CRM software is a series of platforms that track your relationships and interactions with customers, prospects, and contacts; automate workflows; provide analytical insights into your business; and help your company make informed, data-based decisions so it can succeed.
In short, the definition of CRM is everything your company does to interact and optimize your relationship with both current and potential customers. A CRM system is how you keep track of contact information, purchase history, communications, and more.
If you have customers, you have a CRM system, whether that’s a digital spreadsheet, hand-written notes, a contact list, or a powerful platform. Your CRM system can be complicated or simple. It can fill your day with tedious tasks like recording and searching for information, or it can streamline how you keep track of all your customer and prospect information so you can build your pipeline by focusing on individual interactions.
The best business CRM software is no longer solely for customer relationship management. These systems can also help you keep up with important contacts, including service users, colleagues, suppliers, and investors. Integrated CRM platforms can also automate menial tasks, freeing your schedule so you can focus on your highest priority: your relationships with customers and contacts. Move beyond simply making the sale by harvesting data to drive your marketing, product development, and customer service, too.
Marketing and sales costs often account for a third or more of a company’s expenses. Many of those costs come in the form of wasted time on repetitive administrative tasks, lost leads, ineffective marketing, and sorting through data to find the answers you needed yesterday. All of these costs are completely unnecessary with the latest CRM options.
In fact, companies in Canada and around the world who have adopted CRM applications have seen an average of 37 per cent increase in sales, 44 per cent increase in sales productivity, and a 48 per cent improvement in forecast accuracy. With the right tools, you can lower expenses and improve systems for your entire company.