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

Equal parts strategy and technology CRM is about utilizing data to understand the needs of customers and increase sales. Its success depends on the business developing an explicit plan for how to use the CRM tools and then implementing that plan across the entire organization.

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

CRM isn’t just used for sales. It can be utilized in any department within the company. For example the billing department can make use of CRM to track sales commissions, review contracts and compare projections to actual revenue. Marketing departments can also utilize it to spot trends that can help them better target customers.

Every time a sales team interacts with a client or meets a new lead or follows up on an existing lead, they produce a flood data. This data was traditionally stored on analog media, such as notebooks and laptops, or in the heads of team members. CRM systems allow this information to be collected in a systematic manner and stored in one location that can be instantly shared with all company representatives, regardless of which channel they are using to communicate.

The most advanced CRMs today incorporate AI and machine learning, which can interpret data and provide actionable information on every opportunity. In this way, businesses can improve their customer experience, boost engagement, and improve loyalty and retention.

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