What Is Customer Relationship Management?

Customer relationship management (CRM), also known as CRM, is a process which aims to increase customer satisfaction and loyalty by creating experiences unique to each individual. This is achieved by combining technology, processes, and collaboration between departments.

In the past managing these relationships was a laborious and manual process. Businesses used to keep customer information on the back of filing cabinets, rolodexes, or spreadsheets. They were not shared with other departments and frequently resulted in the loss of sales opportunities https://naukri-online-ads.com/customer-relationship-management/ and the inability to communicate. Maintaining relationships has become easier and more effective with the advent of new marketing technology platforms that offer central databases for customer data. These are known as CRM systems.

CRM tools consolidate and streamline customer data to make it easier for teams and individuals to work together and nurture leads, enhancing the overall funnel of sales and marketing. In addition to keeping track of lead and customer interactions, CRM tools help businesses identify the best potential leads by scoring them and prioritizing them, so that sales representatives are only contacted with qualified prospects. This can result in more conversion rates and greater purchase values, and may significantly reduce the time required to close a deal.

Personalization is an additional aspect of a CRM system which shows customers that their business is valued. Sending a personalized note of appreciation following the sale or tailoring the product or service to satisfy a specific need can create a bond that encourages the purchase of more products and encourages brand loyalty.