Customer Relationship Management is process that a company follows for proper execution of practices, strategies and technologies to manage customer interaction. The data is then analyzed in order to improve business relationships. CRM systems compile information of customers which are used to derive sales targets.
The concept of CRM first began when marketers started recording their sales with the help of pen and paper. It was the era of 1990’s when first CRM software was introduced. CRM nowadays has become an essential marketing tool for any business. It has transformed almost every business communication techniques. It is said to be the smartest technique for staying ahead of the curve when it comes to unique source data. Here are 5 CRM hacks, which is why CRM is necessary marketing tool.
CRM helps in Customer Retention:
According to VStacks Infotech, CRM can improve customer retention by 27%. Marketers has not realized the real importance of CRM. They still do not know what wonders CRM can do for them. By keeping their customer data online, marketers can first retain their customers by maintaining personal relationships with them. CRM can also help in maintaining relevant data on past purchases and behavior of customer.
CRM can maintain Cloud based data:
According to Microsoft almost 50% of all the CRM software will become cloud based by the end of 2016. It has also been estimated that the number is further expected to rise to 62% by 2018. Thus, CRM is quickly becoming cloud based in the next year. Cloud based CRM software are easy to access from anywhere as well as can be easily integrated with other software and technology solutions. This quality of cloud based CRM software is essential for marketers as it gives them opportunity to leverage their CRM data in more strategic ways to target customers.