What Is Customer Relationship Management?

Customer relationship management (CRM) is a business strategy geared toward increasing customer satisfaction https://naukri-online-ads.com/customer-relationship-management/ and loyalty through creating experiences that are unique to every individual. This is achieved by the use of technology, processes and collaboration between departments.

In the past, maintaining these relationships was a lengthy and manual process. Businesses would store the contact details of customers on filing cabinets, rolodexes or spreadsheets. These were not shared with other departments and often resulted in missed sales opportunities and miscommunication. Maintaining relationships has become simpler and more efficient with the advent of modern marketing technology platforms that provide a central database for customer information. These systems are called CRM systems.

CRM tools centralize and streamline customer data to make it easier for individuals and teams to work together and nurture leads, enhancing the overall sales and marketing funnel. CRMs monitor lead and customer interactions and help businesses identify and prioritize the best leads. This allows salespeople to only reach out to prospects who are qualified. This can lead to better conversion rates, higher purchase values and cut down on the time it takes to close a deal.

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