Speaker 1: Dealing with hordes of customer data is part and parcel of business management. Meet Joe, who runs a consultancy firm. From the leads generated by the marketing team, to the personal information handled by the sales team, juggling so much data needs an efficient system. Joe was in a similar predicament. The rapid influx of leads, proper delegation of client duties to his team, and customer retention post-service. All of these duties were making Joe lose sleep due to overworking. Have you ever wondered how companies like Amazon and Google can maneuver such complications with ease? Kevin, Joe's friend, introduced the concept of CRM systems to Joe in order to help him manage the company's day-to-day activities. CRM platforms help in streamlining this process, which ultimately leads to better management of company resources, increased revenue, and higher customer satisfaction. But Joe wanted to understand first, what is CRM? CRM, which stands for Customer Relationship Management, refers to any business development, customer retention, and customer acquisition strategies, techniques, systems, and technologies. The objective is to strengthen interactions with customers in order to promote client retention and increase sales. CRM systems gather information on customers from various points of contact between them and the business, such as the company's website, the company phone line, web chat, email, marketing content, and social media. CRM systems may also provide staff workers who deal with consumers with in-depth knowledge of their personal data, purchasing history, shopping preferences, and challenges. The best thing about a CRM system is that it can be used by virtually every organizational unit, from sales and customer service to hiring, marketing, and corporate development. A better approach to handling external interactions is the crux of CRM platforms. Joe, like Kevin, can use the CRM platform to centralize all customer data, track service issues, located potential clients, and manage marketing campaigns. It will help Joe's team access data much faster, and collaboration will become very smooth, leading to increased productivity. CRM platforms can serve companies of all sizes, from small startups to multinational corporations. Kevin's own startup uses a CRM platform that utilizes cloud computing, also referred to as SaaS, software as a service, or on-demand CRM, and stores data on an external remote network that employees can access whenever they need to. Businesses with little technological know-how or resources are drawn to the cloud's speedy, comparatively simple deployment possibilities. Joe wanted to know how CRM platforms streamline back-end operations, which Kevin clarified gladly. Back-end processes like manufacturing, warehousing, shipping, engineering, or finance are not intended to be assisted by CRMs. Naturally, CRM technologies cannot control what they are unable to observe. Therefore, it reduces the efficacy of the system for the entire team if employees, work leads, or transactions outside of it. Some CRM applications are simply used for data management to help entrepreneurs like Joe and Kevin run their complete business more successfully. An all-in-one CRM system also provides crucial functions like landing pages, quotations, and invoicing. Joe was still not convinced, which led Kevin to explain how his startup benefits from their CRM platform. One, all of Kevin's contacts are managed by a CRM, which also collects crucial customer data like demographics, purchase histories, and prior communications across all channels, and makes it readily available to anybody in this organization who needs it. This guarantees that Kevin's staff has all the information they want about the client at their fingertips, and can offer a better customer experience, which usually increases client satisfaction. Two, by streamlining Kevin's sales process, creating a sales funnel, automating crucial processes, and gathering all of your data in one location, a CRM platform may help him boost productivity and sales performance. Three, CRM software often includes analytical features that contextualize data, dividing it into useful metrics and actionable things. Kevin may assess the performance of a marketing strategy, and adjust his optimization strategies using metrics like click-through rates, churn rate, and demographic data. Four, one more thing that CRM software excels at is creating a single database that houses all of Kevin's company's client information, and makes it readily available to anyone who needs it. This improves and increases the client experience, while saving his staff time from having to go through outdated files and information. Five, Kevin may see important trends, and gain a sense of what to anticipate from his future sales cycle performance. With the automated sales reports in CRM software, he can then modify his goals and targets to fit these estimates. CRM's automate operations like contact communication and collaboration, so Joe's team's daily tasks and procedures will move much more quickly thanks to the software. A CRM can also minimize mistakes, and guarantee that all communications are sent to the appropriate recipients at the appropriate times. Thanks to Kevin's guidance, Joe can now focus on the important aspects of running a business, rather than manage the nitty-gritty details on a logistical level. So, here's a question for you. What is the primary purpose of a CRM platform? One, finding leads for business acquisition. Two, maximizing revenue through lead and resource management. Three, help create multiple income streams for an organization. Give the correct answer along with your reasoning, and stand a chance to win an Amazon voucher. Think about it, and leave your answers in the comment section, and we will provide the answer next week. We hope you enjoyed this video. If you did, a thumbs up would be really appreciated. Here's your reminder to subscribe to our channel, and click on the bell icon for more on the latest technologies and trends. Thank you for watching, and stay tuned for more from Simply Learn.