Customer Relationship Management (CRM) is the practice of managing your company's prospects and customers – and all the interactions related to them. Often, CRM is supported by processes and automated by a CRM system in which all the sales, service and marketing related interactions, related to prospects and customers, are registered. The goal for CRM is to increase the customer’s lifetime value.
A CRM system helps your company to:
- overcome data siloes and obtain a single customer view;
- better identify (real) sales prospects with their data;
- increase customer revenues by better upselling and cross-selling.
CRM: Account management’s best friendA CRM system is primarily used to register customer details and the details of those working for them. Customer interactions to record might include data obtained in meeting, in e-mails, during phone calls or in social media interactions. Depending on the system’s functionality, this might be done manually or be recorded automatically. Other functionalities might be related to sales pipeline management, the ability to track the sales performance or the automation of repetitive marketing tasks.
Replacing your Excel spreadsheetsIn practice, the implementation of a CRM strategy is often a challenge to both small- and large enterprises. A poor implementation might turn a CRM implementation in a glorified database with companies and contacts. Many SMEs are, because of such horror stories, fearing to throw away their Excel spreadsheets.
Easy access and user-centred workflows often are the key success factors in CRM. Through distributed data sets that are connected and accessible via a single dashboard, your employees will have better customer data at their fingertips to help them succeed in their customer-related goals.
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