CRM is a mix of strategy and technology. It uses data to increase sales and help customers understand. Its success depends on the company creating a clear plan around which to utilize the CRM tools and implementation of that plan across the entire company.
CRM is a program that allows companies to store data about prospects and customers to track interactions, automate marketing campaigns, and create reports. It also provides the means to connect and communicate with customers and prospects through a variety ways, whether that’s phone, email, text message or other social media platforms.
CRM is not just for sales. It can be used in any department of a company. For instance, the billing and finance departments can use CRM to track commissions, review contracts, and reconcile sales projections with actual revenue. The marketing department can also use it to identify patterns to better target customers.
Each time a salesperson interacts with a client or meets a lead, or follows up with an existing lead, they generate floods of data. The data was previously stored on analog media, such as notebooks and laptops or in the heads of team members. CRM systems permit this data to be collected and stored in one place that is instantly shared with all of the company’s employees, regardless of the channel they are interacting on.
The most advanced CRMs are now integrated with AI and machine learning to interpret the data and provide actionable insights for every opportunity. The business can then improve their customer experience and increase engagement to increase loyalty and retention.
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