What does 'Contact Management' mean?

Contact management refers to keeping, organizing, and managing information about your customers, prospects, and sales leads. In its most basic form, an address book or an Excel or Google spreadsheet containing entries for all of the persons with whom you conduct business can be used to manage your contact data. On the other hand, many companies prefer to employ specialized contact management software. This is especially useful if you have many contacts to keep track of or several persons who need access to the information. Instead of contact management software, some businesses employ Customer Relationship Management (CRM) solutions. CRM software often includes contact management elements and features that assist firms in managing their connections.