CRM stands for Customer Relationship Management. The CRM meaning is a sales and customer relationship management software. Although it is also understood as a business strategy that puts the customer at the centre of everything.
CRM meaning as a business management strategy
A company’s reason for existence is happy customers, customers who repeat and recommend your brand.
On this basis, the meaning of CRM is born as a way of managing the business in which the customer is placed at the centre of all departments and all operations and, in short, of the entire company.
This management strategy, also called customer-centric, is materialised with customer analysis and processes through sales and management software as a CRM.
CRM meaning as a sales and customer management software
With the digitisation of the economy and most business processes, the old contact managers have evolved into more modern solutions.
The definitive evolution of this type of tool led to today’s CRMs, which are tools with which to manage relations with your future and current clients.
Most are online CRMs with multiple functionalities, from marketing campaign management, sales, customer management, to reporting.
These tools are indispensable for implementing a customer-centric philosophy in your company.
Definition of CRM
In other words, the meaning of CRM is 2 things: On the one hand, the CRM strategy of business management oriented towards putting the customer at the centre of the business, and on the other hand, the CRM software for small business (or CRM for companies) that makes it possible for the customer to be the centre.
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What is a CRM?
By definition, a CRM tool must always serve 3 functions in the proper functioning of a company:
- Sell more and better.
- Improve customer satisfaction.
- Improve internal communication.
Sell more and better
The main benefit of using CRM applications is to improve your sales.
According to a NASP study, 80% of sales are made after 5 contacts with the potential customer.
However, according to the same study, 90% of salespeople only contact a lead 4 times.
This means that 9 out of 10 salespeople are unknowingly losing 80% of their sales.
Why does this happen?
The main reason is that, following up on a sales opportunity without a suitable tool is very difficult.
Here’s an example:
When you call someone on the phone, it is very easy to catch them at a bad time and not have them attend to you.
Then you send them an email and they don’t answer, because they have a full mailbox.
A few days later you try again on the phone and nobody picks up the phone.
Weeks later you try again, and again you don’t succeed.
After a couple of weeks of trying to make contact, it is very easy for other, fresher opportunities to displace this one and you end up forgetting about this lead.
This, with a CRM software, doesn’t happen, as it allows you to set continuous reminders, follow up at the right time, and even check when your email has been read.
With these features and many others, your sales team sells more and sells better.
Improve customer satisfaction
Companies know that it costs on average 6 to 7 times more to acquire a new customer than to keep one they already have.
Customer service is the main focus of business management, even though it used to be an unattended area.
With CRM tools, as all the customer’s information is centralised in the tool, anyone in the company can see all the communications that have been made with that customer before picking up the phone or answering an email, if they have had any problems or if they have any pending management.
By having this information even if they have never spoken to the customer, the service person can provide a much more personalised service than someone who would work without a CRM software.
Improve internal communication
Notifying a colleague of problems or outstanding tasks related to a client is a simple task.
It is also much easier to create alarms and reminders, both for yourself and others.
In addition, everyone in the company can have a 360º view of the customer in general and even of each customer in particular.
These three changes make internal communication flow much better, no tasks remain unresolved and information is available to everyone.
If you have a CRM tool, even more benefits and advantages await you
Here are 7 other benefits and advantages of a CRM.
How does a CRM work?
The essence can be summarised in 4 phases:
- Start the sale.
- Close the sale.
- After-sales service.
- Centralise all the information.
Examples and types of CRM
There are specialized and other generalists. Efficy is generalist, but super complete and 100% customisable to any company, role and process. It is also a easy CRM so it is even better than the specialised ones, which are not flexible.
For example CRMs for:
- Real Estate
- Call centre
- Hospitals and health
- Customer service
Read more about types of CRM.
So, is it worth having CRM software in my company?
The numbers bear this out: according to one study, users of a digital CRM experience a 37% increase in sales, a 45% increase in customer satisfaction and a 43% increase in the ROI (Return on Investment) of their marketing campaigns.
Free CRM and SaaS CRM (paid monthly subscription) are available. We recommend hiring a subscription one since the value received for the price is very worthwhile compared to the free one, which in a short time does not cover the needs of your company.
Why Efficy CRM
A video is worth more than a thousand words:
We know that every company is a world, and what works for some doesn’t have to be the best for others.
In the case of Efficy, for example, we have 19 CRM modules.
But if you need it, we can also make a CRM tailored to your company, thanks to the fact that we are 100% flexible.
So we make sure you don’t spend time and money finding the optimal solution. Instead, we make it for you.
The best proof that the system works is that we have over 4,500 customers in more than 33 countries.
You can start selling more, provide better customer service and achieve smoother internal communication today.
Are you interested on it?
Try Efficy CRM
The most complete CRM