Customer relationship management (CRM) is also referred to as CRM, is a process designed to improve the customer’s satisfaction and loyalty by creating unique experiences for every person. This is accomplished by combining technology, processes, and collaboration between departments.
In the past maintaining these relationships was useful site a time-consuming and manual process. Businesses stored customer contact information in filing cabinets and rolodexes, or in spreadsheets, which were often not shared with other departments, leading to sales opportunities being lost and confusion. Maintaining relationships has become much simpler and more efficient with the advent of new marketing technology platforms that offer a central database for customer data. These are referred to as CRM systems.
CRM tools consolidate and streamline customer data to make it easier for individuals and teams to collaborate and nurture leads, improving the overall funnel of sales and marketing. CRMs track lead and client interactions and help companies determine and prioritize the most effective leads. This allows salespeople to only contact qualified prospects. This results in higher conversion rates and purchase values, and can significantly reduce the time required to close the deal.
Personalization is another important element of a CRM system that lets customers know their business is valued. Sending a personal note of appreciation after an order or modifying products or services to meet a specific need can create a bond that encourages returning customers and brand recognition.