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What is a CRM?
Customer relationship management (CRM) is the technology that enables your business to efficiently manage your interactions and relationships with potential and existing customers. By utilizing CRM software, you will be able to improve your business relationships by developing more effective strategies for communicating and connecting with customers, as well as streamlining the process and most crucially, improving profitability.
According to Grand View Research, “Customer relationship management is the fastest growing software market today. It was a $14 billion industry in 2010 and is expected to reach $80 billion by 2025. That’s nearly a 600% increase.” Further according to a report by Nucleus Research, for “companies that use a CRM, the average return on their technology investment is $8.71 for each dollar spent.”
CRM systems are tools that allow you to not only find new customers and secure their business, but also support you with contact and sales management, improving productivity, and developing your relationship with service users, suppliers, colleagues.
Why CRM is Important
In today’s business world, CRM is an essential part of your business strategy. Firstly, it will help you structure and organize your company more efficiently. As a result, you will be able to increase productivity, efficiency and profits.
Using CRM software allows you to gain a deeper understanding of how your business is performing. Having actual sales data or traffic data at your fingertips will help you to make better business decisions grounded in facts instead of guesswork.
Furthermore, CRM tools enable you to get a much clearer and complete overview of your customers. As well as enabling your sales team to understand your customers’ activity, it can also prove highly beneficial for your marketing and customer services teams. As a result, you can manage post-sales communications much more effectively and the data gathered can help to accurately develop and improve your customer experience strategy.