Equal parts strategy and technology CRM is about using data to gain insight into customers and increase sales. Its success is dependent on the business establishing an outline of how to make use of the CRM tools and applying that plan to the entire business.
CRM is a tool for software that allows businesses to store customer and prospect data to track interactions as well as automate marketing campaigns and generate reports. It lets companies communicate and connect with their customers and prospects through a variety of channels, including email, text message, and other social media platforms.
CRM isn’t just for sales. It can be used in any department of a company. For example, the billing and finance departments can utilize CRM to monitor commissions, analyze contracts, and compare sales projections to actual revenue. The marketing department can use it to identify trends and opportunities to better target potential customers.
Each time a salesperson talks to a client or meets with a new lead, or follows up with an existing lead, they generate floods of data. Traditionally, this data went into non-connected media such as my blog laptops or notebooks or just stayed in the team members heads. CRM systems allow this information to be organizedly collected and stored in a central location that can be instantly shared with all company employees, regardless of the channel they’re interacting on.
The most advanced CRMs are now integrated with AI and machine learning to interpret the data and provide actionable insights for each opportunity. The company can then improve their customer experience and drive engagement to increase retention and loyalty.