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

CRM is a mix of strategy and technology. It utilizes data to increase sales and gain a better understanding of customers. Success depends on the company creating and implementing a strategy to use CRM tools.

CRM is a software tool which allows businesses to keep track of prospect and customer data, track interactions to automate marketing campaigns and produce reports. It lets businesses communicate and connect with customers and prospects through a variety of channels, including text messages, email, and other social media platforms.

CRM isn’t just for sales. It can be utilized in any department of a company. For instance the billing department could utilize CRM to track sales commissions, analyze contracts and reconcile projections with actual revenues. The marketing department can use it to determine patterns and opportunities to better target potential customers.

Sales teams generate a flood of data each time they meet with a customer, meet new prospects or follow up with leads. Traditionally, this information was put into analogue or non-connected media such as laptops and notebooks or remained in team members heads. CRM systems allow data to be collected and stored in a central place that can be instantly shared with all representatives of the company, no matter what method they employ.

The most advanced CRMs are integrated with AI and machine learning to interpret the data and provide actionable insights for every opportunity. The business can then optimize their customer experience and boost engagement to increase retention and loyalty.

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