What does CRM stand for?
CRM... Huh... What does it stand for?
Well, absolutely.... everything actually.
What does CRM mean?
CRM stands for Customer Relationship Management. But that does not tell the whole story...
Companies across the land rave about CRM and the benefits it can bring to your business. But why is CRM so important and what exactly does it do?
In this blog we reveal all about Customer Relationship Management, how it's often misunderstood, and how it can be great for business.
CRM Meaning and Definition
Heard of Gartner IT? Or Tom Siebel of Siebel systems?
Rumour has it that one of these guys was the first to use the term 'CRM'. We don't really know when or where it was invented. What we do know is one of these fellas (probably innocently) made a mistake by coining a term which doesn't really describe what 'CRM' does.
That's right. Confusingly the definition of Customer Relationship Management is misleading...
What is CRM?
It is a common misconception that CRM specifically refers to software or sales processes... but it is way more than that. Hundreds of systems out there call themselves CRM and they aren't.
Customer Relationship Management is actually a methodology, not a database or a system.
It's the series of strategies a company uses to function as a business. This can include sales, communication, engagement, customer service... It's not just about the customer relationship, it's about the way an organisation works to reach its' goals.
The idea behind the methodology is simple. If you make your business more organised, more collaborative, and more efficient, you'll have a much better chance of reaching its targets - which are often increased sales.
Many businesses rely on technology to help them to plan and coordinate activities and communication with customers, which is where CRM systems come into play.
If you're thirsty for more information, read our 'What is CRM' blog' here.
CRM System Definition
So, we've learnt that, at its core, CRM is nothing to do with databases or systems. It's an overarching strategy that technology can help businesses to embrace.
But CRM systems do exist and for very good reason.
In order to make your business more efficient, data is extremely important and processing a lot of data is difficult. CRM systems facilitate the methodology mentioned above.
A good CRM system should support your business and fit around the way your business works. They should be flexible enough so they don't dictate your CRM strategy, but support it. They should embrace every aspect of your company, rather than just one department.
CRM isn't a fad. There is a reason that 91% of businesses with over 11 employees use CRM. Statistics show that correct implementations of CRM improve return on investment, In fact recent studies show companies embracing CRM can enjoy a 65% boost in sales quotas, a 41% revenue increase, and a 300% increase in lead conversion rate!
CRM Systems for Your Business
As the stats show, CRM systems can do AMAZING things for your business, but you need to ensure it's the right CRM for you and it's properly integrated. Six Ticks can help you reach your goals!
Six Ticks are experts in CRM systems. We work with our clients to provide incredible solutions which work for and with your business to help you save time and increase profitability.
If you'd like a free consultation to find out more about CRM systems and how Six Ticks can help, then get in touch today.
Take a look at our CRM Portfolio page for an example of how Six Ticks CRM has transformed businesses across the globe.