What is The Full Form of CRM? | Physics Wallah
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About the full form of CRM?
CRM’s full form is customer relationship management. CRM is a strategy to maintain and retain relationships with existing and future customers to drive the growth of the company. It is widely used in all growth industries. CRMs are designed to compile company information to contact customers including website, email, phone number, products, services, live chat, etc. It also contains detailed information about customers such as personal details, phone number, purchase history, comments, advice, etc.
About CRM
CRM Software
CRM software collects all information and documents about customers in a CRM database. It's a way to efficiently and carefully manage an organization. It offers an organized view of customer and employee relationships.
Benefits of CRM
1. Enhanced Customer Experience: This allows you to simplify your processes from start to finish according to customer needs and expectations. It improves the customer experience and their relationship with your company.
2. Targeted Marketing Measures: Provides you with data on your sales pipelines and existing customers. Instead of mass marketing, you can focus your marketing efforts on important market segments.
3. Improved analytics and reporting: This allows you to track and analyze your customers' buying behavior. You can automatically access any reports related to sold-out items or products and customers who have purchased them. So you can analyze your customers and sales by month, quarter, year, etc.
4. Improved coordination and collaboration: Improves coordination between sales, marketing, and customer service departments as they share a common CRM platform and can work more integrated or as a unit.
5. Task automation: Some smaller tasks involve a process that must be completed to complete a task, such as: Fill out a form, create a receipt, send reports to seniors while selling a product. CRM can do most of these tasks, so sales reps can focus their efforts on determined customers and close deals faster.
Types of CRM system
There are three types to consider when evaluating and comparing CRM systems: desktop, server, and cloud. A desktop system is only intended for a single user who only needs an electronic version of Rolodex for simple customer contact management. So for most companies, the key question is: server or cloud?
The three main types of CRM systems include:
1. Desktop systems that run on a single computer.
2. A client/server system with a central database stored on a server, usually self-hosted with software installed on each user's computer or laptop to access it.
3. Cloud-based systems are provided and hosted online by a third-party provider and accessible from anywhere through a connected device.
CRM characteristics
1. Customer needs
2. Customer response
3. Customer satisfaction
4. Customer loyalty
5. Customer retention
6. Customer complaints
7. Customer service
