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

Equal parts strategy and technology CRM is about using data to understand the needs of customers and boost sales. The success of CRM is contingent on the business creating the right strategy for how to use the CRM tools, and implementation of that plan across the entire business.

CRM is a tool that allows companies to store information about their prospects and customers, keep track of interactions, automate campaigns and create reports. It also gives you the ability to communicate with prospects and customers via a variety of channels, whether it’s text, phone, email message or other social media platforms.

While most people customer relationship management think of CRM as a sales tool however, the truth is that it can be utilized by any department in the business. For instance the billing department could use CRM to track sales commissions, analyze contracts and compare projections to actual revenue. Marketing departments can use it to identify trends to better target customers.

Sales teams produce a plethora of information each time they talk to an individual customer, meet with the new prospect, or follow up with leads. This data was traditionally stored on analogue media, like laptops and notebooks or in the heads of team members. CRM systems permit data to be collected and stored in a central place that can be instantly shared 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 insights on every opportunity. The company can then improve their customer experience and increase engagement to increase loyalty and retention.