According to Fahmida Y. Rashid in PCmag.com, CRM (Customer Relationship Management) is a “contact list with a brain” and allows companies to manage and analyse customer interaction and data, in order to improve overall customer experience.
He argues that CRM Software remembers the details of your relationship and every interaction,” whether this is by phone or email. This kind of information allows companies to access vast quantities of new information and data capture, which provides extensive opportunities for “up or cross sell, covert existing customers to new products and services, target new marketing, [and] even track invoices.”
CRM Software companies, including Apptivo, Pipedrive, Insightly, Zoho and Salesforceiq, take this one step further and allow businesses to organise and record information. This makes it easier to extract knowledge of the customers and their interactions with staff.
Rashid then goes on to say that CRM has moved beyond being used as only a sales tool. Marketing and customer service departments can dramatically improve their offerings by using the information to “effectively segment demographics, and record and reuse customer incident information.” This can ultimately affect the quality of the business and in-depth customer knowledge.