CRM is a mixture of strategy and technology. It utilizes data to increase sales and understand customers. The success of CRM is contingent on the business establishing and implementing a clear plan for using CRM tools.
CRM is a tool that allows companies to keep track of data about their customers and prospects, track interactions, automate campaigns, and generate reports. CRM also lets you to connect and communicate with prospects and customers via a variety of 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 within a company. For instance finance and billing departments can utilize CRM to monitor commissions, review contracts, and compare sales forecasts with actual revenue. Marketing departments can also utilize it to spot trends that will help them target customers better.
Each time a salesperson speaks to a client or meets a new lead, or follows up with an existing lead, they generate an abundance of data. Traditionally, this information was put into analogue or non-connected media like notebooks and laptops or just stayed in the team members head. CRM systems allow this data to be systematically collected and stored in a single location that is instantly shared with all company employees, regardless of the channel they’re using to communicate.
And the most advanced CRMs are now integrated with AI and machine learning to analyze that data and provide actionable insights for every opportunity. This way, businesses can enhance the customer experience, drive engagement, and improve retention and loyalty.
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