What is a CRM and what is it used for?

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If you are a decision-maker in a company, you have probably heard the term CRM a lot, but perhaps, and you are not alone here, you are not quite sure what it means. Don't worry and keep reading, in this post we will tell you about what a CRM is and what it is used for.

CRMs are big business—CRM spending is expected to exceed $40 billion this year—and if those selling them are to be believed, they are an indispensable tool for every company in the sales and service industries.

According to data from Nucleus Research , every dollar invested in a CRM returns $8.71, and that average ROI continues to trend upward as CRMs become more advanced and affordable.

But what exactly does a CRM do and do you really need one?

What is a CRM?
A CRM (customer relationship management for the uninitiated) is simply a bitcoin email address lists software program that does pretty much what it says on the tin – it helps you manage your relationships with your customers.

You know that saying that elephants never forget? Well, neither does a CRM. That's because a CRM stores all of your customers' details in an organized, easy-to-use database that everyone has access to. But a CRM is much more than that.

What is a CRM for?
CRMs can perform a wide range of tasks. From creating branding and marketing actions, to finding and nurturing leads, managing customer purchases, offering service and support, to fostering a long-term relationship with your business. A CRM is a one-stop shop for everything you need to do and manage with your customers. Plus, it’s especially useful when combined with the Inbound methodology .

Every customer record in your CRM tells a story of how you acquired them, where, when, and how they buy from you or interact with your business—and from that story, you can learn more about how to keep them coming back.

From basic contact details and transactions, to previous interactions and even social media activity, a CRM gives you a record of every interaction your business has with a customer, leaving nothing out.

Not only does a CRM give you a centralized, organized place to store all of your customer data, it also gives you a complete view of your customers’ journey with your business, meaning you can see exactly where your customer is in the lifecycle at any given time.

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It is one of the most valuable technologies a company uses. It easily keeps you up to date on all sales interactions through shared calendars, document templates, and email integration, bringing all team members together and keeping everyone on track.

Sharing sales patterns and processes allows salespeople to see what works best and increases communication between the sales team and sales management.

A CRM can even include automation features, which take care of certain tasks and free up your team to focus on more important things. Actions like sending emails and creating leads when users take certain actions can help ensure those future buyers continue to move through the sales funnel. Many CRMs also use artificial intelligence to analyze data and offer actionable steps to maximize opportunities.

Not content with storing all your sales and customer data, a CRM can also help you get more out of it by offering detailed reports and dashboards.