If you are in business then you have probably heard the term “CRM” used. But, you may be wondering, “What is CRM?” C.R.M. is an acronym. It stands for “Customer Relationship Management”. Basically, “CRM” refers to the a system or systems that are used to track your business relationships.
What Can You Track?
CRM is used to track any kind of data that is associated with relationships with vendors, customers, etc. Common data that is tracked is customer and potential customer contact information, purchases they have made, inquiries, customer service questions, leads, sales opportunities, and/or pretty much any information that you need to maximize your business relationships.
How This Helps You Grow
When you are starting out then you only need to track a few customers. This can be done in a variety of ways. You can use Google docs, Excel, note cards, a Rolodex, on your phone, in Outlook, or even pen and paper. As you can see, these run from old school to high tech. But, these can quickly become unwieldy.
This is where a CRM system comes in. It allows you to setup the data that you need for your customers. You can then have this data easily available. Today, many systems are connected to the cloud and information is made available wherever you are at. This allows you to easily have all your customer data, when you need it, where you need it.
How This Helps You Collaborate
Collaboration, especially within a team, used to thought of as strictly for large companies. But, the rise of the internet and home based businesses has drastically changed that. One person working from their home office can now get help from a Virtual Assistant and sub contract to others throughout the world. Both of these types of businesses need a way to communicate and ensure timely response. Setting up this type of management system ensures that, no matter where you are working from or where the people you work with are, everyone can stay on the same page.
How This Increases Productivity
We cannot be at our most productive when our mind is full. If you are keeping a list of everything that you need to do in your head then it is difficult to focus on other tasks. Getting all this information into a system that you trust it helps to clear your mind. Your is then free to work on growing your business instead of tracking it.
If you had not heard of CRM or wasn’t quite sure what it was then you should now have a better understanding. Setting up a quality system can help you take your business to the next level. Imagine being able to go to one central place and see every contact you have had with a customer or being able to easily delegate a task to your team and be notified when it was completed. The answer to, “What is CRM?” is a system that can help you make more sales and increase your profits.