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

Equal parts strategy and technology CRM is all about using data to understand the needs of customers and increase sales. Its success depends on the company establishing and implementing a solid plan to use CRM tools.

CRM is a software tool which allows businesses to store data about prospects and customers, monitor interactions, automate marketing campaigns, and produce reports. It also gives you the ability to connect and communicate with prospects and customers through a variety of channels, such as text, phone, email message or other social media platforms.

Although most people think of CRM as a sales tool however, the truth is that it can be used by any department in a business. For instance the billing department can use CRM to monitor sales commissions, look over contracts and reconcile projections with actual revenue. The marketing department can utilize it to spot trends and opportunities to better target potential customers.

Sales teams generate a flood of data each whenever they interact with customers, meet a new prospect or follow up on leads. The data was typically stored on analogue media, like laptops and notebooks or in the heads of team members. CRM systems allow this data to be organizedly collected and stored in a single location that is instantly shared with all the company's employees, regardless of the channel they are using to communicate.

The most advanced CRMs currently incorporate AI and machine learning, which analyze data and provide actionable information for every chance. That way, the business can enhance their customer experience, boost engagement, and increase retention and loyalty.

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