Customer Relationship Management (CRM) – Using Data to Understand Customers and Boost Sales

CRM is a blend of strategy and technology. It makes use of data to increase sales and gain a better understanding of customers. The success of CRM is contingent on the company informative post creating the right strategy for how to use the CRM tools, and applying that plan to the entire company.

CRM is a tool for software that lets businesses keep track of prospect and customer data, monitor interactions, automate marketing campaigns, and generate reports. It also provides the means to connect and communicate with prospects and customers via a variety of channels, whether it’s telephone, email, text message or other social media platforms.

CRM is not just for sales. It can be used in any department within the company. For instance the finance and billing departments can use CRM to track commissions, monitor contracts, and reconcile sales projections to actual revenue. The marketing department can use it to determine trends and opportunities to better target potential customers.

Sales teams generate a flood of data every time they meet with customers, meet an opportunity or follow up on a lead. The data was previously stored on paper media, such as notebooks and laptops, or in the heads of team members. CRM systems permit this data to be systematically collected and stored in one place that can be instantly shared with all the company’s representatives, regardless of what channel they are using to communicate.

The most advanced CRMs now integrate AI and machine learning, which can interpret data and provide actionable insights for every opportunity. That way, the business can improve their customer experience, improve engagement, and increase loyalty and retention.