Customer Relationship Management (CRM) – Using Data to Understand Customers and Boost Sales

Equal to technology and strategy CRM is about utilizing data to understand the needs of customers and improve sales. Success depends on the business creating and implementing a strategy to use CRM tools.

CRM is an application that allows businesses to store data about prospects and customers, track interactions, automate campaigns, and create reports. CRM also lets you to communicate with prospects and customers via a variety of ways, whether that’s telephone, email, text message or other social media platforms.

Although many associate CRM with sales but the truth is that it can be utilized by any department of the business. For instance the billing department can use CRM to monitor sales commissions, look over contracts and reconcile projections with actual revenues. And the marketing department can utilize it to spot trends and opportunities to better target potential customers.

Each time a salesperson communicates with a customer or meets with a new lead or follows up on an existing lead, they create an abundance of data. The data was previously stored on a physical media such as notebooks and laptops or in the heads of team members. CRM systems allow data to be collected and stored in a central repository which can be shared immediately with all employees of the company, no matter what channel they use.

The most advanced CRMs today integrate AI and machine learning, which interpret data and provide actionable insight for each opportunity. The business can then improve their customer experience and boost engagement to increase loyalty and retention.