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SUMMARISE OF CRM

CRM, or Customer Relationship Management, is a technology and system used

by companies to manage and enhance their relationships with customers and
potential customers. The main objective of CRM is to improve business
relationships in order to foster business growth. A CRM system enables
companies to stay connected with customers, streamline processes, and increase
profitability.

CRM is not limited to just a software tool; it encompasses various aspects of

managing customer relationships throughout their lifecycle. This includes
activities such as finding new customers, winning their business, providing
ongoing support, and offering additional services. CRM is beneficial for various
departments within a company, including sales, customer service, marketing,
business development, and more. It allows storing customer and prospect
contact information, identifying sales opportunities, recording service issues,
managing marketing campaigns, and providing access to customer interaction
data for relevant employees.

A CRM system offers a centralised location to access comprehensive customer

information, providing a clear overview of customers' history, order status, service
issues, and even their social media activity. It helps marketers optimise
campaigns and lead journeys using data-driven approaches. CRM goes beyond
sales and marketing, extending to finance, customer services, and supply chain
management, ensuring that customer needs are integrated into all business
processes.

Customer service and support are crucial aspects of CRM, allowing companies to
manage inquiries across multiple channels and providing a single view of the
customer to sales, service, and marketing teams. By connecting these functions,
companies can deliver personalised and connected experiences to customers.

Key functions of a CRM system include finding new customers, winning their
business, and maintaining customer satisfaction. It collects customer data from
multiple sources and channels, organises it to provide a complete customer
record, and facilitates day-to-day customer activities and interactions. A CRM
platform can also integrate with other business apps, enabling a holistic view of
customers.

Benefits of implementing a CRM system include breaking down organisational

silos and facilitating collaboration across departments, resulting in improved
customer experiences. It has a positive impact on the bottom line, enhances sales,
marketing, customer service, and digital commerce efforts, and helps identify and
categorise leads effectively. Additionally, a CRM system increases customer
lifetime value by enabling cross-selling and upselling opportunities, provides
better customer support, improves products and services through customer
insights, and ensures readiness for future changes and business growth.