What Is Customer Relationship Management?

Customer relationship management (CRM) is a business strategy geared toward increasing customer satisfaction and loyalty by providing experiences that are unique to each individual. This is accomplished through a combination of processes, technology and teamwork across departments.

In the past, maintaining these relationships required manual labor and effort. Businesses used to store customer contact information in the back of filing cabinets, rolodexes, or spreadsheets. These were not shared with other departments and often led to lost sales opportunities and confusion. Maintaining relationships has become easier and more effective with the introduction of new marketing technology platforms that offer a central database for customer information. These are known as CRM systems.

CRM tools help to streamline and centralize customer information which makes it easier for teams to collaborate to maintain leads and improve the overall sales and marketing funnel. In addition to capturing customer and lead interactions, CRMs help companies identify the most effective leads by scoring and prioritizing them, so that salespeople only communicate with qualified prospects. This can result in higher conversion rates, purchase values, and decrease the time it takes to close a sale.

Personalization is another important element of a CRM practice that lets customers know their business is appreciated. Sending a personalized message thanking https://naukri-online-ads.com/business-advertising-boosts-sales-and-maintains-customer-relationship/ them after the sale or tailoring the product or service to meet a specific need creates a connection that encourages the purchase of more products and encourages brand loyalty.