CRM is a mix of strategy and technology. It makes use of data to increase sales and help customers understand. The success of CRM is contingent on the business creating and implementing a strategy for using CRM tools.

CRM is a software tool that lets businesses keep track of prospect and customer data, monitor interactions, automate marketing campaigns, and create reports. It also provides the means to connect and communicate with customers and prospects through a variety channels, such as email, phone, text message or other social media platforms.

CRM isn’t only for sales. It can be used in any department of a company. For instance the finance and billing departments can utilize CRM to monitor commissions, analyze contracts, and reconcile sales forecasts with actual revenue. The marketing department can use it to pinpoint patterns and opportunities to better target potential customers.

Each time a salesperson communicates with a customer, meets a new lead or follows up on an existing lead, they create floods of data. The data was typically stored on paper media, like laptops and notebooks or in the heads of team members. CRM systems allow this data to be collected in a systematic manner and stored in a central location that is instantly shared with all company representatives, regardless of what channel they’re interacting on.

The most advanced CRMs today integrate AI and machine learning, which interpret data and provide actionable information for every opportunity. That way, the business can enhance their customer experience, increase engagement, and improve retention and loyalty.

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