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

CRM is a combination of strategy and technology. It makes use of data to boost sales and gain a better understanding of customers. Its success is contingent upon the company establishing and implementing a plan for using CRM tools.

CRM is a computer program that allows companies to store customer and prospect data to monitor interactions, automate marketing campaigns, and produce reports. It allows companies to communicate and connect with their customers and prospects through a variety of channels such as email, text message, and other social media platforms.

CRM isn’t just used for sales. It can be utilized in any department of an organization. For instance, the billing and finance departments can use CRM to monitor commissions, analyze contracts, and reconcile sales forecasts with actual revenue. Marketing departments can use it to pinpoint trends and opportunities to better target potential customers.

Sales teams generate a flood of information each when they speak to an individual customer, meet with new prospects or follow up with leads. Traditionally, this data went into analogue or non-connected media like notebooks and laptops or remained in team members in their heads. CRM systems allow data to be collected and stored in a central place which can be shared immediately with all employees of the company, no matter what channel they are using.

The most advanced CRMs integrate AI and machine learning, which interpret data and provide actionable insight for every opportunity. The company can then enhance their customer experience, and increase engagement to increase retention and loyalty.

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