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

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CRM is a combination of strategy and technology. It utilizes data to boost sales and help customers understand. Its success relies on the company creating an outline of how to utilize the CRM tools, and implement that plan across the entire organization.

CRM is a tool for software that allows companies to keep track of customer and prospect information to track interactions, automate marketing campaigns, and generate reports. It allows businesses to communicate and connect with their customers and prospects through a variety of channels, including text messages, email, and other social media platforms.

CRM isn’t only for sales. It can be used in any department of an organization. For example the billing department can utilize CRM to track sales commissions, look over contracts and compare projections to actual revenues. Marketing departments can utilize it to spot trends to better target customers.

Each time a sales team interacts with a client or meets a lead, or follows up with an existing lead, they generate floods of data. Traditionally, this data was deposited into analogue or non-connected devices like laptops and notebooks or just stayed in the team members’ heads. CRM systems allow data to be gathered and stored in a central repository that can be shared instantly with all employees of the company regardless of the method they employ.

The most advanced CRMs currently incorporate AI and machine learning, which interpret data and provide actionable insight for every opportunity. In this way, businesses can enhance their customer experience, drive engagement, and improve loyalty and retention.