Customer relationship management (CRM) is also referred to as CRM, is a strategy designed to improve customer satisfaction and loyalty by creating experiences unique to each individual. This is accomplished through the use of processes, technology, and teamwork across departments.
In the past maintaining these relationships required a laborious and manual process. Businesses kept customer contact details in rolodexes and filing cabinets or in spreadsheets that were frequently not shared with other departments–leading to a loss of sales opportunities and miscommunication. Maintaining relationships has become much easier and more effective with the advent of new marketing technology platforms that provide a central database for customer information. These systems are referred to as CRM systems.
CRM tools simplify and centralize customer data making it easier for teams to work together to manage leads and improve the overall sales and marketing funnel. In addition to capturing lead and customer interactions, CRMs help companies identify the most effective leads by scoring and prioritizing them, so that sales representatives are only contacted with qualified prospects. This can lead to higher conversion rates, buy values and cut down on the time it takes to close a deal.
Personalization is also one of the most important elements of a well-run CRM system because it demonstrates to customers that their business is truly valued. A personalized note of thanks after an order or modifying a service or product to meet a particular need can create a bond that encourages returning customers and brand recognition.
