What Is CRM?
Our definition: A system used to track and understand customers throughout their relationship with your business
Official definition: “Practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth” (TechTarget).
Origins: CRM started in the early 1990s as niche software for real estate professionals.
CRM is not:
Just Salesforce. The tech company Salesforce, the biggest player in the automated CRM game, owns only 18.4% of the CRM software market.
Just technology. CRM involves a philosophy and set of practices aimed at analyzing and managing customers across many channels over the course of their lifecycle. Obviously some technology is required to do that well!
Always easy to adopt. Many businesses struggle to fully implement CRM practices and technology. Using it well requires training and commitment.