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

Equal to technology and strategy CRM is about using data to understand customers and improve sales. The success of CRM is contingent on the business establishing and implementing a strategy to use CRM tools.

CRM is a tool that allows companies to keep track of data about their prospects and customers, track interactions, automate campaigns and produce reports. It lets businesses communicate and connect with customers as well as prospects via a variety channels such as email, text message, and other social media platforms.

CRM isn’t just for sales. It can be utilized in any department of a company. For example, the billing and finance departments can utilize CRM to track commissions, monitor contracts, and compare sales forecasts with actual revenue. And the marketing department can utilize it to spot patterns and opportunities to better target potential customers.

Each time a salesperson interacts with a client or meets with a new lead, or follows up with an existing lead, they produce an influx of data. Traditionally, this data went into non-connected media such as laptops and notebooks or just stayed in the team members in their heads. CRM systems allow this information to be collected in a systematic manner and stored in a central location which can be shared instantly with all company representatives, regardless of which channel they’re interacting on.

The most advanced CRMs currently integrate AI and machine learning that interpret data and provide actionable information for each opportunity. The business can then optimize their customer experience, and increase engagement to increase loyalty and retention.