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

CRM is a mix of strategy and technology. It uses data to boost sales and understand customers. Its success is contingent upon the company establishing and implementing a clear plan to implement CRM tools.

CRM is an application that allows businesses to store information about their prospects and customers, monitor interactions, automate campaigns and create reports. It allows companies to communicate and interact with customers and prospects via a variety of channels, including text messages, email and other social media platforms.

CRM isn’t just for sales. It can be used in any department of the company. For instance the finance and billing departments can utilize CRM to track commissions, monitor contracts, and reconcile sales forecasts with actual revenue. Marketing departments can utilize it to spot patterns to better target customers.

Each time a sales team communicates with a customer, meets a new lead, or follows up with an existing lead, they generate an abundance of data. Traditionally, this data went into analogue or non-connected devices like laptops and notebooks or was merely stored in team members in their heads. CRM systems allow this data to be collected in a systematic manner and stored in one place that can be instantly shared with all of the company’s employees, regardless of the channel they’re interacting on.

The most advanced CRMs are now integrated with AI and machine learning to interpret that data and provide actionable insights for each opportunity. That way, the business can enhance the customer experience, improve engagement, and improve retention and loyalty.

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