Back to Basics: What is CRM?

Back to the Basics: What is CRM?

In this series, we’re going back to the basics. We’ll look at CRM as a tool and as a strategy to empower your firm’s business development and marketing initiatives and strengthen your relationships.

If we’re going back to the basics, we may as well start with an obvious question: What is CRM (and why do you need one)? We could write a novel on this subject, but for now we’ll keep it simple.

CRM is a Contact (or Client) Relationship Management platform. Outside of the professional services sector, CRM may also be referred to as Customer Relationship Management.

A Single Source of Truth

The main job of a CRM platform is to store and organize your firm’s contacts – all their details and any communication or touch points you’ve had with them – in a single place. In other words, a CRM is a single source of truth for your firm’s contact data. It helps firms stay connected to their clients and can even improve profitability (see: ROI: Boost Revenue with CRM).

Capture Touchpoints and Coordinate Business Development Efforts

CRM allows you to focus your firm’s business development and marketing strategy by understanding who at the firm knows whom and is in touch with your clients and contacts. You can track every touchpoint, record activities, and allow your professionals to collaborate seamlessly and stay organized. CRM can inform your firm’s business development and marketing strategy by providing a 360 degree view of your clients and contacts. It can even tell you when they’re opening your emails, how often they’re attending your events, or if they’re not engaging with you at all.

Integrate with Tools You Know and Use

CRM can integrate with the tools your firm already knows and uses. With a time and billing integration, for example, you’ll have a complete picture of the client journey. Integrations with email campaign tools like Vuture, Mailchimp and Constant Contact allow you to easily capture important analytics and know who is engaging with your firm’s communications. Integrations also allow you to automate certain processes so you can boost productivity and save time (see: Benefits of CRM Bridge Building).

In our upcoming post, we’ll dig in a little deeper. Do you have questions about CRM or how it can help your firm? With an industry high adoption rate, ContactEase is the CRM of choice for more than 250 professional services firms worldwide. Contact us at sales@contactease.com or visit www.contactease.com to learn more.

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