CRM, or customer relationship management, refers to the combination of processes, strategies, and software aimed at building long-lasting relationships between companies and their customers. It streamlines business processes and maintains an effective line of communication with customers.
CRM software helps collect, store, manage, and organize all information about your customers in a single platform. It acts as a centralized database where all the information is easily accessible, making it simple to keep track of each buyer’s journey and develop the best offers at every stage.
A smart CRM solution also collects information on customer interests, preferences, and buying behaviors. It helps you offer a personalized experience and launch relevant campaigns for targeted, well-segmented groups of existing and potential customers.
Based on its functionalities, CRM software can be broadly categorized into three types.
Operational CRM is designed to help with the company’s daily operational activities. It is generally linked to the front office and includes things that deal directly with customers.
It helps capture prospects and their required details, nurture leads, and provide customer service throughout their lifecycle.
Analytical CRM helps top management, sales, and marketing teams determine the best course to serve their customers. It combines the customer data collected from operational CRM and other external sources to ascertain the best direction for boosting the company’s success and customer satisfaction.
Collaborative CRM collects and stores every customer interaction from different touchpoints for enhancing the customer experience. It shares that customer information across multiple teams.
EngageBay offers a free CRM for small businesses to help them automate and streamline various processes.
