What is CRM?
CRM stands for customer relationship management. It is a summary of strategies and technologies that help your business establish and maintain relationships with both potential customers and returning clients. It aids in contact management with an emphasis on catering to customer preferences and boosting sales productivity.
To achieve amazing customer relationships, companies use CRM software. This software collects customer data, customer interactions, records, trends, etc., and adds them to customer profiles.
This way your sales reps, contact center agents, and marketing teams, can access all the relevant information before making a contact. This not only boosts sales productivity but also helps streamline the sales process and helps your business exceed customer expectations.
Who can use CRM?
All customer-centric businesses interested in furthering customer relationships and driving sales should consider using CRM. Various departments and teams can benefit from utilizing it daily. CRM is most useful when collecting and categorizing leads, carrying out analyses, making sales calls, providing customer support, and more.
Benefits of CRM
CRM is a wonderful tool that helps many businesses across the globe. These are the ways it can add value to your business.
- Improved customer relationships – When your customer service representatives have all the customer data at their fingertips, they can provide a higher level of personalized care which helps build customer loyalty, boosts retention and enhances the overall customer experience.
- Increased sales – CRM helps streamline the sales cycle, build an effective sales pipeline, and automate important tasks using artificial intelligence and other software tools.
- Better customer service – Providing excellent customer service is a much easier task when your agents have all the information they need readily available. Whether it is an order number, preferred communication channels, or personal details, your agents can store it and pull it up at any point in customer journeys.
- Convenient centralized database of customer information – There are many inherent benefits to having a centralized database anybody can access whenever needed. Besides accessible knowledge, CRM allows for better inter-departmental collaboration as all teams have access to the same, unified information.
- Better customer segmentation – With CRM, you can break down otherwise overwhelming amounts of information into categories based on predefined criteria. Customer segmentation helps you develop effective marketing campaigns, personalize sales pitches, and boost your overall business performance.
- More detailed analytics – When you have an abundance of data about your customers, you can create detailed, highly-accurate reports. Knowledge is power, so the more you can analyze and learn from this data, the better for your business.
How to choose CRM software
When choosing CRM software, we recommend carrying out thorough research.
There are some features a reliable CRM software should have, including multichannel communication, ticketing software, customer service automation options, a large number of third-party integrations, reporting, and customization.
A good example of a robust and reliable CRM software for both small businesses as well as large enterprises is LiveAgent help desk software.
Looking for better CRM solutions?
Manage your relationships straight from your help desk software. LiveAgent can integrate with the most popular CRM software and help you improve your workflow.
Frequently asked questions
What does the acronym CRM stand for?
The acronym CRM stands for customer relationship management. CRM software allows companies to collect, store, analyze, and work with customer data from one centralized database in the form of customer profiles. It is a part of business processes that aid in making customer-focused decisions.
What are the types of CRM?
There are several types of CRM. The first is operational CRM, which is used in bettering customer service. The second type is a collaborative CRM that supports interactions with suppliers and distributors. Another type is analytical CRM, which lets you analyze data and make informed decisions. The fourth type is a strategic CRM, which uses customer data and current trends to drive sales and enhance customer experience. The last type is CRM used for campaign management which allows you to develop and execute marketing and sales campaigns effectively.
Is LiveAgent a CRM?
LiveAgent has a built-in CRM software that allows you to store, analyze, and use customer data to not only improve your bottom line but also develop a loyal customer base.