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

CRM is a mix of strategy and technology. It utilizes data to boost sales and understand customers. Its success depends on the business developing the right strategy for how to use the CRM tools, and then implementation of that plan across the entire business.

CRM is a software tool that allows businesses to store customer and prospect data as well as track interactions, automate marketing campaigns, and create reports. CRM also lets you to connect and communicate with prospects and customers through a variety of channels, including email, phone, text message or other social media platforms.

Although most people think of CRM as a sales tool, the reality is that it can be used by any department within any business. For example, the billing department can make use of CRM to track sales commissions, review contracts and reconcile projections with actual revenues. And the marketing department can use it to pinpoint trends and opportunities to better target potential customers.

Sales teams generate a flood of data each when they speak to the customer, talk to an opportunity or follow up on a lead. The data was previously stored on analog media, like laptops and notebooks, or in the heads of team members. CRM systems permit this data to be collected and stored in a central location that is instantly shared with all of the company’s representatives, regardless of what channel they’re using to communicate.

And the most advanced CRMs are integrated with AI and machine learning to interpret that data and provide actionable insights for every opportunity. This way, businesses can enhance their customer experience, drive engagement, and improve retention and loyalty.