CRM stands for Customer Relationship Management. It refers to a technology system or software designed to manage interactions with current and potential customers. The primary goal of a CRM system is to improve business relationships, streamline processes, and increase profitability.
CRM systems typically store customer and prospect contact information, sales opportunities, leads, and customer interactions (such as phone calls, emails, and meetings) in a centralized database. This information can be accessed and utilized by various departments within an organization, such as sales, marketing, customer service, and support, to better understand and serve customers.
Key features of CRM systems may include contact management, lead management, sales pipeline management, marketing automation, customer service and support, analytics, and integration with other business systems like email, calendars, and accounting software.
Overall, CRM systems help businesses to better understand their customers, anticipate their needs, and provide personalized services, leading to increased customer satisfaction and loyalty, and ultimately, improved business performance.