CRM, Customer Relationship Management is a business philosophy towards customers. To focus on their needs and improve customer relationships, with a view to maximize customer satisfaction. It encompasses the variety of technology employed to streamline customer interaction to find, acquire and retain customers.
Every business has to focus on the needs of the customer. CRM (Customer Relationship Management) is the array of processes that help a company to understand the preferences or dislikes of individual customers in order to build lasting relationships. CRM solutions help to safely store volumes of customer data in an organized easy-to-access manner. By analyzing this data business persons can determine individual customer behaviour, analyze preferences and provide one-to-one services to maximize customer satisfaction. Such a customer-centric approach helps to augment customer loyalty and increase their value to the company.
CRM doesn't just keep your contacts organized — it also offers a bevy of tools to help you boost sales and execute more effective marketing campaigns. These include:
Lead generation: Find new customers by automatically generating leads from various sources like social media, website visitors, inbound calls, newsletter sign-ups and more.
Email marketing: Automatically build email lists, launch email marketing campaigns and measure performance. CRM can also send email reminders to customers and prospects to drive sales — for instance, by reminding them of abandoned carts, suggesting products that they may be interested in (based on preferences or purchase histories) and other ways to make up for missed sales opportunities.
Sales quotes and invoicing: Create and store sales quotes for individual customers and customer groups. When they are ready to purchase, CRM can automatically turn those quotes into invoices, which are then imported to your accounting, POS and other designated solutions.
Order tracking: Get tracking information straight from your CRM dashboard. Order information appears on customers' individual accounts for quick and convenient access.
Sales forecasting: Automatically project short- and long-term sales potential and opportunities with just a few clicks, which eliminates the need to gather data and produce charts from scratch.
Performance tracking: CRM software typically gives each sales reps their own accounts, which allows them to keep track of their own sales numbers, quotas, incentives and other metrics to help them reach their goals.
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