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

CRM is a mix of strategy and technology. It makes use of data to boost sales and gain a better understanding of customers. Its success depends on the business establishing an explicit plan for how to make use of the CRM tools and then implementation of that plan across the entire organization.

CRM is a computer program that allows companies to keep track of customer and prospect information and track interactions and automate marketing campaigns and produce reports. It lets companies communicate and connect with customers as well as prospects through a variety, including text messages, email and other social media platforms.

CRM isn’t just used for sales. It can be used in any department of the company. For example, the billing department can use CRM to monitor sales commissions, look over contracts and reconcile projections with actual revenue. Marketing departments can make use of it to track trends that will help them target customers better.

Sales teams produce a plethora of data each whenever they interact with a customer, meet new prospects or follow up on a lead. The data was stored on analog media, like laptops and notebooks or in the heads of team members. CRM systems permit this data to be systematically collected and stored in a single location that can be instantly shared with all of the company’s employees, regardless of the channel they’re interacting on.

The most advanced CRMs now incorporate AI and machine learning that interpret data and provide actionable information for every chance. In this way, businesses can enhance their customer experience, increase engagement, and increase retention and loyalty.