What Is Customer Relationship Management?

Customer relationship management (CRM), also known as CRM, is a method that aims to improve customer satisfaction and loyalty through creating experiences unique to each person. This is accomplished by a combination of processes, technology and collaboration across departments.

In decades past maintaining these relationships was a laborious and manual process. Businesses used to keep customer contact information on filing cabinets, rolodexes and spreadsheets. These weren’t shared with other departments, which often resulted in lost sales opportunities and the inability to communicate. With the advent of new marketing-technology platforms that provide a central database for customer top article information, keeping records is much simpler and more effective. These systems are referred to as CRM systems.

CRM tools facilitate and centralize customer data which makes it easier for teams to work together to maintain leads and improve the overall funnel for sales and marketing. CRMs monitor lead and customer interactions and help businesses determine and prioritize the most effective leads. This allows salespeople to only reach out to prospects who are qualified. This can result in higher conversion rates, buy values, and decrease the time it takes to close a sale.

Personalization is also among the most important aspects of a solid CRM practice since it lets customers know that their business is valued. From sending a personal thank you note after an acquisition, to tailoring an item or service to satisfy the needs of a specific customer that creates a feeling of trust that motivates customers to return to purchase and brand loyalty.

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