Customer relationship management solutions, often shortened to CRM software, are designed to manage several aspects of a business, including access to customer data, customer interactions, automation of sales, tracking of leads, contract management, marketing, customer support, support for vendor or partner relationships, employee management, and knowledge & training.
SaaS-based customer relationship management (CRM) software tools leverage cloud computing platforms in order to enable companies to gain a competitive advantage in any customer-facing industry. With the cloud, CRM software is able to store customer information, interactions, and analytics in a central database system that is accessible at any time of the day and from anywhere in the world.
CRM is used to automate marketing, sales, and support processes, provide a consistently superior experience to customers, and lower business costs.
It enables companies to improve:
- Their understanding of the needs of existing customers
- Their view of customers and prospects
- The retention of customers through pleasant customer experiences
- The number of new customers
CRM solutions record customer contact information as well as every interaction with the company. This helps management teams to find opportunities for upselling and cross-selling, convert existing customers to new products and services, create efficient marketing campaigns, segment demographics, record and reuse customer incident information, bolster team productivity, and enhance customer satisfaction. Choosing the right CRM software helps companies to improve their offerings and operations across the board.
The key benefits of CRM are as follows:
- Business data from all the departments within an organization can be stored and accessed from a single window. Any user with the correct access permissions can access customer preferences, purchase history, communication history, and any other data they need, whenever and wherever they need it.
- CRM systems help streamline and automate processes in order to improve the handling and analysis of business information.
- With CRM, customer information and market knowledge can be integrated with an aim to consolidate all business processes.
- CRM helps enhance every phase of the sales cycle, including the scheduling of appointments, follow-up reminders, logging of customer information, tracking of communication history, e-mail writing, generation of quotes and proposals, and the development of accurate forecasts.
- CRM solutions help enhance customer support, improving the conversion rate of prospects to purchasers.
- CRM tools help businesses understand customer needs, predict the moves of prospects, and use this information to enhance profitability.
- Finally, CRM improves internal communications and enables data-driven decision making.