A repository of acronyms, jargon, and useful definitions perfect for eCommerce founders & marketers like yourself.

Customer Relationship Management (CRM)

Customer Relationship Management (CRM)

Customer relationship management is the combination of technologies, strategies, and practices that companies use to manage and analyze customer interactions and data throughout the customer journey. The goal is to improve customer retention and drive more sales. CRM system compiles customer data across various channels including the company’s live chat, website, social networks, direct mail, and telephone.

Benefits of CRM

  • Identify and categorize leads - CRM is beneficial for adding new leads easily and categorizing them accurately. Using CRM, you can reduce the response time, customize pitch documents quickly and allow the sales team to move on to the next opportunity. Since with the help of CRM you can have complete information about the client, the sales team can focus their time and efforts on the right clients.
  • Increase referrals from existing clients - You can keep your existing clients happy by understanding them better and using cross-selling and up-selling opportunities to generate more revenue.
  • Improve products and services - One of the benefits of CRM is that it gathers information from a variety of sources across your organization. This gives you an insight into what customers think about your business and how they feel about it, so you can improve your offers and strategies to serve them better.

Types of CRM

  • Operational CRM - This type of CRM software helps with day-to-day sales, marketing, and customer service activities.
  • Analytical CRM - This type of CRM software collects data to improve customer satisfaction and retention rate.
  • Collaborative CRM - This type of CRM software provides customer-facing departments information to offer a positive customer experience.
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