CRM is a blend of strategy and technology. It makes use of data to boost sales and help customers understand. Its success depends on the company creating and implementing a plan for the use of CRM tools.
CRM is a tool that allows companies to store information about their prospects and customers, track interactions, automate campaigns and create reports. CRM also lets you to connect and communicate with prospects and customers through a variety of channels, including text, phone, email message or other social media platforms.
CRM isn’t just for sales. It can be used in any department of an organization. For instance the billing department can make use of CRM to track sales commissions, review contracts and compare projections to actual revenues. The marketing department can utilize it to spot patterns and opportunities to better target potential customers.
Every time a sales team communicates with a customer or meets a new lead or follows up on an existing lead, they create an influx of data. Traditionally, this information was put into unconnected or analog devices like laptops and notebooks or just stayed in the team members heads. CRM systems allow this data to be collected in a systematic manner and stored in a single location that can be instantly shared with all the company’s representatives, regardless of which channel they are using to communicate.
The most advanced CRMs integrate AI and machine learning, which analyze data and provide actionable information on every opportunity. The company can then improve their customer experience and increase engagement to improve retention and loyalty.