CRM stands for customer relationship management. It is software that manages customer relationships. It began with features designed for sales departments. This technology was then adapted to manage customer service and marketing interactions. The concept of a CRM system evolved to include call centers. Later, this technology was referred to as contact center software. Most CRM systems include sales performance management, or SPM. However, this feature is often sold separately because of its complexity. The goal of CRM is to improve retention by improving communication and efficiency within the company.
As a result, the most effective CRMs can be used to integrate product support into the customer life cycle. Because product support professionals deal directly with customers, they are able to collect important information on their needs and preferences. This data can then be used to drive upsell opportunities and retention. This approach is particularly beneficial for businesses that provide technical or customer support. The following is a brief overview of the lifecycle of CRM and its application to sales.
CRM can increase customer satisfaction. The ability to understand each customer's preferences can greatly improve the quality of the product or service. It also increases the likelihood that a customer will return. It can help firms increase their customer loyalty, reduce defection, and boost their ability to tailor products to meet their needs. This technology can connect all channels on one platform. The most advanced CRM solutions can connect all channels and give businesses an unprecedented insight into their customers.