A Customer Relationship Management (CRM) system helps manage customer data. It supports sales management, delivers actionable insights, integrates with social media and facilitates team communication. Cloud-based CRM systems offer complete mobility and access to an ecosystem of bespoke apps.
Why have a CRM system?
A CRM system helps businesses keep customer contact details up to date, track every customer interaction, and manage customer accounts. It is designed to help businesses improve customer relationships and also Customer Lifetime Value (CLV). This is vital because of the vast amount of such data businesses generate daily. The issue of customer data raises a challenge which CRM systems exist to address. Every time someone picks up the phone and talks to a customer, goes out to meet a new sales prospect, or follows up a promising lead, they learn something new and potentially valuable. Traditionally, all this data went into analogue or unconnected media such as notebooks or laptops, or even just stayed in people’s heads.
What does a CRM system do?
A CRM system essentially provides a central place where businesses can store customer and prospect data, track customer interactions, and share this information with colleagues. It allows businesses to manage relationships with customers, helping the business to grow. With a CRM system in place, every question, every service request, every preference and every past contact detail about every customer is instantly available, which means that every new interaction with them should always be personalized, relevant and up to date. As well as tracking every phone call, email sent, meeting held and presentation delivered, CRM systems can also be used to add notes, schedule follow-ups and organised the next steps that need to be taken. This ensures that opportunities to close deals or grow customer accounts won’t be missed. By understanding customers better, cross-selling and up-selling opportunities become clearer too, giving organisations a much better chance to win new business from existing customers.