“Customer Relationship Management (CRM)” denotes a combination of business strategies and modern technologies that companies employ to manage and enhance relationships with prospects and customers. The CRM approach mainly involves the analysis of each customer interaction with the organization and its corresponding data throughout customer life cycle, with a goal of improving customer retention rate and fueling sales growth.
A CRM system is a tool that handles CRM tasks and processes such as contact management, sales management, generation of data-driven actionable insights, social media integration and team communication.
If the CRM system is cloud-based, the CRM tasks can be run from anywhere at any time, on any connected device. Cloud-based CRM platforms like Salesforce CRM software offer advanced functionalities such as integration with marketing automation and customer service systems to furnish a cloud-based ecosystem for customer data.