What is a CRM?

CRM stands for Customer Relationship Management. As the name suggests, it helps you streamline your relationships with new buyers.

The most common myth around CRMs

Many new businesses think a CRM isn’t necessary at their stage. However, the truth is that if you use spreadsheets to track your new businesses, you might miss out on valuable leads. At this point, your focus is on acquiring new leads and clients. So a CRM is the best way to fast-track the process.  

Top reasons why your business needs a CRM solution

  • It saves time and effort  

A CRM software keeps all customer information (latest phone and email interactions, open tickets, etc.)  in one convenient place. Moreover, these files can be updated in real-time and accessed by anyone in your sales team with an internet connection.

  • It keeps your data secure

Digitally storing customer data is better in preventing data breaches as compared to maintaining paper files. Additionally, most CRM solutions provide backups of your digital files, which means that you are less likely to lose or accidentally delete information.

  • It streamlines your sales journey

With a CRM software, you can create a clear plan of action for every step in the customer’s journey. This means your sales team can move towards closing leads, rather than spending time on paperwork.

Additionally, it allows you to follow up on leads more easily. Each new customer’s information is available to the entire sales as well as support team. This means you can up-sell to them and ensure that there are no open support-related tickets.

In conclusion, a CRM software helps you acquire as well as retain customers. Whether your business is new and in the process of acquiring clients, or well-established, these solutions will take your performance to a new level.

Sign up for IIMBx’s online course on Customer Relationship Management, by IIM Bangalore professor Shainesh G.


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