CRM

 

Overview

 

CRM or Customer Relationship Management is an approach to help businesses manage and understand their relationships with current and potential customers.

The goal of a CRM is to provide insights/analytics into a customer’s entire lifecycle.

 

How Are CRMs Used?

 

Sales

CRMs cover the entire sales cycle: Lead Management, Account/Contact Management, Opportunity Management and Quote/Contract Lifecycle Management. CRM’s also track day-to-day activities of reps.

 

Marketing

Combining Marketing teams into systems with Sales reps brings the entire picture together.  Insights from wins and losses can act as data points to enhance Campaign Management, Lead Nurturing and Segmentation.

A well managed system has the capability to insert customers dynamically into automated marketing rhythms.

 

Support/Success

Support and Success teams have a complete set of data that allows them to personalize customer touch points and improve the relationship over time.

 

Data

Having all customer data in one place greatly simplifies reporting/analytics while reducing data silos inherent in using disparate systems to run the business.

 

What is the Benefit?

 

Process Automation

Customer Relationship Management systems allow for automation of routine tasks that need to get done. Marketing campaigns, sales outreach, email follow-ups, document signature, and case updates are a few examples.

 

Customer Growth/Retention

Having all teams in one place eliminates silos and creates an environment where cross functional strategy can flourish. A well maintained CRM is a single source of truth of all customer interaction with your brand.

 

Efficiency

Centralizing core business functions into one place leads to efficiencies and reduction of waste across the board.

 

Who is Impacted?

 

Management

Utilize platform for Dashboard/Reporting, Pipeline/Support Analytics and Campaign insight.

 

Sales

Utilize insights to grow and drive new business opportunities.

 

Service/Success

Utilize the system to understand the customer and provide a personalized service experience.

 

Marketing

Insight into analytics from Sales and Service provide invaluable insights into the minds of the customer.  Providing key reference points for future marketing efforts.

 

Related Terms