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

CRM is a mix of strategy and technology. It uses data to increase sales and better understand customers. Its success is contingent upon the business establishing and implementing a plan for using CRM tools.

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

Although most people think of CRM as a sales tool, the reality is that it can be used by any department within any business. For instance the billing department can use CRM to monitor sales commissions, review contracts and compare projections to actual revenue. And the marketing department can use it to pinpoint patterns and opportunities http://naukri-online-ads.com/3-data-rooms-software-for-board-communications-compared to better target potential customers.

Sales teams create a tsunami of data each whenever they interact with an individual customer, meet with new prospects or follow up with leads. This data was traditionally stored on a physical media such as notebooks and laptops, or in the heads of team members. CRM systems allow this information to be collected and stored in one location that is instantly shared with all company representatives, regardless of which channel they’re using to communicate.

The most advanced CRMs today integrate AI and machine learning, which interpret data and provide actionable insights for each opportunity. The business can then improve their customer experience and boost engagement to improve retention and loyalty.