What Is Customer Relationship Management?

Customer relationship management (CRM) is an enterprise strategy that is geared towards increasing customer satisfaction and loyalty by providing 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 used to keep customer contact information in filing cabinets, rolodexes or spreadsheets. They were not shared with other departments and frequently resulted in lost sales opportunities and ineffective communication. With the advent of new marketing-technology platforms that provide an integrated database of customer information, maintaining relationships is much simpler and more effective. These systems are referred to as CRM systems.

CRM tools are designed to centralize and streamline the customer’s data, making it easier for teams and individuals to work together and nurture leads, improving the overall marketing and sales funnel. In addition to capturing customer and lead interactions, CRMs assist companies to identify the best potential leads by scoring and prioritizing them, so that salespeople only communicate with prospects who are qualified. This could result in higher conversion rates, buy values, and decrease the time it takes to close a sale.

Personalization is among the most important aspects of a solid CRM practice because it demonstrates to customers that their company is appreciated. From sending a personalized thank-you note after a sale, to tailoring the product or service to meet a particular need that creates a feeling of trust that motivates sales and brand recognition.

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