CRM stands for Customer Relationship Management, which is a strategy that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. CRM software or technology is a tool or system of tools that help businesses aggregate, organize, and analyze customer information data to better manage relationships with customers. A CRM tool lets you store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns, all in one central location.
CRM marketing is a strategy that includes mindfully managing interactions with prospective and current customers using a CRM system to track interactions, then using the available data and tools to enhance your marketing strategy. The main goals of CRM marketing include converting leads into customers, improving customer retention, and increasing customer lifetime value. A marketing CRM takes all customer interactions across marketing channels and stores them in one place, including social media behavior, email open rates, customer support calls, and more.
Some of the main marketing automation that CRMs provide include developing, ranking, and managing your leads, integrating the platform with other important marketing tools, and tracking response to communications and even automatically optimizing future communications based on prior responses. By using a CRM system, businesses can cater to their customers needs, build better relationships, and market smarter.
