CRM stands for Customer Relationship Management and is a database that holds all of your customer information. Various types of customer information can be stored including contact information, communication history, deal details, task lists and sales forecasting. Having this information available in one place instantly creates verification, velocity and visibility for your sales channels.
Verification
I know half of my marketing works. I just don’t know which half. – unknown
With a CRM all of your lead, account and opportunity information can be stored in a single location and tracked in real time. Reports can be generated to measure performance by sales channels and sales representatives. Based on this data decisions can be made whether to continue with your current marketing activities or to explore other lead generation strategies.
Velocity
Collecting customer information can be a tedious process when many of your employees deal with the same customer. Having a database for customer information can save you time, effort and money.
Opportunities can be lost to a competitor if proposals are not submitted in a timely manner. With a CRM activities can be scheduled and tracked so nothing falls through the cracks. Reminders can also be set so tasks are not forgotten. As deals are created quicker, more deals can be pitched and won.
Visibility
Source: Salesforce.com
Have you ever wondered how much revenue to expect next month from the deals that you are working on currently? With a CRM, you can estimate sales revenue and product demand. Based on this data you can forecast with confidence.