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

Equal to technology and strategy, CRM is about using data to gain insight into customers and boost sales. Success depends on the company creating and implementing a clear plan for using CRM tools.

CRM is an application that allows businesses to keep track of data about their prospects and customers, track interactions, automate campaigns, and produce reports. It lets businesses communicate and connect with customers and prospects through a variety of channels such as text messages, email and other social media platforms.

While many think of CRM as a sales tool, the reality is that it can be used by any department of the business. For instance finance and billing departments can utilize CRM to monitor commissions, review contracts, and compare sales projections to actual revenue. And the marketing department can use it to determine trends and opportunities to better target potential customers.

Sales teams produce a plethora of data every time they meet with the customer, talk to an opportunity or follow up on a lead. Traditionally, this data was deposited into analogue or non-connected media such as laptops or notebooks or was merely stored in team members heads. CRM systems permit data to be collected and stored in a central location which can be shared immediately with all representatives of the company, no matter what channel they use.

The most advanced CRMs are integrated with AI and machine learning to interpret that data and provide actionable insights for each opportunity. The company can then improve their customer experience and increase engagement to increase loyalty and retention.

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