What CRM stands for?

Simply CRM stands for Customer Relationship Management.

What is CRM?

Customer relationship management (CRM) is a technology that manages your company’s or firm’s accord and connection with your Customers or Leads. With this software or technology, your organization will be able to build a strong customer connection platform so you can engage potential customers smoothly and communicate with existing customers more easily. Organisations use CRM systems to streamline their sales funnel and analyze post-sales activities.

CRM is comprehensively defined as a system or set of tools that holds contact management systems, sales management, and performance analysis as well as much more depending on the organization’s needs.

Besides supporting your organisation’s relationship with its customers and prospects, CRM systems can help you establish strong connections with subscribers, vendors, or suppliers. In addition, it ensures continuous engagement with them throughout the whole lifecycle of the relationship, whether you are looking for new customers, trying to gain their business, or providing support and additional services along the way.

Basic tools that a CRM suite should hold:

These features are the vital features of a CRM:

1. Contact management: Manages information such as names, addresses, phone numbers, contact details and social media accounts. Much more data can be saved about an individual which can be used for re-engagement. For example, many organisations are now saving the birthday and anniversary dates of the customers to wish them and re-engage with them.
2. Interaction tracking: With interaction tracking, you can write notes about individual contacts and track their interactions. Some CRM also saves the call logs and recording & provide you with the option to create task like calling a person at a particular date or time as asked by the individual.
3. Sales & Pipeline management: Manage the process of converting prospects into potential customers (leads) by identifying, scoring, and moving leads through the sales pipeline. With pipeline management, you can get depth view of how the leads are conversing and what are opportunities you are missing and losing business for.
4. Email integration and Document management: CRM suites come with email integration and document management features that let you connect with different mail services such as Gmail, Yahoo Mail, Outlook, etc. so you can automate your scheduling process and have access to information across various platforms. To create a more robust workflow, companies and organizations connect CRM with their workplace cloud (Google workspace, Microsoft 365). With the cloud integration, the document management feature becomes more robust, helping you find any document from anywhere using only one platform.
5. Manage quotes and proposals: CRM suite can be customized to meet the needs of your organization. If your organization or company deals with products or services which require a proposal or quotation before they can be acquired. In that case, you’ll need to customize your CRM software so that it can provide quotes and proposals immediately for all of your products, services, and inventory.

The following features are the basic features that any CRM suite should include. CRM Suites can be optimized and customized to fit the needs of any organization.

From our point of view, we would like to automate as many processes of the CRM as possible so that it saves us time rather than wasting our precious working hours. You won’t benefit from a more lengthy CRM data feed because your employees will be drained.

If you are a small company and your employees have a great workload then make sure to use CRM suites which are fully automated few months would be tough as you line up and in later months you can see the power of CRM.

Last but not least, CRM is useless if it isn’t fed with data. There are many small companies that talk rubbish about CRM because they don’t feed the CRM in the beginning. They are left with a system that sits idle and of no use. Feed it well it will create great wonders.