What is CRM?

As a business owner, sales manager, or if you work in any company’s marketing or sales department, you’d have to deal with customers regularly. Your customers are the backbone of your business, and hence, you need to treat them with supreme importance.

This is where CRM comes to play. But what is CRM? You may ask. Well, you probably came across that business acronym recently, and you want to know what it means and how it correlates with your business. Don’t worry; in this article, you’ll be learning about CRM and how it relates to your brand.

What is CRM?

CRM as an acronym means customer relationship management. It is a term that describes how a company or business organization relates with its prospects and customers, and this relies on specific principles and guidelines that must be adhered to.

The business organization aims to communicate directly with its customers, provide helpful information, offer specific free services, and increase sales of its products or services through CRM.

Good customer relationship management also enables the company to analyze its customer’s behavioral patterns and trends over time and enhance customer satisfaction.

 

What is a CRM Software?

A CRM Software is the software that a company uses to interact with its customers and prospects as well as manage its overall relationship with all customers. The CRM software can gather and compile customer data through various channels such as direct phone calls, social media platforms, company websites, email marketing, etc.

 

What Are The Types Of CRM Software?

On-Premise CRM Software

On-Premise CRM software is a customer relationship management system that gives a company total control over the CRM system. It implies that, once you purchase the software license, your company can manage and secure its database by itself without the interference of any third party or CRM provider.

The software completely functions with your company’s domestic server, and your company will have to foot the bill for any necessary upgrades. On-Premise CRM software typically takes longer to install, and it involves integrating all your company’s data in one place. It is a perfect option if your company has specific customer relationship management requirements.

Cloud-Based CRM Software

Cloud-based CRM is a type of CRM software that requires a third party or the CRM service provider to manage and maintain your company or organization’s data. Cloud-based CRM software allows your company data to be accessible at all times and in any part of the world.

It means that your employees can work remotely and still access the company’s data regardless of their location; all that is required is a strong internet connection.

Cloud-based CRM software is an excellent option for small businesses or companies with inadequate resources, as payment is based on periodic subscriptions and not one-time license payments.

However, data security is a major area of concern when it comes to cloud-based CRM systems. There is the probability that your company’s cloud service provider may fold up someday or get acquired by another larger company. If any of these should happen, it can lead to loss of valuable data or exposure of a company’s private information.

Industry-based CRM Softwares

Some CRM software has been specially built for specific industries such as healthcare, fashion, real estate, banking, media agencies, insurance, etc. It means that regardless of your industry, you can always have a unique CRM that suits your business.

All-in-one CRM Softwares

These are CRM systems that have been designed to handle a wide range of business functions such as reminders, marketing automation, meetings, emailing, contact sorting, and so on. In addition, these kinds of CRM systems can be customized for your business to cater to customers’ needs.

How Does A CRM Software Work?

A CRM software provides you a means of storing information for your business, such as customer data, sales records, statistical data, and other business information. It also allows you to access the data on various devices.

Besides, with CRM software, you would be able to answer questions like how many customers do we have? How much revenue did we generate in the previous month? Which customer patronized us the most? Where do most of our clients come from? Etc.

The software also makes it easier for you to interact with your customers in a more personalized manner.

Essential Features Of A CRM Software

1. Contact Management

The contact management feature allows you to compile all your company’s contacts in a place. You’ll also be able to sort all your contacts based on how they relate to each of your products or services.

 

2. Lead Management

The CRM software comes with a lead management system that enables you to track and manage your leads until they become happy paying customers.

3. Deal Management

The deal management feature enables you to track your past, ongoing, and future deals. The feature helps you pinpoint areas where you need to improve based on your previous unsuccessful sales and allows you to plan for future deals.

4. Email Management

This tool helps you prepare and send out personalized emails to your clients and prospects and manage responses or feedbacks received to ensure that all responses are treated accordingly.

5. Sales Automation

The sales automation functionality allows you to make more sales in less time with smart macros and workflows. This also lets your sales team focus on more critical sales processes while the CRM software handles other mundane sales tasks.

6. Reports and Analysis

This feature allows you to compare and analyze various data of past business operations and present reports in charts and other analytical insights, which helps you detect abnormalities and similarities in past business operations.

Conclusively,

CRM is an excellent tool for your business if you are looking to enhance your customer relationship and boost sales. Plus, you can easily integrate CRM software with other apps that your company uses.

However, if you need more information on how to improve your business and customer relationship management, contact us now!

Skillseeds limited is a leading software and website development company in Abuja, Nigeria. We provide your business with the best software solution.