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

Equal parts strategy and technology CRM is about using data to better understand customers and increase sales. The success of CRM is contingent on the business creating an outline of how to make use of the CRM tools and implementation of that plan across the entire company.

CRM is a computer program which allows businesses to store customer and prospect data and track interactions as well as automate marketing campaigns and produce reports. It allows businesses to communicate and interact with customers and prospects via a variety channels such as email, text message, and other social media platforms.

While most people think of CRM as sales however, the truth is that it can be utilized by any department of a business. For example, the billing department can use CRM to monitor sales commissions, review contracts and compare projections to actual revenue. Marketing departments can use it to determine trends and opportunities to better target potential customers.

Each time a salesperson interacts with a client or meets a new lead or follows up on an existing lead, they produce an influx of data. The data was typically stored on analogue media, like laptops and notebooks, or in the heads of team members. CRM systems allow data to be collected and stored in one central location that can be instantly shared with all representatives of the company regardless of the method they choose to use.

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 optimize their customer experience, improve engagement, and increase retention and loyalty.

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