If you are a business owner or in some decision-making role with a company, chances are you have heard about CRM. But hearing about the same and knowing exactly how this tool is used are two completely different things. But you don’t need to worry because we are here to tell you about this revolutionary tool!
For those who do not know, CRM stands for customer relationship management, and as the name suggests, the tool is used for managing customer relationships efficiently, leaving teams with plenty of time for other work. So without wasting any further time, let’s dive into the intricacies of customer relationship management and explore all the relevant details!
What Is CRM?
You already know what does it stands for – now, let’s find out what is CRM software exactly. Customer relationship management or CRM tools enable users to organize all contact data while managing all relationships with prospective and existing clients, customers, and even other remaining contacts. It’s literally a more modern version of the outdated Rolodex.
Google Contacts is one address book application that allows users to list contacts, write detailed notes about individual contacts and even add other information for individual contacts. And that’s all. Such apps also help users to put contacts in groups, segregating between customers and leads in the process.
Any good customer relationship management application will do the same and some more! If you strategize to overcome the CRM challenges noted by SmallBusiness HQ, you can leverage CRM tools in multiple ways. Since these applications are developed around the idea of relationships, they help with detailed streamlining of various processes like finding everyone in your contacts employed by one company. And that’s not all.
You can also check what messages have been sent to these people, who were in contact with them, and related information. This kind of data naturally will help you remember what was the last meeting was about, send follow-up texts, and even given you talking points for your next meeting with the same company.
Types Of CRM Software Available:
Once you know more about the CRM meeting, the next logical step is to find more information on the different types of customer relationship management software out there. In this context, did you know that there are four different types of customer relationship management tools such as,
1. Operational CRM
Like any other customer relationship management tool, an operational CRM will obviously perform the usual functions in terms of storage and relationship management, but that’s not why we love the same. We love it because one of the main features of an operational CRM is automation.
Automation is a great feature considering the amount of time it manages to save for employees, leaving them with excess time on their hands, thereby boosting efficiency in the process. You can easily streamline your business procedures and, at the same time, boost your team’s productivity rate without any hassle.
2. Collaborative CRM
Instead of googling ‘what is CRM software,’ keep reading to find out all that you need to know about customer relationship management software. For now, let’s check out what it does. There are several companies out there whose customer support, marketing, and even sales all work in collaboration.
The benefit that such companies stand to make from using a collaborative customer relationship management CRM is how all the teams can easily access any data related to customers from a single spot! That’s great, right? It saves so much time and patience, freeing your teams for much more productive tasks.
3. Analytical CRM
Just like the name of this customer relationship management tool says, the analytical CRM tool prioritizes reporting and analytics. If you don’t keep analyzing all the information and data you are acquiring over time, then how will you enhance your business in any way – the data is crucial for pointing out what you are doing right and what mistakes you are making.
The success of any business depends on the type of data acquired over a period of time for obvious reasons. From knowing how your sales campaigns performed to check out how effective your customer support is, it is crucial as a business owner you are aware of both your strengths as well as weaknesses.
4. Marketing CRM
When you see that all your information related to customers has been kept in a single place, you naturally wonder whether automation can be used – the thing is, with a marketing CRM, it is actually possible. This software is responsible for incorporating marketing features directly into the system.
The automated workflows are perhaps the best thing about using these marketing customer relationship management tools. For instance, it can easily send emails to potential customers after just a single click on the marketing mail sent to them by you. The only problem is that these tools are relatively more expensive than the other types of customer relationship management available.
Frequently Asked Questions (FAQs):
Knowing what a crm system is simply not enough. Did you know that there are 4 Ps of a good customer relationship management system? So what are these Ps? The 4 Ps of an effective CRM system are as follows,
• Planning, and
However, there are some experts who don’t agree – for them, the 4 Ps stand for Policy, People, Product, and Process.
The two examples of customer relationship management tools are as follows,
• Zoho CRM, and
• NYSE CRM
The major benefits of a CRM system are as follows,
• It boosts productivity,
• It saves time,
• And it is cost-efficient if used right.
And It’s A Wrap!
Now that you have a fair idea about the whole CRM stock, it is best that you quickly opt for incorporating the same into your business. In 2022, without customer relationship software, it is almost impossible to maintain both existing as well as prospective customer relationships without any hassle!.
Don’t forget to let us know in the comments below your thoughts on the same!
Barsha Bhattacharya is a senior content writing executive. As a marketing enthusiast and professional for the past 4 years, writing is new to Barsha. And she is loving every bit of it. Her niches are marketing, lifestyle, wellness, travel and entertainment. Apart from writing, Barsha loves to travel, binge-watch, research conspiracy theories, Instagram and overthink.