What is Dynamics CRM?
I am not going to start with a long post about what CRM is as you can phrase it in so many different ways and make it work for so many different industries. Therefore, I will define it to the best of my ability on one, maybe two…OK five lines.
Ever evolving software used for data input allowing you to quickly obtain information relating to your customers to appear like you know them inside out at the click of a button. The ability to automate tasks and report on your data for an overview on how your Sales, Service, Marketing and business is performing overall.
Please see below for every other definition of what CRM is if you want to be more confused than what is necessary:
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer life cycle, with the goal of improving business relationships with customers, assisting in customer retention and driving actionable customer insights with a back-end analytical engine, view business opportunities with predictive analytics, streamline operations and personalize customer service based on the customer’s known history and prior interactions with your business.
The main components of CRM are building and managing customer relationships through marketing, observing relationships as they mature through distinct phases, managing these relationships at each stage and recognizing that the distribution of value of a relationship to the firm is not homogenous. When building and managing customer relationships through marketing, firms might benefit from using a variety of tools to help organizational design, incentive schemes, customer structures, and more to optimize the reach of its marketing campaigns. Through the acknowledgement of the distinct phases of CRM, businesses will be able to benefit from seeing the interaction of multiple relationships as connected transactions. When firms manage these relationships through their various stages, they gain crucial intelligence, for example, which products have the highest likelihood of purchase. The final factor of CRM highlights the importance of CRM through accounting for the profitability of customer relationships. Through studying the particular spending habits of customers, a firm may be able to dedicate different resources and amounts of attention to different types of consumers.