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What Is CRM Software? A Definition of CRM.

CRM software is an essential piece of equipment for any company or organization that wants to achieve the maximum return on their marketing, fully capitalize on their sales leads and prospects, and cultivate ongoing, lifetime relationships with their current and established customers.  By integrating all data about sales leads, current customers, associated companies, and employees throughout the various departments, CRM software enables enterprises to seamlessly handle marketing, sales, and customer service as a single package.  Simply put, it's a way for salespeople to make a plan and then work that plan!

Two fundamental elements of continued growth that many firms overlook are the lifetime value of existing customers, and the importance of retaining them.  For most businesses and other organizations, the costs associated with the acquiring of a new customer or client are very high.  In fact, for many companies, getting new customers is the single largest expense they incur.  Convincing a skeptical public that your firm can meet their needs, and do it better than competing firms, is a tall order.  Doing so requires spending large sums on advertising, branding, marketing, and a sales force.  Most salespeople quit after the first contact, not because they don't want to follow-up, its just that they can't remember! So, knowing that it, over average, takes 8-12 contacts to close the sale, how much is a company wasting by having their salespeople do one call on a prospect when they KNOW it will take more.  In contrast, your existing customers have already demonstrated a willingness to spend money on your product or service, and they are far more likely to do so in the future than someone who's never done business with you in the past.

Satisfied customers who return again and again to use a company's product or service are the foundation of a long-term future for any business.  The key to retaining their loyalty is successfully managing your company's relationship with them, and CRM software is essential to this goal.  By making each customer feel valued, and demonstrating respect for their decision to utilize your products or services, a bond of loyalty is forged which draws the customer back again and again.  Automated customer relationship management software makes it much easier and simpler to manage contacts, inquiries, customer service requests, new orders, etc., from current customers.  Besides customer retention, gains in efficiency from utilizing CRM software can also lower the overall costs of handling these various functions.

CRM software is not only employed for retention and handling of existing customers, but comes into play from the very first contact with the prospect, sales lead, or new order.  By automating the process of funneling these contacts through the sales pipeline, the software streamlines the handling of these accounts and ensures that far fewer get lost in the shuffle of day to day business.  Callbacks and new mailings can be scheduled and coordinated automatically, with much less risk of human error.  Data from phone inquiries can becaptured and stored automatically.   Customer order histories and
price points are stored for use in planning future marketing campaigns and for determining proper levels of customer support.

CRM software is not an option, but a necessary and integral part of any modern business that sees to maximize revenue and continue growing as a business.  The right CRM tools can be the crucial tool that can enable a business to foster a more professional image.

So you can further your knowledge of CRM software, we've put together some articles and resources for you. 

Defining CRM-A look at what is CRM Software and how you can leverage it in your business.

Buying a CRM Software System-What features to look for and how to decide between the myriad of options available to you.

 

 

 

 

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