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 increase sales and gain a better understanding of customers. The success of CRM is contingent on the company creating and implementing a solid plan to use CRM tools.

CRM is a computer program that allows companies to store customer and prospect data to monitor interactions to automate marketing campaigns and produce reports. CRM also lets you to communicate with customers and prospects via a variety of channels, whether it’s telephone, email, text message or other social media platforms.

Although many associate CRM with sales but the reality is that it can be utilized by any department in the business. For example the finance and billing departments can utilize CRM to track commissions, monitor contracts, and compare sales projections with actual revenue. Marketing departments can also use it to detect trends that can help them better target customers.

Each time a sales team speaks to a client or meets a lead or follows up on an existing lead, they produce an influx of data. The data was stored on analog media, like laptops and notebooks, or in the heads of team members. CRM systems permit data to be gathered and stored in a central location that can be shared instantly with all company representatives, no matter what channel they use.

The most advanced CRMs integrate AI and machine learning, which interpret data and provide actionable insights for every chance. So, the company can improve their customer experience, drive engagement, and improve retention and loyalty.

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