CRM stands for Customer Relationship Management. A CRM software helps a company keep track of all of its interactions with current and potential customers. The goal is to nurture and strengthen meaningful relationships with clients, ultimately driving revenue growth. 

CRM tools bring together customer information from a range of different sources, so your entire team gets visibility into the customer journey and sales pipeline. Data gathered can include contact information, communication history, and customer history. By consolidating all of this data in one central place, companies can deliver personalized experiences and align themselves better with customer preferences. Additionally, CRMs can automate many repetitive tasks (e.g. follow-ups and data entry), so teams can focus their energy on revenue-driving activities.

The benefits of CRM software include the following: 

• Better Customer Relationships -- CRMs centralize all customer information in one central place, enabling companies to offer highly personalized and fast service. This increases customer loyalty and satisfaction. 
• Enhanced Sales & Marketing -- CRMs help automate processes such as lead management, follow-ups, and email marketing. Sales and marketing campaigns are made more effective and there is a greater rate of conversions. ‍
• Collaboration & Productivity -- Teams gain visibility and access into customer data all in one place, which prevents details from getting lost and ensures action items are followed up on quickly.

Here's a list of common CRM features: 

• Centralized Customer Database — Stores all customer data in one place.
• Contact Management — Tracks interactions, notes, and history.
• Analytics & Reporting — Generates insights and performance metrics.
• Collaboration Tools — Enables team communication and file sharing.
• Sales Forecasting — Predicts future revenue and trends.
• Omni-channel Support — Manages customer interactions across platforms.
• Campaign Management — Tracks and executes marketing campaigns.
• Third-party Integrations — Connects with external tools and apps.
• Automation & Workflow Management — Streamlines tasks and reduces manual work.
• Lead & Opportunity Tracking — Monitors potential deals and conversions.
• AI & Chatbots — Enhances customer interactions with automation.
• Mobile Accessibility — Access CRM data on-the-go via apps.

The cost of CRM software depends on your team's size and desired features.

CRMs typically starts at around $7 per user per month. More advanced plans can range between $15 and $150 per user per month.