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

CRM is a combination of strategy and technology. It utilizes data to increase sales and better understand customers. Its success depends on the company creating the right strategy for how to use the CRM tools and implementation of that plan across the entire organization.

CRM is an application that allows businesses to store information about their prospects and customers, track interactions, automate campaigns, and create reports. It also gives you the ability to communicate with prospects and customers via a variety of channels, whether it’s telephone, email, text message or other social media platforms.

Although most people think of CRM as a sales tool but the truth is that it can be utilized by any department within the business. For instance, the billing and finance departments can use CRM to monitor commissions, analyze contracts, and compare sales projections to actual revenue. The marketing department can use it to pinpoint patterns and opportunities to better target potential customers.

Sales teams produce a plethora of data each whenever they interact with an individual customer, meet with a new prospect or follow up on a lead. Traditionally, this data was deposited into unconnected or analog media like notebooks and laptops or remained in team members in their heads. CRM systems allow this information to be collected and stored in a central location that is instantly shared with all of the company’s representatives, regardless of which https://naukri-online-ads.com/ channel they are interacting on.

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