CRM is a mix of strategy and technology. It utilizes data to increase sales and better understand customers. Its success is dependent on the business developing an outline of how to make use of the CRM tools and implementing that plan across the entire business.
CRM is a program which allows businesses to store data about prospects and customers, track interactions and automate marketing campaigns and generate reports. It also gives you the ability to communicate with customers and prospects through a variety of channels, whether it’s email, phone, text message or other social media platforms.
CRM isn’t just used for sales. It can be utilized in any department of an organization. For example finance and billing departments can utilize CRM to monitor commissions, review contracts, and compare sales forecasts with actual revenue. The marketing department can also use it to detect patterns to better target customers.
Each time a sales staff talks to a client or meets a new lead or follows up on an existing lead, they produce floods of data. The data was typically stored on a physical media like laptops and notebooks, or in the heads of team members. CRM systems allow this information to be organizedly collected and stored in one place which can be shared instantly with all company representatives, regardless of which channel they are interacting on.
The most advanced CRMs today integrate AI and machine learning, which analyze data and provide actionable insight for every opportunity. The company can then enhance their customer experience and increase engagement to improve retention and loyalty.