CRM is a mix of strategy and technology. It utilizes data to increase sales and understand customers. The success of CRM is contingent on the company creating and implementing a plan for using CRM tools.
CRM is a software tool that lets businesses keep track of prospect and customer data as well as track interactions, automate marketing campaigns, and create reports. It lets businesses communicate and interact with customers and prospects through a variety such as email, text message, and other social media platforms.
While most people associate CRM with sales but the reality is that it can be used by any department within the business. For example, the billing customer relationship management and finance departments can use CRM to monitor commissions, analyze contracts, and compare sales projections with actual revenue. Marketing departments can also utilize it to spot trends that will help them target customers better.
Sales teams create a flood of data every whenever they interact with the customer, talk to an opportunity or follow up with leads. Traditionally, this information was put into non-connected media like notebooks and laptops or just stayed in the team members heads. CRM systems allow data to be collected and stored in one central location that can be shared instantly to all company employees, no matter what channel they are using.
The most advanced CRMs now integrate AI and machine learning that interpret data and provide actionable information for every chance. That way, the business can enhance their customer experience, boost engagement, and improve loyalty and retention.
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