Equal parts strategy and technology, CRM is about using data to better understand customers and improve sales. Its success is contingent upon the business establishing and implementing a solid plan for the use of CRM tools.
CRM is a program that allows businesses to store data about prospects and customers as well as track interactions as well as automate marketing campaigns and generate reports. It allows businesses to communicate and connect with customers and prospects through a variety such as text messages, email and other social media platforms.
Although many think of CRM as a sales tool, the reality is that it can be utilized by any department of any business. For instance the finance and billing departments can use CRM to track commissions, monitor contracts, and reconcile sales projections with actual revenue. And the marketing department can use it to identify trends and opportunities to better target potential customers.
Sales teams produce a plethora of information each whenever they interact with an individual customer, meet with an opportunity or follow up on a lead. The data typically went into analogue or unconnected media such as laptops or notebooks or just stayed in the team members head. CRM systems permit data to be gathered and stored in a central place which can be shared immediately with all representatives of the company, no matter what channel they use.
The most advanced CRMs now incorporate AI and machine learning that interpret data and provide actionable information on every opportunity. The business can then optimize their customer experience and increase engagement to increase retention and loyalty.
