What Is Customer Relationship Management?
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Customer relationship management (CRM) is an approach to business that focuses on increasing customer satisfaction and loyalty by delivering experiences that are unique to every individual. This is achieved through making use of processes, technology, and teamwork between departments.
In the past, maintaining these relationships required a laborious and manual process. Businesses stored customer contact information in rolodexes and filing cabinets, or in spreadsheets that were frequently not shared with other departments, leading to lost sales opportunities and ineffective communication. With the advent of new marketing-technology platforms that provide a central database for customer information, keeping records is much simpler and more efficient. These systems are called CRM systems.
CRM tools simplify and centralize customer data and data, allowing teams to collaborate to nurture leads and improve the overall sales and marketing funnel. CRMs track lead and consumer interactions and help businesses identify and prioritize the best leads. This allows salespeople to only reach out to qualified prospects. This results in higher conversion rates and higher purchase values, and may significantly reduce the time it takes to close a deal.
Personalization is another important element of a CRM practice which shows customers that they are valued by the company. Sending a personalized message thanking them after the sale or tailoring an item or service to meet a particular need helps to build a relationship that encourages returning customers and brand recognition.
