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

Equal parts strategy and technology CRM is about using data to understand customers and improve sales. Its success is dependent on the business developing the right strategy for how to utilize the CRM tools and implementation of that plan across the entire organization.

CRM is a program that lets businesses store data about prospects and customers to monitor interactions and automate marketing campaigns and generate reports. It allows businesses to communicate and connect with their customers and prospects through a variety of channels, including text messages, email, and other social media platforms.

While many think of CRM as sales but the reality is that it can be utilized by any department of the business. For instance finance and billing departments can use CRM to monitor commissions, analyze contracts, and compare sales forecasts with actual revenue. Marketing departments can use it to identify patterns and opportunities to better target potential customers.

Each time a sales team interacts with a client or meets a new lead or follows up on an existing lead, they produce an abundance of data. The data was stored on paper media, like laptops and notebooks or in the heads of team members. CRM systems permit data to be gathered and stored in a central location that can be shared instantly with all company representatives regardless of the method they employ.

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