Customer relationship management (CRM) is a business strategy geared toward improving customer satisfaction informative post and loyalty by creating experiences that are unique to each individual. This is achieved by the use of technology, processes and collaboration between departments.
In decades past maintaining these relationships was a laborious and manual process. Companies kept customer contact information in filing cabinets and rolodexes, or in spreadsheets that were frequently not shared with other departments, leading to missed sales opportunities and confusion. Maintaining relationships has become simpler and more efficient with the advent of modern marketing technology platforms that offer central databases for customer information. These are referred to as CRM systems.
CRM tools centralize and streamline customer data to make it easier for teams and individuals to work together and nurture leads, enhancing the overall sales and marketing funnel. In addition to analyzing customer and lead interactions, CRMs can help companies find the most qualified leads by scoring them and prioritizing them, ensuring that salespeople only communicate with prospects who are qualified. This can lead to better conversion rates, purchasing values and reduce the time it takes to close a sale.
Personalization is also one of the most important aspects of a successful CRM strategy since it demonstrates to customers that their business is truly valued. From sending a personal thank you note after a sale, to tailoring an item or service to meet an individual need it creates a feeling of connection that encourages the purchase of more products and brands, as well as brand loyalty.
