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CRM stands for Customer Relationship Management [Definition]

Today, we are going to unveil the business strategy about, how they better understand their customers and managing close relationship towards them. Do you know! CRM is the keyword behind all this customer relations. So, “What is CRM? Why it is so badly needed for all Companies? CRM stands for? etc…“. Here’s the answer for all your doubts, CRM is the software system used by sales managers for managing their customer(clients) relations.

That’s why CRM stands for Customer Relationship Management, which helps in forecasting the company’s business activities with that the company can make a focused approach with their customer-related processes.

And in recent times, the CRM software systems are transformed to cloud-based apps to provide more real-time visibility which could save sales manager’s time and stay close to their customer activities.

Gartner's answer on "Define Customer Relationship Management?" : CRM stands for Customer Relationship Management
Gartner’s opinion about “what is CRM?”

Can You Define CRM in Detail with a Real Life Example?

Illustration: This is real! I’m a guy who spend most of his life with computers otherwise mom. So, I don’t have enough knowledge of shopping, I can’t even take a decision to order my own food, my father does for me. Now I’m a graduate and to break this childish behaviour, last week, I went out for dress purchases for my birthday 😀 I entered into “Basics Life” shop and picked a shirt for me. While billing, the cashier asked my name and mobile no. told me that, they used to collect details from their customers for better understanding their valuable customers. Adding with, they said, “your account has credited with 103 points, and when it reach its limitation, you can claim an bounty cash discount”. Believe me, I was surprised at that moment! Later, I recollected somethings like, receiving GoDaddy special offer at my birthday, birthday wishes from a jewellery shop, bank etc.

How do Companies understand their customers better?

“From all my doubts, I got one thing clear. They are using Customer Relationship Management(CRM) software tools to store all customer information and based on that, creating awesome strategies to keep their customers more engaged with their business.”

Choosing the right CRM for your Company

The Best CRM software’s work process is to keep tracking your business customers without sinking with more software applications. Initially CRM was created in purpose of collecting only client’s activities and due to technology advancements, it has grown with multi-faced programs which can track company’s sales growth and create business strategies to bridge customer relations and make more business opportunities.

So, how to pick the right CRM for my Business?

Before start inspecting about the CRM reviews, first self-analyze about your Business because, some top notch CRM software companies are not best for all sort of business needs. We made some analysis and found best CRM especially for Small Businesses. In that case, we have Zoho, Insightly and SugarCRM in the top of our list.

Things to look in your CRM:

  1. Contact Management
  2. Sales & Marketing Features
  3. Employee Tracking & Support
  4. Ease of Use
  5. Help & Support

10 Experts defining, “What is CRM?”

[caption id="" align="aligncenter" width="1000"]10 Experts Define, "What is CRM?" [INFOGRAPHICS] by, P. Mothi Venkatesh 10 Experts Defining, “What is CRM?” [INFOGRAPHICS] by, P. Mothi Venkatesh[/caption]

“CRM” Related terms you should know:

  1. Social CRM – The Social Networking sites add-on into the traditional CRM software system process which is also called as CRM 2.0 or SCRM(Social Customer Relationship Management).
  2. Open Source CRM – CRM system from open source software programs is called, Open Source CRM. Where, the source code is made open to all, who can view and customize the code. Some companies use open source CRM programs to customize it for their market goals.
  3. Cloud CRM – It means, saying no to old CRM software and tools and making using of cloud technologies to catch -up the end users online.
  4. inbound CRM – Inbound, from it’s literal meaning we know it’s all about content management for user experience. Here, it is used to manage the client experience after he sign up into their business. It plays an integral role in customer support relations.
  5. Enterprise Relationship Management(ERM) – The CRM that is made especially for Enterprise level to share its clients, products and competitor details to target a long-term goals for customer satisfaction and leverage industrial revenues.
  6. Partner Relationship Management(PRM) -CRM used by a company to communicate with its channel partners and automate its business functions and collect the real-time information about its channel partner. The functionalities of PRM is moreover similar to that of CRM.
  7. Small Business CRM – It is the minor model of Enterprise level CRM designed to target the needs of small business goals. And Zoho Corp. is the ace CRM for Small Business.
  8. Customer Analytics(CRM Analytics) – It is a type of OLAP(Online Analytical Processing) ming the customer database and finding pattern with predictive analysis and build better business strategies.

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