{"id":11708,"date":"2023-03-09T14:07:58","date_gmt":"2023-03-09T08:37:58","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=11708"},"modified":"2025-02-25T17:30:27","modified_gmt":"2025-02-25T12:00:27","slug":"crm","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/crm\/","title":{"rendered":"Word of the Week &#8211; CRM"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69da518c1f3b6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69da518c1f3b6\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#What_is_CRM\" >What is CRM?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#Why_Do_Businesses_Need_CRM\" >Why Do Businesses Need CRM?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#How_Does_CRM_Work\" >How Does CRM Work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#The_Bottom_Line\" >The Bottom Line<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#FAQs\" >FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#What_are_the_3_types_of_CRM\" >What are the 3 types of CRM?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#What_are_a_few_examples_of_CRM\" >What are a few examples of CRM?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/blog\/business-banking\/crm\/#Is_Excel_a_CRM_tool\" >Is Excel a CRM tool?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_CRM\"><\/span><b>What is CRM?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Customer Relationship Management (CRM) is a system used to manage the relationship between a business and its customers or leads.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It helps businesses manage customer and lead data, track interactions, and generate insights from feedback.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many tools and software on the market to help businesses manage their customers.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Businesses_Need_CRM\"><\/span><b>Why Do Businesses Need CRM?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A good customer relationship management system ensures that the business is able to efficiently manage customer contacts, communications and data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is most useful to the <a href=\"https:\/\/razorpay.com\/learn\/what-are-the-differences-between-sales-and-marketing\/\">sales and marketing<\/a> teams since they deal with customers directly and on a daily basis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A good Customer Relationship Management system means shorter sales cycles.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you have all your leads in one place, you are able to see which leads have higher intent, and follow up on those!<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A CRM software does not need to be fancy, expensive software \u2013 it can also be an Excel spreadsheet where customer data is entered and tracked.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Does_CRM_Work\"><\/span><b>How Does CRM Work?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Name<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Email<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phone number<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">DOB<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Current Occupation<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Date of starting<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Desired course<\/span><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Whenever someone fills up this form, the information they enter is sent to Khushi\u2019s CRM software.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Later, when her leads become her customers, she can use the same software to store and analyze customer orders, progress and more.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Bottom_Line\"><\/span>The Bottom Line<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A good Customer Relationship Management software is very important for any business &#8211; and so is finance management.<\/p>\n<p>RazorpayX offers a product suite for your business that makes managing your finances as easy as can be.<\/p>\n<p>Open a current account with RazorpayX and manage taxes, vendors, payroll, schedule payments and even integrate with accounting software &#8211; all from one super-smooth, smart dashboard!<\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_crm&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX<\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div id=\"rank-math-rich-snippet-wrapper\"><div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-1\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"What_are_the_3_types_of_CRM\"><\/span>What are the 3 types of CRM?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>1. Operational CRM: This type of CRM focuses on managing customer interactions, such as sales, marketing, and customer service.<\/p>\n<p>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.<\/p>\n<p>3. Collaborative CRM: This type of CRM is used to facilitate communication and collaboration between customers, partners, and employees.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-2\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"What_are_a_few_examples_of_CRM\"><\/span>What are a few examples of CRM?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>1. Salesforce<br \/>\n2. Zoho CRM<br \/>\n3. HubSpot<br \/>\n4. Oracle CX Cloud<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-3\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"Is_Excel_a_CRM_tool\"><\/span>Is Excel a CRM tool?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>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.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is CRM? Customer Relationship Management (CRM) is a system used to manage the relationship between a business and its customers or leads.\u00a0 It helps businesses manage customer and lead data, track interactions, and generate insights from feedback.\u00a0 There are many tools and software on the market to help businesses manage their customers. Why Do<\/p>\n","protected":false},"author":106,"featured_media":11715,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[402],"class_list":{"0":"post-11708","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-word-of-the-week"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/11708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=11708"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/11708\/revisions"}],"predecessor-version":[{"id":20908,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/11708\/revisions\/20908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/11715"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=11708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=11708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=11708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}