Equal to technology and strategy CRM is all about using data to understand customers and boost sales. Its success is dependent on the business establishing the right strategy for how to use the CRM tools, and implement that plan across the entire company.
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 also allows you to communicate with prospects and customers via a variety of channels, such as phone, email, text message or other social media platforms.
CRM isn’t only for sales. It can be used in any department within an organization. For example the billing department can make use of CRM to track sales commissions and contracts, as well as review them and compare projections to actual revenue. The marketing department can also make use of it to track patterns to better target customers.
Each time a salesperson speaks to a client or meets a lead, or follows up with an existing lead, they create an influx of data. This data was traditionally stored on paper media, like laptops and notebooks, or in the heads of team members. CRM systems permit data to be collected and stored in one central location that can be shared instantly with all representatives of the company regardless of the method they employ.
The most advanced CRMs incorporate AI and machine learning, which can interpret data and provide actionable information on every opportunity. The business can then optimize their customer experience and increase engagement to improve retention and loyalty.