Business value gained by consolidating to a single web site

Customer relationship management (CRM) is the combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer service relationships and assisting in customer retention and driving sales growth.

CRM systems compile customer data across different channels, or points of contact between the customer and the company, which could include the company's website, telephone, live chat, direct mail, marketing materials and social media.

Apart from enabling you to bring in the skills you need to keep abreast of new technologies and customer expectations, weaknesses in areas such as process and methodology, compliance or even sales and marketing could be remedied by merging with or acquiring an MSP with complementary skills.

Without an in-depth understanding of your customers’ business environment, it is more difficult to add unique value.

Some verticals have a hefty regulatory environment, with implications for technology and the way it is managed: healthcare, financial services and legal spring to mind.

As it can take considerable time and a significant amount of resource to build up experience and demonstrate compliance in one of these sectors, some MSPs shortcut the process by merging with or acquiring an MSP that already has that expertise and has already jumped through the necessary hoops.

Over time, many additional functions have been added to CRM systems to make them more useful.

Some of these functions include recording various customer interactions over email, phone, social media or other channels; depending on system capabilities, automating various workflow automation processes, such as tasks, calendars and alerts; and giving managers the ability to track performance and productivity based on information logged within the system.

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