Equal parts strategy and technology CRM is about using data to understand the needs of customers and boost sales. Its success depends on the company creating the right strategy for how to make use of the CRM tools and implementation of that plan across the entire company.
CRM is a software tool which allows businesses to store data about prospects and customers as well as monitor interactions and automate marketing campaigns and generate reports. It also gives you the ability to communicate with prospects and customers through a variety of channels, such as email, phone, text message or other social media platforms.
While most people associate CRM with sales but the reality is that it can be used by any department of an organization. For click now example, the billing and finance departments can utilize CRM to track commissions, review contracts, and reconcile sales projections with actual revenue. The marketing department can use it to determine patterns and opportunities to better target potential customers.
Sales teams create a tsunami of data each whenever they interact with the customer, talk to new prospects or follow up on leads. Traditionally, this data was deposited into analogue or unconnected devices like laptops and notebooks or remained in team members in their heads. CRM systems allow this information to be collected in a systematic manner and stored in a single location that is instantly shared with all of the company’s representatives, regardless of which channel they are using to communicate.
The most advanced CRMs are integrated with AI and machine learning to interpret that data and provide actionable insights for each opportunity. The company can then enhance their customer experience and increase engagement to improve retention and loyalty.
