Customer relationship management (CRM), also known as CRM, is a strategy designed to improve customer satisfaction and loyalty by creating unique experiences for every individual. This is accomplished by a combination of processes, technology and collaboration across departments.
In the past, maintaining these relationships was a laborious and manual process. Businesses used to keep customer contact information on the back of filing cabinets, rolodexes, or spreadsheets. These weren’t shared with other departments and frequently led to miss opportunities to sell and confusion. Maintaining relationships has become much easier and efficient with the introduction of new marketing technology platforms that offer an integrated database of customer data. These are known as CRM systems.
CRM tools facilitate and centralize customer data, making it easier for teams to work together to cultivate leads and improve the overall sales and marketing funnel. In addition to keeping track of customer and lead interactions, CRMs assist companies to determine the most promising leads by scoring them and prioritizing them so that salespeople only get in touch with qualified prospects. This can lead to better conversion rates, higher purchase values, and decrease the time it takes to close a sale.
Personalization is an additional aspect of a CRM strategy that lets customers know that their business is appreciated. From sending a personalized thank you note after an acquisition, to tailoring the product or service to meet the needs of a specific customer, this creates a sense of connection that drives customers to return to purchase and brand loyalty.