Customer relationship management—often abbreviated as CRM—is business software that helps sales, marketing and customer support teams manage customer communication and sales efforts. It’s designed to help companies manage and analyze customer interactions and data throughout the customer lifecycle.
Simply put, customer relationship management software is designed to improve your business relationships with customers and drive sales growth.
A big misconception about CRM is that it’s merely a digital address book. Instead, it transforms your customer data and interactions into an opportunity to provide the best customer experience.
A sales forecast is the prediction of future sales for your company. This estimation is often based upon past sales performance, market trends, spending patterns and other external factors that impact buyer behavior.
With a sales forecast, you can manage your business. By having an idea on what future sales could be, you can make important decisions on how you sell and interact with your potential customers in the near future.
CRM software lets you look at past sales, lead count, pipeline and win rate so that you can create a sales forecast. Some CRMs can even project future sales and customer growth based on your current and past sales behavior stored in the software.
A sales pipeline shows how many leads on average reach the main stages of the sales cycle during a set period of time. It quantifies the demand for what you sell and gives you the ability to track sales for each stage of the sales process, no matter where the customer started.
Customer relationship management software makes it easier to track more accurate numbers in your sales pipeline as well as identify how the customer enters the sales process. CRMs are designed to let you customize your sales pipeline within the software so that you can pull the results you need.
Think your team is ready for CRM? Send a request for Quote to see how customer relationship management software can impact your business.
The Main Entities in the CRM software are: -
I. Entity I - Customers/Accounts. The customers (or contacts or accounts) are acquired/created through the following stages: -
a) Leads. This is the entire list of prospects; whose contact details are available to you. Lead is primarily a database of all available persons, who may or may not become your customers in the future. The different stages of Lead are – NEW | ASSIGNED | IN PROCESS | CONVERTED | DEAD | RECYCLED
b) Opportunities. Opportunities are two types: -
i. Acquisition of a New Customer by converting a Lead to an Opportunity and then to Customer (Accounts with Contacts). All activities (Calls, Meetings, Tasks, except commercial) can be scheduled and monitored in the CRM.
ii. New Sale on an Existing Account
Opportunity – Stages. The different stages of Opportunities are –
i. Prospecting/Early Lead
v. Closed Won
vi. Closed Lost
c) Customers/Accounts. The closed Won Opportunities are converted to Customers (when acquiring new customers) or billing or the first time.
II. Entity II - Users. The staff or agents who logs into the CRM System are the Users. Users are assigned the following: -
a. Roles. Roles define the rights to create, view, edit, delete various records under various entities in the CRM. A user can view an entity – eg customer, services, reports, only if the administrator gives him the right to view the record in the entity.
b. Teams. The user is also assigned teams for ease of administration of the rights. For example, the staff in a branch forms a team and if the role defines them to view the services the branch is providing, the users are given access to view the services assigned to the team.
THE ROLES AND TEAMS OF USERS AND THEIR RIGHTS ARE TO BE SET CORRECTLY FOR THE CRM TO FUNCTION EFFECTIVELY.
III. Entity III - Products and Services. All the products and services provided by the company. These can be categorised into many categories or sub-categories.
IV. Entity IV – Interactions/Activities All interactions between the users and customers are tracked and Calendar maintained. The basic interactions are: -
f. Service Requests
i. Payment Receipts
j. Any other interactions
The above four entities form the FOUR Pillars of RAALINK CRM.
V. Reports and Analytics. Based on the activities of the above 4 entities, the reports and analytics are generated and send to the management.