Customer relationship management (CRM) is also referred to as CRM, is a method which aims to increase customer satisfaction and loyalty by creating unique experiences for every person. This is achieved through a combination of processes, technology, and collaboration across departments.
In the past maintaining these relationships required a laborious and manual process. Businesses would store customer information on filing cabinets, rolodexes or spreadsheets. They weren’t shared with other departments, which often resulted in the loss of sales opportunities and miscommunication. Maintaining relationships has become much easier and efficient with the introduction of new marketing technology platforms that offer an integrated database of customer information. These are known as CRM systems.
CRM tools streamline and centralize the customer’s data, making it easier for individuals and teams to collaborate and nurture leads, improving the overall funnel for sales and marketing. In addition to keeping track of customer and lead interactions, CRMs help companies find the most qualified leads by scoring and prioritizing them so that sales representatives are only contacted with qualified prospects. This results in greater conversion rates and higher purchase values, and can dramatically reduce the time it takes to close an agreement.
Personalization is one of the most crucial elements of a solid CRM practice because it lets customers know that their business is useful site truly valued. From sending a customized thank-you note after an acquisition, to tailoring a product or service to satisfy the needs of a specific customer that creates a feeling of connection that encourages sales and brand recognition.