Word of the week: CRM

Word of the week: CRM

By Word of the Week on March 21st, 2014

Customer relationship management, or more commonly referred to as CRM, is a methodology that provides a way to more efficiently communicate with customers and capture data on them. CRM software, like Salesforce, provides real-time visibility into sales and marketing initiatives and a streamlined method of managing customer information. A CRM tool encompasses all the points of interaction that a company will have with its customer and allows businesses to provide a more in-depth understanding of the customer which can lead to customer retention, new business wins, lower customer management costs and new customers. In addition, a CRM tool can house data from several different departments in a central location which allows for easy collaboration among departments, ultimately making your customer management strategy more efficient.