What is CRM?
Today’s Buzzword Breakdown was written by IU student Cathy Hu.
Keeping track of the many buzzwords within marketing can be quite the struggle, but understanding what they mean can lead you towards marketing success. Let’s look at Customer Relationship Management (CRM) and why it is important for your business.
What is Customer Relationship Management (CRM)?
CRM refers to the technology that a business uses to manage communication with its current and potential customers. This technology enables managers to evaluate data about customer trends and behaviors as a means of anticipating their needs and improving the customer experience. CRM also provides tools for sales management, agent productivity, and much more for helping manage relationships throughout the customer life cycle.
Types of CRM Technology
An essential aspect of CRM is human management, which enables humans to make key management decisions and evaluate whether customer data is complete, accurate, and easy to interpret. However, behind their work are typically three main types of CRM technology: software, cloud solutions, and artificial intelligence.
CRM is important!
CRM technology gives everyone in a business the opportunity to better manage their external interactions. It allows you to store information, identify opportunities, record issues, manage campaigns, and so much more all in one place. In other words, this tool helps businesses improve organization, efficiency, time management, and profitability while enhancing the customer experience and company performance.
Where to Start!
Start by identifying how the business communicates with its customers. Take a look at popular tools like Salesforce to understand what CRM technologies are available in the market, how they can benefit the business, and whether they provide the tools most beneficial for you.
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