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Building strong customer relationships  is the basis for success and a path to   establishing a thriving business. Hi! and welcome to another video!   Today, we’ll go through the  essentials of CRM - let’s roll!   What is CRM? Customer Relationship Management,   or CRM for short, refers to the software used to  collect, store, and organize all the important   data about customers and leads. CRM is also a strategy an organization   uses when managing customers’ relationships  and a process organizations adapt to their   needs when managing and nurturing the  relationships with their customers.   There are three types of CRM: operational CRM,  analytical CRM and collaborative CRM.   Operational CRM helps with business operations  regarding customer relationships, analytical CRM   gathers customer data and analyzes it, allowing you to provide better services to   your customers, and collaborative CRM connects all  your teams, ensuring access to customer data   and providing a comprehensive  view of the customer journey.   What’s the goal of CRM? CRM aims to build stronger customer   relationships, improve profitability,  and streamline processes.   Businesses use CRM software to implement their  CRM strategy and grow their businesses by building   stronger relationships with their customer. Implementing a CRM system aims to improve customer   experience and customer satisfaction,  positively affecting your business.   How can CRM help a business? Using CRM software will benefit   your business in many ways, giving you a  centralized database of your customers and a   deeper insight into who your customers are. It’s where you can store all the communication   with your customers and categorize  and store all prospective leads.   Using CRM will result in better  customer satisfaction a boost   in sales, lead conversion, and revenue. CRM software helps you store and manage customer   contact data, monitor deals, manage tickets,  build landing pages, make a knowledge base,   and analyze, forecast, and report data. With the help of CRM software, you can track,   organize, manage, and complete various activities  to provide better service to your customers.   ActiveCollab is not specifically  designed as CRM software,   as it is project management software. You can, however, use ActiveCollab to automate   a business’s workflow, store info on your  customers, manage customer contact data,   keep a record of leads, and plan your next  step ingly to build better relationships   with your clients. What’s the role of a   customer relationship manager? The customer relationship manager is   responsible for customer relationships once the  customer purchases the service or product.   They need to have strong interpersonal,  analytical, and techical skills, and of   course, outstanding negotiating  and communication skills.   If you want to learn more about  roles and responsibilities in a team,   we’ve devoted an entire playlist to it  on our channel - check it out!   What are the essential elements  of the CRM process?   People Management - assigns roles  and responsibilities ing   to employees’ skills and capabilities to  successfully manage the CRM process.   Lead Management - with the goal of  maximizing sales leads, lead management   keeps records of distribution and sales. SFA or Sales Force Automation - SFA is a software   solution that processes sales and customer  interaction, monitors potential customers,   and predicts results. Customer Service - provides   exceptional customer service, compares  customer data, and gathers relevant   information about purchase patterns. Marketing - promotes the product to prospective   clients, whether it is the general public or  a specifically targeted group of people.   Workflow Automation - integrates processes and  people, creating a harmonious environment that   will save teams’ the time and energy that they  put into achieving their business goals.   Business Reporting - provides reports  showing instant and accurate information   and the current position of your business. Analytics - to evaluate market and business   trends, use analytics. Analytics take  current and previous data and use them   to create charts and diagrams that will  help show and monitor processes.   What’s a CRM strategy? Every business should devote   time to creating their CRM strategy. The CRM strategy is a plan that shows how the   business tries to improve relationships  between customers, sales, marketing,   and customer service. To create a CRM strategy:   create clearly defined business goals,  define the buyer persona, define KPIs,   align marketing, sales, and customer  service teams, map out the customer   journey, implement a CRM solution, and  finally monitor CRM performance.   What are the five key stages of a CRM cycle? The CRM cycle follows the customer lifecycle and   allows businesses to build stronger and lasting  relationships with their customers.   There are five key stages: 1. Raising brand awareness to reach   new potential customers, 2. Acquisition, interacting   with prospective clients and enticing them to  learn more about your brand and business,   3. Converting leads into customers  once they make the purchase,   4. Keeping customers by providing excellent  products, service, and customer services,   5. And finally, customer loyalty, entails  promoting upsells, and referrals, allowing   your customers to stay, return, or upgrade. How Can CRM Help You Grow Your Business?   Businesses analyze, report, and record  user interactions using CRM.   A clear overview of customers’ activity and  needs lets businesses provide what they need,   creating more meaningful relationships  between customers and businesses.   Getting a deeper insight into customers'  activity will enable better forecasting,   allowing you to improve your services. That’s it for this video, guys!   Thank you for watching, and don’t forget to  like, share, and subscribe. See you soon!