Customer Relationship Management (CRM) – Using Data to Understand Customers and Boost Sales

Equal parts strategy and technology CRM is about using data to understand customers and increase sales. The success of CRM is contingent on the company establishing and implementing a strategy for using CRM tools.

CRM is a tool for software that allows businesses to keep track of customer and prospect information and track interactions and automate marketing campaigns and create reports. It allows businesses to communicate and connect with their customers and prospects through a variety of channels, including text messages, email and other social media platforms.

CRM isn’t only for sales. It can be used in any department of an organization. For example finance and billing departments can use CRM to track commissions, monitor contracts, and reconcile sales projections with actual revenue. The marketing department can utilize it to spot trends and opportunities to better target potential customers.

Each time a sales team talks to a client or meets with a new lead, or follows up with an existing lead, they generate an abundance of data. Traditionally, this data was deposited into non-connected media like notebooks and laptops or just stayed in the team members head. CRM systems permit data to be collected and stored in one central location which can be shared immediately with all employees of the company regardless of the channel they are using.

The most advanced CRMs now integrate AI and machine learning that interpret data and provide actionable information on every opportunity. In this way, businesses can enhance the customer experience, increase engagement, and improve loyalty and retention.

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