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

CRM is a mix of strategy and technology. It makes use of data to boost sales and gain a better understanding of customers. Its success relies on the business creating a clear plan around which to make use of the CRM tools and implementing that plan across the entire business.

CRM is a software tool that allows companies to keep track of prospect and customer data and track interactions to automate marketing campaigns and create reports. It also allows you to connect and communicate with prospects and customers via a variety of channels, whether it’s telephone, email, text message or other social media platforms.

CRM isn’t only for sales. It can be used in any department within the company. For example, the billing and finance departments can use CRM to monitor commissions, analyze contracts, and reconcile sales projections with actual revenue. Marketing informative post departments can use it to determine trends and opportunities to better target potential customers.

Each time a salesperson speaks to a client, meets a new lead, or follows up with an existing lead, they generate an influx of data. Traditionally, this data went into analogue or non-connected media like notebooks and laptops or remained in team members in their heads. CRM systems permit this data to be collected in a systematic manner and stored in one location that can be instantly shared with all of the company’s representatives, regardless of what channel they are interacting on.

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