CRM stands for Customer Relationship Management. It pertains to different tools, systems, and technologies that help businesses to manage their relationship with customers and maintain a good and lasting relationship with them. It aims to build good relationships to increase the marketability and profitability of a business.
Companies use CRM systems to keep the customers connected with them, increase productivity and profit, as well as improving the quality of processes and operations. CRM tools are useful in managing contacts, sales, digital marketing, and customer service functions. This is also used to secure contacts of both current and future clients, to determine business opportunities, to manage records service management, and to use relevant information about the customers.
Through CRM, a company will be able to ensure a good customer experience, increase customer retention rate, and maintain customer satisfaction.
Key Importance of CRM
- It helps the company to identify and analyze customers’ needs to keep them availing of their services and products.
- It improves the quality of the deliverables and makes a better customer experience and services.
- It attracts potential new customers and opens new business opportunities.
- It makes the company cost-effective especially through the use of new CRM tools and software in managing customer relationships.
- It saves time because CRM develops automated processes that can operate 24/7 regularly.
- It ensures that clients will get what they need therefore obtaining customers’ satisfaction and increasing the rate of retention.
- It encourages the customers to become more loyal to your company which will result in better profitability.
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