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. The success of CRM is contingent on the company creating the right strategy for how to use the CRM tools and implementing that plan across the entire organization.

CRM is a tool for software that lets businesses store customer and prospect data, track interactions to automate marketing campaigns and produce reports. It lets companies communicate and connect with their customers and prospects via a variety of channels, including text messages, email and other social media platforms.

While most people think of CRM as a sales tool, the reality is that it can be used by any department in an organization. For example, the billing and finance departments can use CRM to monitor commissions, analyze contracts, and compare sales forecasts with actual revenue. Marketing departments can utilize it to spot trends and opportunities to better target potential customers.

Every time a sales team speaks to a client or meets a new lead, or follows up with an existing lead, they generate a flood data. The data was previously stored on a physical media such as notebooks and laptops, or in the heads of team members. CRM systems permit this data to be collected in a systematic manner and stored in one location that is instantly shared with all company representatives, regardless of which channel they’re interacting on.

The most advanced CRMs today integrate AI and machine learning that interpret data and provide actionable insights for every opportunity. The business can then improve their customer experience and drive engagement to increase loyalty and retention.