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What is CRM: A Holistic Guide with Definition & Benefits, etc
CRM is the abbreviation for Customer Relationship Management, as the name implies, the aim of a CRM is to improve the effectiveness of relationships between customers and the company. The advanced CRM also helps businesses in acquiring new customers. In this article, we will gradually unfold the key aspects of a CRM.
What is CRM and what it means for today’s world? Let’s first understand these notions. The term CRM was introduced in the late 20th century, but its concept is far older. Aviation and hospitality are some of those industries that adopted the idea of record-keeping and accounting methods for improving the relationship with customers.
It’s a wild misconception that CRM is a recent invention. In fact, keeping the record of customers like their ability to pay, wealth, who owned what, etc is part of the earliest form of customer database. Fast forward, near the end of the 20th century, the CRM was completely changed because of the computer revolution. Ever since then, it is an ever-evolving technology.
What does CRM mean in Today’s Era?
If you think a CRM cannot evolve further then you can’t be more wrong. Experts believe that it is no way near to reaching the saturation point. The most recent change in the CRM industry is its migration to cloud computing.
Other than this, companies have realized the importance of social platforms and they are providing software that can utilize social data optimally.
Some other latest developments are mobile CRM, chatbots, successful amalgamation of Big data and AI with CRM. There are so many things that are due, it is good to say that CRM will always be due.
Types of CRM systems
Top Statistics related to CRM
We hope you have now got the answer to “What is CRM?”. Now, let us show you some statistics that will better understand the benefits of CRM.
All of this has been achievable due to the features that CRM provides like lead management, contact management, deal management, email management, sales automation, reporting and analytics, marketing automation, etc.
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