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Customer relationship management (CRM) is also referred to as CRM, is a method that aims to increase customer satisfaction and loyalty by making experiences that are unique to each individual. This is accomplished through the use of processes, technology, and collaboration across departments.
In the past, maintaining these relationships required manual effort and labor. Businesses used to store customer contact information in the back of filing cabinets, rolodexes, or spreadsheets. They were not shared with other departments and frequently led to missed sales opportunities and the inability to communicate. With the advent of new marketing-technology platforms that provide an integrated database of customer data, keeping track of relationships is much easier and efficient. These are referred to as CRM systems.
CRM tools facilitate and centralize customer data which makes it easier for teams to work together to manage leads and improve the overall funnel for sales and marketing. In addition to analyzing lead and customer interactions, CRM tools help businesses identify the most effective leads by scoring and prioritizing them so that salespeople are only contacted with qualified prospects. This could result in higher conversion rates, purchase values and cut down on the time it takes to close a sale.
Personalization is a key element of a CRM system which shows customers that their business is valued. Sending a personalized message of appreciation following a sale or tailoring the product or service to satisfy a specific need can create a bond that encourages customers to return to purchase and brand loyalty.