Equal parts strategy and technology CRM is about utilizing data to understand the needs of customers and boost sales. Its success depends on the company creating an explicit plan for how to utilize the CRM tools and then implementing that plan across the entire organization.
CRM is an application that allows businesses to store data about prospects and customers, monitor interactions, automate campaigns, and generate reports. CRM also lets you to connect and communicate with customers and prospects through a variety of channels, such as email, phone, text message or other social media platforms.
While many associate CRM with sales but the reality is that it can be used by any department within any business. For instance, the billing and finance departments can utilize CRM to monitor commissions, analyze contracts, and compare sales projections with actual revenue. And the marketing department can use it to determine trends and opportunities to better target potential customers.
Each time a salesperson talks to a client or meets a lead, or follows up with an existing lead, they produce an influx of data. Traditionally, this data went into non-connected media such as laptops and notebooks or was merely stored in team members head. CRM systems permit this data to be organizedly collected and stored in one place that is instantly shared with all of the company’s employees, regardless of the channel they are using to communicate.
The most advanced CRMs now incorporate AI and machine learning that interpret data and provide actionable insights for every chance. The business can then improve their customer experience, and increase engagement to increase retention and loyalty.
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