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CRM stands for Customer Relationship Management. It is an acronym you may see before words like “software,” “platform,” or “solution.”
Customer Relationship Management (CRM) systems work by centralizing and organizing customer data to facilitate interactions, improve relationships, and drive sales and marketing efforts.
CRM tracks and records all customer interactions across various channels, including phone calls, emails, social media, and in-person meetings. It captures details such as communication history, inquiries, complaints, and follow-up actions.
CRM systems gather data from various sources such as customer interactions, sales transactions, website visits, social media engagement, and marketing campaigns. This data includes contact information, purchase history, preferences, communication history, and other relevant details.
CRM facilitates sales pipeline management by tracking opportunities, deals, and sales stages. It provides visibility into the sales process, forecasts revenue projections, and identifies bottlenecks or areas for improvement in the sales cycle.
The collected data is organized and stored in a centralized database within the CRM system. It’s structured in a way that allows easy retrieval, analysis, and management of customer information