What is CRM?
Customer Relationship Management (CRM) is a system used to manage the relationship between a business and its customers or leads.
It helps businesses manage customer and lead data, track interactions, and generate insights from feedback.
There are many tools and software on the market to help businesses manage their customers.
Why Do Businesses Need CRM?
A good customer relationship management system ensures that the business is able to efficiently manage customer contacts, communications and data.
It is most useful to the sales and marketing teams since they deal with customers directly and on a daily basis.
A good Customer Relationship Management system means shorter sales cycles.
When you have all your leads in one place, you are able to see which leads have higher intent, and follow up on those!
A CRM software does not need to be fancy, expensive software – it can also be an Excel spreadsheet where customer data is entered and tracked.
How Does CRM Work?
Khushi has started a course where she teaches baking. She runs a social media ad campaign to collect leads. This is the signup form that her leads fill out:
|Date of starting|
Whenever someone fills up this form, the information they enter is sent to Khushi’s CRM software.
The CRM software then sorts out all her leads and arranges them in a way that is easy for Khushi to analyze, understand and follow up on.
Later, when her leads become her customers, she can use the same software to store and analyze customer orders, progress and more.
The Bottom Line
A good Customer Relationship Management software is very important for any business – and so is finance management.
RazorpayX offers a product suite for your business that makes managing your finances as easy as can be.
Open a current account with RazorpayX and manage taxes, vendors, payroll, schedule payments and even integrate with accounting software – all from one super-smooth, smart dashboard!
What are the 3 types of CRM?
1. Operational CRM: This type of CRM focuses on managing customer interactions, such as sales, marketing, and customer service.
2. Analytical CRM: This type of CRM is used for collecting and analyzing customer data in order to develop better customer relationships and drive sales growth.
3. Collaborative CRM: This type of CRM is used to facilitate communication and collaboration between customers, partners, and employees.
What are a few examples of CRM?
2. Zoho CRM
4. Oracle CX Cloud
Is Excel a CRM tool?
Yes, Excel can be used as a CRM tool. It is a powerful spreadsheet application that can be used to store and analyze customer data, track customer interactions, and create reports. Excel can also be used to create custom forms for entering customer data, and for creating automated reports and charts.