more.
Who is CRM for?
Customer relationship management systems can be easily customized to meet the specific needs of any business
type and size. Start-ups, large enterprises, and verticals like real-estate, healthcare, insurance, legal,
media, restaurants, travel, banking, tax, freelancers, and non-profits all use a customer relationship
management software for increasing their sales, marketing, and customer support efforts.
SMBs aren't small and medium businesses but smart and modern businesses. There's no truth to the
common misconception that cloud CRM is too expensive and complicated for SMBs. They can always start
their CRM journey with a free CRM system. By being a great technological leveller, small business
CRM systems provide SMBs with a level playing field and the ability to compete against the bigger
players in their industry.
With advanced CRM features like workflow management, advanced analytics, territory management, sales
and marketing automation, enterprise CRM system can help reduce the time salespeople spend on
mundane tasks, have more time to concentrate on their customers and unify their operations across
multiple geographic locations.
Key features of CRM system
If getting quality leads is one thing, tracking and managing them to deal closure is another. CRM offers you
everything that you need to know about your leads to convert them into happy, paying customers. With lead
scoring and automated lead assignment, you can assign leads based on a variety of parameters and know which
leads have the highest chance of moving down the pipeline.
Securely store your customer information – including names, contact details, social media accounts,
communications preferences, etc. – in a central database that your entire team can access in real-time,
An opportunity once lost is lost forever. The deal management features in CRM gives you the complete picture
of your current and future deals, and lets you know what went wrong with your past unsuccessful ones. CRM
allows you to segment deals based on their current stage in the pipeline and can tell you the probability of
winning any deal.
Email management is a core function to any business and an online CRM solution lets you take complete
control of it. Any email client that you use can be integrated with your customer relationship management
tool, which means you save time switching between tabs to get work done. Email management system inside a
CRM lets you prioritize emails, analyze the response to every email, and ensures you have thorough
follow-ups with your receivers.
As a CRM implementor for your business, you want your sales team to spend more time selling and less time
doing other administrative work. Here's where automating your sales process will help. Sales automation will
help you replace your current mundane tasks with intelligent workflows and macros. Leads will also flow
through your pipeline more easily with automatic assignment of leads to the right sales reps.
Reporting and Analytics
An analytics-driven business culture can go a long way in transforming your organization's decision-making
style from "gut feeling" to "data-driven." CRM system offers businesses the necessary intelligence to
process data from various sources and churn out valuable insights to guide them with data. From basic charts
to advanced analytics insights, such as spotting anomalies in your business, an inbuilt analytics engine
inside CRM can help enterprises gain a crucial competitive advantage.
Often companies find themselves wasting their marketing budget due to poor planning and the failure to
identify the real target audience for their brand. A disconnect between sales and marketing teams can hamper
these efforts. With a Marketing CRM with built-in marketing automation and campaign management features, you
can generate new leads, execute targeted email marketing campaigns, compare ad spending to sales revenue,
and ultimately get the maximum ROI on your marketing spend.
There is never a one-size-fits-all approach when it comes to implementing a CRM platform for your business.
If there is any business software solution on the market that can be truly customized to the way your
business works, it has to be a CRM system. You can customize your CRM with custom functions, buttons,
modules, fields, and layouts, or even build a CRM entirely from scratch with offerings unique to your
At a time when global mobile usage has overtaken desktops, it is vital that your CRM system allows your
workforce to go completely mobile. Mobile CRM helps sales reps close more deals on the go. It allows
managers to add and update data when they shuttle between multiple business appointments, and even when they
are offline. Trade shows, business meetings, networking events, both in flight and on the road, mobile CRM
apps help you be business-ready no matter where your business takes you.