Customer relationship management (CRM) is an organizational strategy that focuses on increasing customer satisfaction and loyalty through creating experiences that are unique to every individual. This is achieved by making use of processes, technology, and collaboration between departments.
In the past maintaining these relationships was manual effort and labor. Businesses kept customer contact details in filing cabinets and rolodexes, or in spreadsheets, which were often not shared with other departments, leading to sales opportunities being lost and confusion. With the advent of modern technology platforms for marketing that offer an integrated database of customer information, maintaining relationships is much more simple and efficient. These are known as CRM systems.
CRM tools help to streamline and centralize customer data which makes it easier for teams to collaborate to manage leads and improve the overall sales and marketing funnel. In addition to tracking lead and customer interactions, CRMs assist companies to find the most qualified leads by scoring them and prioritizing them, ensuring that salespeople only get in touch with qualified prospects. This results in greater conversion rates and higher purchase values, and can dramatically reduce the time required to close a deal.
Personalization is an additional aspect of a CRM strategy that shows customers their business is appreciated. From sending a personalized thank you note following an order, to modifying an item or service to meet a particular need, this creates a sense of trust that motivates repeat purchases and brand advocacy.
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