Customer Relationship Management or CRM refers to a company's task of managing the relationship they have with their customers, both current and potential. Customer Relationship Management Systems or CRM Systems are the infrastructure that enables a company to manage these relationships between their staff and customers.
CRM Systems are a key business tool that are used to optimize this relationship with customers and to reach them more effectively, in order to retain current clients and attract new ones, automate sales, help marketing and sales teams and support other business divisions.
CRM systems are a reliable tool for data retention and analysis, which supports the discovery of new business opportunities. These systems also contain valuable customer interaction history, which is used to form issue prevention strategies and to provide staff with opportunities to upsell additional products to customers, where appropriate.
Some common features of Customer Relationship Management Software or CRM Software include:
- Customer data retention and management features
- Integrated communication features, that improve communication with customers via phone, email, chat and social media
- Workflow and task management features
- Reporting features, specifically sales activity reporting, forecasting and tracking