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Customer relationship management (CRM) is also referred to as CRM, is a strategy which aims to increase customer satisfaction and loyalty through making experiences that are unique to each individual. This is achieved through the use of technology, processes and collaboration across departments.
In the past, maintaining these relationships was a laborious and manual process. Businesses used to store customer information on filing cabinets, rolodexes and spreadsheets. These weren’t shared with other departments, which often led to lost sales opportunities and the inability to communicate. Maintaining relationships has become much easier and more efficient thanks to the advent of modern marketing technology platforms that provide a central database for customer data. These are referred to as CRM systems.
CRM tools help to streamline and centralize customer information, making it easier for teams to collaborate to nurture leads and improve the overall funnel for sales and marketing. In addition to keeping track of lead and customer interactions, CRMs help companies identify the best potential leads by scoring them and prioritizing them so that salespeople are only contacted with qualified prospects. This leads to higher conversion rates and purchase values, and may significantly reduce the time it takes to close an agreement.
Personalization is also among the most important aspects of a strong CRM practice in that it shows customers that their business is appreciated. Sending a personalized message thanking them after a sale or tailoring an item or service to satisfy a specific need can create a bond that encourages customers to return to purchase and brand loyalty.