CRM is a blend of strategy and technology. It uses data to increase sales and understand customers. Its success depends on the company creating and implementing a solid plan for using CRM tools.
CRM is a computer program that lets businesses store data about prospects and customers and monitor interactions and automate marketing campaigns and create reports. It allows businesses to communicate and connect with their customers and prospects through a variety, including email, text message, and other social media platforms.
While many think of CRM as a sales tool but the reality is that it can be used by any department in an organization. For example finance and billing departments can utilize CRM to track commissions, monitor contracts, and compare sales forecasts with actual revenue. Marketing departments can make use of it to track trends that will help them target customers better.
Each time a salesperson talks to a client or meets a lead, or follows up with an existing lead, they generate an influx of data. The data was stored on analog media, like laptops and notebooks or in the heads of team members. CRM systems allow data to be gathered and stored in a central repository that is instantly shared to all company employees regardless of the channel they are using.
And the most advanced CRMs are integrated with AI and machine learning to interpret the data and provide actionable insights for each opportunity. That way, the business can enhance the customer experience, drive engagement, and improve loyalty and retention.
