CRM is a blend of strategy and technology. It uses data to increase sales and better understand customers. Success depends on the company establishing and implementing a plan for the use of CRM tools.
CRM is a program that allows businesses to keep track of customer and prospect information to track interactions to automate marketing campaigns and generate reports. It allows businesses to communicate and connect with customers as well as 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 the company. For example the finance and billing departments can utilize CRM to track commissions, review contracts, and compare sales projections with actual revenue. And the marketing department can use it to determine trends and opportunities to better target potential customers.
Each time a sales staff interacts with a client or meets a lead, or follows up with an existing lead, they generate an influx of data. This data was traditionally stored on analogue media, such as notebooks and laptops, or in the heads of team members. CRM systems permit this data to be systematically collected and stored in one location which can be shared instantly with all the company’s employees, regardless of the channel they’re using to communicate.
The most advanced CRMs are integrated with AI and machine learning in order to interpret the data and provide actionable insights for each opportunity. So, the company can optimize their customer experience, improve engagement, and increase retention and loyalty.