If you were wondering what does CRM stand for, and you have run into the term many times, here is your answer: customer relationship management. CRM refers to different computer-based programs and methods which help the businesses to manage and organize customer relations. That method is available from different vendors as a service or software. The customer relationship management is intended to increase the revenue of the business by improving the customer service, automating sales activities and providing better solutions for marketing. The business need to become more responsive to the needs of their customers, and the boosting satisfaction of customers gives different businesses a competitive edge. We will explain more in the rest of this article.
What does CRM stand for: an overview
After we cleared out what does CRM stand for, let us explain something more about it. This system for customer relations management includes maintaining the current clientele and following up on the prospective sales. The CRM in the type of software sores information about the customers and records it on a computer or database in the organization. The information about customers includes addresses; phone numbers; previous calls made and best times to call. The applications of customer relationship management store some additional information about the products owned by the customer. The database can let the employees of the company and the customers to access information they need about services and products, while keeping track of the purchases by the customer and related concerns. It can also streamline ordering processes.
What does CRM stand for: software for campaign management
Another way of explaining what does CRM stand for without simply describing the words is to say that it is software for campaign management that processes data about the customers. This software informs the user about the products purchased by the customer in the past. CRM is the tool that allows marketing strategies focusing on cross-sale campaigns to work. The analytical power of this system enables the companies to determine the need of changes in prices; up-selling; or greater focus on the product development. That is accomplished with the use of predictive analytics (data mining) which uses logical variables such as age, gender or income in order to determine the sales potential for the specific subject. The history record of the customer’s purchasing is stored in the software of CRM and it is utilized as a predictive variable for the possibility of future sales to that customer.
What does CRM stand for: sales automation
The customer relationship management system covers the features of sales automation, like tracking sales calls (which includes the name of the customer, address, time of call, phone number and the purpose of that call). All of the sales are automatically recorded, and the modern sales automation software includes some additional features which allow product configuration by the customer. A simple example of that is when someone purchases a vehicle online. That customer will find the perfect car and then he will make some aesthetic changes to it (interior texture, color of paint etc) and some changes to the mechanical features (such as automatic transmission verses manual for example). The sales automation will help reduce the errors in communication because it puts more control in the hands of the customer. The customer is able to see the product online, make the changes he wants and review the product before he decides to proceed and make the purchase. We hope that with all this explaining we helped you with the “what does CRM stand for” issue and you have learned something more on the subject.
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