Customer Relationship Management (CRM) – Using Data to Understand Customers and Boost Sales
Equal parts strategy and technology CRM is about using data to understand the needs of customers and increase sales. The success of CRM is contingent on the company establishing and implementing a clear plan to use CRM tools.
CRM is a computer program that lets businesses keep track of prospect and customer data as well as track interactions, automate marketing campaigns, and generate reports. It lets businesses communicate and connect with customers as well as prospects via a variety channels such as text messages, email, and other social media platforms.
CRM is not just for sales. It can be used in any department of a company. For instance, the billing department can utilize CRM to track sales commissions, analyze contracts and compare projections to actual revenues. Marketing departments can also utilize it to spot patterns to better target customers.
Sales teams produce a plethora of data every whenever they interact with an individual customer, meet with 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 allow this information to be organizedly collected and stored in one place that is instantly shared with all company representatives, regardless of which channel they’re interacting on.
The most advanced CRMs currently integrate AI and machine learning, which can interpret data and provide actionable information for every chance. The business can then improve their customer experience, and increase engagement to improve retention and loyalty.
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