Customer relationship management (CRM) is an organizational strategy that focuses on improving customer satisfaction and loyalty by creating experiences that are unique to each individual. This is achieved by using technology, processes, and teamwork between departments.
In the past maintaining these relationships required a laborious and manual process. Businesses used to keep customer information on rolodexes, filing cabinets or spreadsheets. They were not shared with other departments and often resulted in miss opportunities to sell and the inability to communicate. Maintaining relationships has become easier and more effective with the advent of modern marketing technology platforms that provide an integrated database of customer information. These are known as CRM systems.
CRM tools centralize and streamline customer data to make it easier for teams and individuals to collaborate and nurture leads, enhancing the overall marketing and sales funnel. CRMs track lead and consumer interactions and help companies identify and prioritize the most valuable leads. This allows salespeople to only contact qualified prospects. This leads to more conversion rates and greater purchase value, and could significantly decrease the time required to close a deal.
Personalization is another crucial aspect of a CRM system which shows customers that their business is valued. Sending a personalized note of appreciation after a sale or tailoring products or services to meet a specific requirement will encourage repeat purchases and brand advocacy.
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