What is an APPcronym, you ask? Well, an APPcronym is clever little term Oasis has coined to describe any acronym used to abbreviate a software application or technology. Our APPcronym for the month of April can sometimes cause confusion as it can refer to common business applications and business strategies.
CRM
Customer relationship management (CRM) in general refers to processes, strategies, and technologies that a company can use to track and analyze customer interactions and data throughout the customer lifecycle.
As a business application, CRM software consolidates customer information and documents into a single CRM database so business users can easily access and manage it.
The other main functions of this software include recording various customer interactions (email, phone calls, social media or other channels, depending on system capabilities), automating various workflow processes such as tasks, calendars, and alerts, and giving managers the ability to track performance and productivity based on information logged within the system.
Defined as a business strategy, the goal of CRM is to improve business relationships with customers, assisting in customer retention and driving sales growth. As the tool used to implement a CRM strategy, CRM systems can give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns. This access to information allows staff to provide the
best possible experience to the customer, which should be the primary goal of any good CRM strategy.
Want to learn more about customer relationship management software? Contact us.