You may have heard business owners or salespeople use the term ‘CRM’ when discussing their prospect management system. So What does CRM stand for and why does your business needs one?
So what exactly is a CRM system and how do businesses use this to keep on top of their business development effectively?
Firstly, What does CRM stand for?
A Customer relationship management (CRM) system is a tool whereby businesses can manage their contacts of potential customers, leads and existing clients.
“It often involves using technology to organise, automate, and synchronise sales, marketing, customer service, and technical support.” (Source: Wikipedia)
Essentially, a CRM system allows businesses to effectively manage all of their leads and customers under one roof. Everything from their contact details, potential deals and through to all of their records of communication are kept in a CRM system.
Here are 3 very well known examples of CRM platforms:
How does a CRM Work for businesses?
A successful CRM platform allows businesses to manage the entire customer journey of their clients easily. From keeping on top of new leads, through to keeping in touch with happy clients, businesses can utilise a CRM to keep one step ahead of the game.
Here are a just a few examples of what information is commonly tracked:
- Customer Details (Name, Email, Phone, Address etc)
- Company Details (Website, Name, Size, Structure, Industry etc)
- Communication log (Phone Calls, Emails, Meetings etc)
- Proposals and Deals (Details, Dates, Costs, Timings etc)
- Sales Funnel information (Lead Status, Follow up actions required etc)
Businesses can use a CRM to do such things as:
- Attract Clients – Record new contacts and set reminders to keep in touch to nurture new relationships.
- Convert & Close Deals – Record all communication and set reminders to follow up deals.
- Track Sales Funnel – Record Deal and predict future earnings from tracking your deals.
- Delight their customers – Keep top of mind with your existing happy clients with regular contact.
And the best part is, with the advent of cloud technology, businesses can access their CRM anywhere, any time, on any device. So.. maybe it’s time your business looked into a CRM!
So how do you get the most out of a CRM system?
For a CRM to be truly effective for lead generation they may need to be part of a well constructed Inbound Marketing plan.
Check out this blog for an overview of what Inbound Marketing is all about.
What is Inbound Marketing and how does it work?
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