CRM stands for Customer Relationship Management which is a platform that your company uses to structure and measure interactions with new and existing clients.
Not only will it log how direct interactions take place, it will organise and track all relevant information like meetings, proposals, sales pipelines, conversions and much more.
A CRM pulls together lots of data from various activities to show your business how well the relationships with customers are being handled, how it’s effecting the business or even if there is room for improvement.
In a nutshell, your CRM is software that manages client relationships.
Why is using a CRM necessary for your business?
A high percentage of companies don’t have an organised system for managing their relationships with customers which can be a big problem. Executives are used to managing their employees but generally leave it up to the sales team to manage their relationships with customers in which ever way they feel is best. This results in many people in the same business having completely different ways of operating. The lack of structure and direction often leads to failure which a big reason as to why nearly half of sales people miss their annual sales targets.
The good news is, the implementation of a CRM will change that. Our infographic explains the various ways a CRM can be used.