This is a simple definition of CRM

Customer relationship management is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.

Customer relationship management (CRM) is a technology for managing all your company's relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

A CRM solution helps you focus on your organisation's relationships with individual people — including customers, service users, colleagues, or suppliers — throughout your lifecycle with them, including finding new customers, winning their business, and providing support and additional services throughout the relationship.

What Does Customer Relationship Management Software Do?

CRM software is a tool that's designed to help your organization offer your customers a unique and seamless experience, as well as build better relationships by providing a complete picture of all customer interactions, keeping track of your sales, organizing and prioritizing.

CRM Software records customer contact information such as email phone number, website address, social media profile, sales opportunity, and more.

The Customer Relationship Management software organizes all information to give you complete data of individuals or organizations or companies for the better understanding relationship with customers.

Customer Relationship Management software improves customer rečationship management by creating a helicopter view of the customer capturing their interfaces with the business with the primary goal- better conversations with customers.

Why is Customer Relationship Management Important?

CRM helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention. Since customer loyalty and revenue are both qualities that affect a company's revenue, CRM is a management strategy that results in increased profits for a business.

Customer Relationship Management software enables a business to deepen its relationship with customer, service users, partners, suppliers, and colleagues.

Nurturing a relationship with the customer is crucial for customer acquisition and retention, which is the primary purpose of the CRM's functions. You can see everything in one dashboard – a simple, customizable place that can tell you all customer history, the status of orders, tickets, service issues, and more.

Here's why CRM matters to your business.

A CRM system can give you a clear overview of your customers. You can see everything in one place — a simple, customisable dashboard that can tell you a customer's previous history with you, the status of their orders, any outstanding customer service issues, and more.

You can even choose to include information from their public social media activity — their likes and dislikes, what they are saying and sharing about you or your competitors. Marketers can use a CRM solution to better understand the pipeline of sales or prospects coming in, making forecasting simpler and more accurate. You'll have clear visibility of every opportunity or lead, showing you a clear path from inquiries to sales. Some of the biggest gains in productivity can come from moving beyond CRM as a sales and marketing tool, and embedding it in your business – from HR to customer services and supply-chain management.