CRM is a mix of strategy and technology. It uses data to increase sales and gain a better understanding of customers. Its success is dependent on the business creating the right strategy for how to utilize the CRM tools, and then implement that plan across the entire company.
CRM is a computer program which allows businesses to store data about prospects and customers as well as monitor interactions, automate marketing campaigns, and produce reports. It allows companies to communicate and connect with their customers and prospects through a variety such as email, text message and other social media platforms.
While most people associate CRM with sales but the truth is that it can be used by any department of the business. For instance the billing department can utilize CRM to track sales commissions and contracts, as well as review them and compare projections to actual revenues. Marketing departments can use it to identify patterns and opportunities to better target potential customers.
Every time a sales team speaks to a client, meets a new lead, or follows up with an existing lead, they create an influx of data. Traditionally, this data was deposited into unconnected or analog media such as laptops and notebooks or was merely stored in team members in their heads. CRM systems allow data to be gathered and stored in one central location that is instantly shared to all company employees regardless of the method they employ.
The most advanced CRMs now incorporate AI and machine learning, which can interpret data and provide actionable information for every chance. This way, businesses can enhance their customer experience, drive engagement, and increase retention and loyalty.