CRM stands for customer relationship management or customer resource management – two terms describing the same set of theories, practices, and technologies that today’s modern sales organizations use to improve all aspects of their customer-facing operations. CRM is an incredibly important part of modern sales, and, unsurprisingly, CRM technology has enjoyed widespread adoption by businesses of all sizes and types. The following is a brief breakdown of the theory behind customer resource management, the sales CRM software that makes it possible, and its importance in a modern sales environment.
Customer Relationship Management as a Practice
As a theory and practice, customer relationship management refers to the strategy of using data to drive and improve all aspects of the customer experience. Businesses practicing CRM acknowledge that the best way to build better relationships with customers is to know them better, and the amount of data available today makes it possible to know customers on a deeper level than ever before. By collecting data from all leads and customers and using that data both on an individual and a holistic basis, companies can deliver a more targeted, personal-feeling sales process, provide better, more attentive ongoing service, and maximize the lifetime value of each customer. Companies can also use their improved data collection and management practices to generate a better picture of their operations, enabling them to make better decisions and drive stronger growth.
Customer Relationship Management as a Technology
To enable CRM as a practice, customer resource management software has become mission-critical software for sales organizations in all industries. Sales CRM software platforms center around the collection, storage, and management of customer data, and tie all of their other sales and productivity features to that central customer database.
Features common to sales CRM systems include lead collection and management tools, advanced analytics and reporting tools, billing and payments tools, email marketing tools, customer support systems, and much more. Some systems, like CRMDialer, also include built-in power dialers, creating a powerful sales tool that combines the best aspects of sales CRMs and cloud-based phone systems. All features are generally connected to the lead management suite, enabling customer information to be easily accessed by a user from anywhere in the system and, conversely, for most of the system’s tools to generate customer data to feed back into the database.
What Makes Sales CRMs Mission-Critical Software
There are a few factors that make CRM software a must for modern sales organizations. First and foremost, in today’s competitive environment where customers have nearly unlimited access to information and equally unlimited choice, companies need to take any competitive advantage they can get. Second, because today’s B2C and B2B customers have so many purchasing options, they expect an elevated level of service and a personalized sales process from any company they choose to work with. A sales CRM is an ideal way to deliver both. Finally, because our entire lives are now connected to the internet, customers generate an enormous amount of data, and there simply isn’t any good reason for companies to ignore that wealth of information, especially when collecting and utilizing it can go so far towards improving the customer’s end experience.
CRM systems also use advanced automation to make the most common, repetitive tasks involved in the sales process faster, easier, and, in many cases, completely automatic. A good sales CRM will enable employees at all levels of an organization to work smarter, reclaim unnecessarily wasted time, and boost efficiency. As a result, CRMs are exceptional tools for managing costs and minimizing waste.
CRMDialer is one of the leading customer resource management systems on the market today, providing an unmatched suite of sales and productivity tools, including a built-in power dialer that makes sales calling more efficient and boosts everything from productivity to answer rates to close rates. To find out more about everything CRMDialer can do for your sales organization, reach out to a member of the team or start your no-commitment free trial today.