Customer relationship management (CRM) is an approach to business that focuses on improving customer satisfaction and loyalty by providing experiences that are unique to each customer. This is achieved by a combination of processes, technology and collaboration across departments.
In the past maintaining these relationships was a lengthy and manual process. Businesses stored customer contact information in filing cabinets and rolodexes, or in spreadsheets, which were often not shared with other departments, which led to a loss of sales opportunities and the miscommunication of customers. Maintaining relationships has become easier and more efficient thanks to the advent of modern marketing technology platforms that provide a centralized database for customer data. These systems are referred to as CRM systems.
CRM tools streamline and centralize customer data and data, allowing teams to collaborate to maintain leads and improve the overall sales and marketing funnel. CRMs track lead and consumer interactions and help businesses determine and prioritize the most effective leads. This enables salespeople to only contact qualified prospects. This can result in greater conversion rates and higher purchase values, and may significantly decrease the time required to close a deal.
Personalization is another crucial aspect of a CRM process that shows customers their business is valued. From sending a customized thank-you note following an order, to modifying a product or service to satisfy the needs of a specific customer and creates a sense of connection that encourages the purchase of more products and brands, as well as brand loyalty.
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