Equal parts strategy and technology CRM is about using data to understand customers and improve sales. Its success is contingent upon the company establishing and implementing a plan to use CRM tools.
CRM is a tool that allows companies to store information about their prospects and customers, track interactions, automate campaigns, and create reports. It also provides the means to communicate with prospects and customers through a variety of ways, whether that’s text, phone, email message or other social media platforms.
CRM isn’t only for sales. It can be utilized in any department of a company. For example the finance and billing departments can utilize CRM to monitor commissions, review contracts, and compare sales forecasts with actual revenue. Marketing departments can also make use of it to track trends to better target customers.
Each time a sales team interacts with a client or meets with a new lead or follows up on an existing lead, they generate an influx of data. Traditionally, this data went into analogue or unconnected media such as laptops and notebooks or was merely stored in team members’ heads. CRM systems permit this data to be collected and stored in one place that can be instantly shared with all company representatives, regardless of what channel they’re interacting on.
The most advanced CRMs currently integrate AI and machine learning that interpret data and provide actionable information on every opportunity. So, the company can enhance their customer experience, boost engagement, and improve loyalty and retention.