What Is CRM?

CRM (Customer Relationship Management), in its simplest form, is a strategy that helps companies build and improve lead and customer relationships and improve the efficiency of customer-facing processes.

Three most commonly used references of the acronym CRM are:
  • CRM as a Software System: A software with CRM functionality either installed on your computer or accessible via the Internet.
  • CRM Strategy: It’s the general, high-level rules about optimal customer service and the best possible way of managing customer relationships.
  • CRM Process: It’s a system of rules, regulations, policies, and guidelines used by a company to service their leads and customers. The objective of a CRM process is to grow the list of existing customers and retain the most number of high-valued customers.

Gartner predictions for CRM technology are very powerful. According to Gartner, by 2021, enterprises will spend the most on CRM software, making it the largest revenue area of spending.

For small businesses, they have been shown the way by their industry leaders. By implementing CRM in their organizations, they can also reap the benefits of superior customer service and accelerated business growth.

A good CRM strategy can also help increase sales and profitability by streamlining your processes to make them more efficient. At the lowest level, the CRM database records all the interactions with leads and customers made over the phone, through manual/automated/support emails, website data tracking, social activity tracking, and a few other sources.

Your CRM system is the powerhouse for customer data and operational efficiency!

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