What is CRM software? Salesforce, the company that invented the CRM SaaS industry, says a CRM system is a “platform that connects your different departments, from marketing to sales to customer service.” Zoho defines CRM software as a “software application developed to help organizations build better relationships with customers.”
PC Magazine sums up CRM software as tools that help you “track contacts and nurture them to build customer loyalty and repeat sales.”
And the business of CRM software continues to grow. Statista forecasts that the customer relationship management software segment will have a 10.96% annual compound annual growth rate (CAGR) over the next five years.
In this video, you’ll learn what CRM software is and why it matters to businesses of all shapes and sizes. Before we get into that, please be sure to click the Subscribe button and ring the bell on this YouTube channel so that you can be notified when new videos like this get published.
CRM as People, Processes, and Technology
Customer relationship management (CRM) is the people, processes, and technology a company orchestrates to provide a world-class customer experience (CX) across marketing, sales, and customer success.
CRM software is the operating system (OS) companies use to build more delightful, frictionless customer experiences for the benefit of their prospects, customers, employees, channel partners, and other stakeholders.
Essential CRM Investments for Healthy Unit Economics and Growth
In a digitally-transformed world where so many industries are pivoting to subscription-based business models, the initial purchase only represents the starting line in long-term recurring revenue.
CRM has become essential for healthy unit economics and a healthy growth path because of the nature of recurring revenue and the extreme value of digital word of mouth.
Gartner found that 83% of a typical B2B purchase decision -- researching, comparing options, and evaluating pricing -- happens before a potential buyer engages with a vendor.
In this kind of self-service buyer’s journey, CRM becomes critical to ensure that a company engages with the right people, in the right places, at the right time, and in the right context.
How do you define CRM software? And what’s most valuable about CRM to your business? Let me know in the comments section down below.