CRM is a combination of strategy and technology. It utilizes data to increase sales and better understand customers. Its success depends on the business establishing the right strategy for how to make use of the CRM tools and then applying that plan to the entire organization.
CRM is a computer program that allows businesses to keep track of prospect and customer data and track interactions to automate marketing campaigns and generate reports. CRM also lets you to communicate with prospects and customers through a variety channels, including email, phone, text message or other social media platforms.
CRM is not just for sales. It can be utilized in any department within a company. For instance, the billing and finance departments can use CRM to monitor commissions, review contracts, and compare sales projections to actual revenue. The marketing department can also utilize it to spot patterns to better target customers.
Sales teams generate a flood of data each when they speak to customers, meet the new prospect, or follow up on leads. The data typically went into non-connected media such as laptops and notebooks or just stayed in the team members head. CRM systems permit data to be collected and stored in one central location that can be shared instantly with all company representatives, no matter what method they employ.
The most advanced CRMs integrate AI and machine learning, which interpret data and provide actionable insights for every chance. So, the company can enhance their customer experience, increase engagement, and improve loyalty and retention.