C-R-M stands for Customer Relationship Management. What is CRM? At its simplest definition, a CRM system allows businesses to manage business relationships and the data and information associated with them.

With CRM, you can store customer and prospect contact information, accounts, leads, and sales opportunities in one central location, ideally in the cloud so the information is accessible by many, in real time.

Just like ubiquitous social networking platforms such as Facebook and Twitter, a CRM system is similarly built around people and relationships. And that’s exactly why it can be so valuable for a fast-growing business.

How does a CRM work?

Any business starts out with a foundation of great customer relationships. You, the seller, connect with people who need your product. Yet, as your company grows, these business connections grow more sophisticated. It’s not just a transaction between the buyer and seller. You start to manage a myriad of connections, across time, within each company you do business with. You need to share information across various teams within your own organization who are making contact with the same customers. A CRM system can serve as a vital nerve center to manage the many connections that happen in a growing business. How do you translate the many streams of data coming in from sales, customer, service, marketing, and social media monitoring into actionable business information?

A CRM gives everyone across the business, including sales, customer service, marketing, and business development, a better way to manage the customer relationships and interactions that drive success. With visibility and easy access to customer data, such as contact information, sales opportunities, service issues, and marketing campaigns, a CRM system can give you a clear overview of your customers. With an easy-to-use, customizable dashboard, you can see a 360-degree view of the customer, all in one place.

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