CRM stands for Customer Relationship Management. It is a business strategy and software system that focuses on managing interactions and relationships with customers and potential customers. The main goal of CRM is to improve customer satisfaction, loyalty, and retention, leading to increased sales and business growth.
CRM software comes in various types, including cloud-based or on-premises solutions. Cloud-based CRM has gained popularity due to its flexibility, ease of implementation, and accessibility from any device with an internet connection.
Implementing CRM can benefit businesses in several ways, including enhanced customer satisfaction, improved communication and collaboration among teams, increased sales productivity, better customer targeting, and reduced operational costs. It helps organizations build long-term, profitable relationships with their customers, leading to sustainable business growth.