Customer relationship management (CRM) is a business strategy geared toward improving customer satisfaction and loyalty by creating experiences that are unique to every individual. This is achieved through a combination of processes, technology, and collaboration across departments.
In the past maintaining these relationships was manual effort and labor. Businesses would store customer contact information on rolodexes, filing cabinets or spreadsheets. They were not shared with other departments and often led to lost sales opportunities and miscommunication. With the advent of modern technology platforms for marketing that offer an integrated database of customer information, keeping records is much more simple and effective. These are referred to as CRM systems.
CRM tools streamline and centralize the customer’s data, making it easier for teams and individuals to collaborate and nurture leads, improving the overall sales and marketing funnel. CRMs track lead and consumer interactions and help companies determine and prioritize the most effective leads. This lets salespeople only contact prospects who are qualified. This can lead to higher conversion rates, purchase values, and decrease the time it takes to close a sale.
Personalization is another important element of a CRM process that lets customers know their business is valued. Sending a personalized message thanking them after a sale or tailoring products or services to meet a particular need will encourage returning customers and brand recognition.
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