Arbour Group Blog

What is Customer Relationship Management (CRM)?

CRM is an acronym that stands for "customer relationship management." As its name suggests, it is a type of technology that is making it easier for businesses of all types to engage in and create organic relationships with their customers like never before. However, before you can begin to totally understand the benefits of CRM, you must first understand what customer relationship management actually is.

For starters, CRM is a way to allow all groups within a company to focus on customer transactions and activities, regardless of the designated roles of individual departments. Every section of a company including accounting, customer service, sales, management, marketing and more, can all use a centralized customer relationship management solution. CRM allows all groups to more efficiently connect with one another and share information, which ultimately makes it easier to work towards the unified goal of delivering better customer service. In years past, the relevant information obtained from a customer conversation wouldn't necessarily have been easily passed along to other departments where it could be put to good use. By using customer relationship management software, all employees can be well informed with regards to the customers that they're dealing with on a daily basis. Even something as simple as customer complaints can now be passed along instantly to relevant departments, allowing the organization as a whole to use that data to make their products and services better and thus create happier customers.

CRM also paves the way for data analytics, which can be used to spot trends that can be of use for identifying changes required to products or business practices.

Another one of the major benefits of customer relationship management doesn't actually have anything to do with the customers themselves. Aside from those customers, the second largest group who benefits the most from CRM solutions is the employees within a business. The CRM software solutions in place in an organization can make it easier for employees to do their jobs more efficiently and effectively. Tasks can be delegated to appropriate departments and individuals can be kept up to date with regards to their customers' activities. Employees find it easier than ever before to do their jobs and can experience greatly enhanced job satisfaction.