What Is Customer Relationship Management?

Customer relationship management (CRM) is an organizational strategy that focuses on increasing customer satisfaction and loyalty by delivering experiences that are unique to each person. This is achieved through the use of technology, processes and collaboration between departments.

In decades past, maintaining these relationships was a tedious and manual process. Businesses would store customer contact information on the back of filing cabinets, rolodexes, or spreadsheets. These weren’t shared with other departments and frequently led to miss opportunities to sell and ineffective communication. Maintaining relationships has become easier and efficient with the introduction of new marketing technology platforms that offer a central database for customer data. These are referred to as CRM systems.

CRM tools streamline and centralize customer information, making it easier for teams to work together to maintain leads and improve the overall sales and marketing funnel. In addition to tracking lead and customer interactions, CRMs help companies find the most qualified leads by scoring and prioritizing them, so that salespeople only communicate with prospects who are qualified. This could result in higher conversion rates, purchasing value and speed of closing. it takes to close a deal.

Personalization is an additional aspect of a CRM strategy that shows customers they are valued by the company. Sending a personalized message of appreciation after the sale or tailoring a service or product to satisfy a specific need can create a bond that encourages repeat purchases and brand advocacy.

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