CRM stands for 'Customer Relationship Management' which is a strategic tool for managing and organising a company’s interactions with customers and sales prospects. CRM uses technology to manage, automate and synchronise business processes and events. These activities are mostly sales related, but can also include marketing, customer communication and technical support.
The overall goal of CRM system is first to attract and win new customers while retaining the existing ones, and second, to minimise the costs of marketing, customer service and administration. At its core, CRM provides a robust account management system that automatically tracks activities and revenue.
The main benefits of using CRM tools are:
| • | improved customer service and loyalty |
| • | enhanced call centre efficiency |
| • | quality customer profiling and targeting |
| • | reduced expenses and increased market share |
| • | more efficient sales and marketing processes |
| • | greater sales productivity |
| • | more cross-selling and up-selling opportunities |
| • | obtaining a comprehensive, up-to-date view of your business. |
