Customer relationship management (CRM) is a business strategy geared toward improving customer satisfaction and loyalty by delivering experiences that are unique to each customer. This is achieved by a combination of technology, processes and teamwork across departments.
In decades past maintaining these relationships was a time-consuming and manual process. Businesses used to store customer contact information in filing cabinets, rolodexes and spreadsheets. These weren’t shared with other departments and frequently led to the loss of sales opportunities and miscommunication. Maintaining relationships has become easier and more effective with the introduction of new marketing technology platforms that offer an integrated database of customer data. These are referred to as CRM systems.
CRM tools facilitate and centralize customer information making it easier for teams to work together to manage leads and improve the overall sales and marketing funnel. CRMs track lead and client interactions and help businesses identify and prioritize the best leads. This enables salespeople to only contact qualified prospects. This can result in more conversion rates and greater purchase values, and can significantly reduce the time it takes to close a deal.
Personalization is one of the most essential elements of a well-run CRM system in that it lets customers know that their business is appreciated. A personalized note thanking them after an order or modifying an item or service to meet a specific requirement can create a bond that encourages repeat purchases and brand advocacy.
