CRM definition/importance/benefits

[Nipa Sarker]

CRM or Customer Relationship Management is a strategy for managing an organisation's relationships and interactions with customers and potential customers. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that is used for contact management, sales management, productivity, and more. The goal of a CRM system is simple: Improve business relationships.

Why is CRM important?
CRM enables a business to deepen its relationships with customers, service users, colleagues, partners and suppliers.

Forging good relationships and keeping track of prospects and customers is crucial for customer acquisition and retention, which is at the heart of a CRM's function. You can see everything in one place — a simple, customizable dashboard that can tell you a customer's previous history with you, the status of their orders, any outstanding customer service issues, and more.

Gartner predicts that by 2021, CRM technology will be the single largest revenue area of spending in enterprise software. If your business is going to last, you know that you need a strategy for the future. For forward-thinking businesses, CRM is the framework for that strategy.

What are the benefits of CRM?
By collecting and organising data about customer interactions, making it accessible and actionable for all, and facilitating analysis of that data, CRM offers many benefits and advantages.
The benefits and advantages of CRM include:
1. Enhanced contact management
2. Cross-team collaboration
3. Heightened productivity
4. Empowered sales management
5. Accurate sales forecasting
6. Reliable reporting
7. Improved sales metrics
8. Increased customer satisfaction and retention
9. Boosted marketing ROI
10. Enriched products and services

https://www.salesforce.com/eu/learning-centre/crm/what-is-crm/