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

Equal to technology and strategy CRM is all about using data to understand the needs of customers and increase sales. The success of CRM is contingent on the business establishing and implementing a solid plan to use CRM tools.

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

CRM isn’t just for sales. It can be utilized in any department of an organization. For example, the billing and finance departments can use CRM to track commissions, review contracts, and compare sales projections with actual revenue. And the marketing department can utilize it to spot trends and opportunities to better target potential customers.

Each time a sales staff interacts with a client or meets a new lead or follows up on an existing lead, they produce floods of data. Traditionally, this data was deposited into unconnected or analog media like notebooks and laptops or remained in team members in their heads. CRM systems click now allow data to be collected and stored in a central place that is instantly shared to all company employees regardless of the method they choose to use.

The most advanced CRMs today incorporate AI and machine learning, which interpret data and provide actionable information on every opportunity. The company can then improve their customer experience and drive engagement to increase retention and loyalty.

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