What Is Customer Relationship Management?

Customer relationship management (CRM) is also referred to as CRM, is a process that aims to improve customer satisfaction and loyalty through creating unique experiences for every individual. This is achieved through using technology, processes, and teamwork between departments.

In decades past maintaining these relationships was a time-consuming and manual process. Businesses kept customer information in filing cabinets and rolodexes or in spreadsheets that were typically not shared with other departments–leading to sales opportunities being lost and miscommunication. With the advent of modern technology platforms for marketing that offer an integrated database of customer data, keeping track of relationships is much more simple and efficient. These systems are called CRM systems.

CRM tools facilitate and centralize customer data which makes it easier for teams to work together to maintain leads and improve the overall funnel for sales and marketing. In addition to analyzing customer and lead interactions, CRMs can help companies identify the best potential leads by scoring them and prioritizing them, so that sales representatives are only contacted with qualified prospects. This can lead to better conversion rates, purchasing value and speed of closing. it takes to close a deal.

Personalization is another important element of a CRM strategy that lets customers know their business is appreciated. From sending a personalized thank you note after a sale, to tailoring an item or service to satisfy a particular need it creates a feeling of trust that motivates customers to return to purchase and brand loyalty.