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Customer relationship management (CRM), also known as CRM, is a technique that aims to improve customer satisfaction and loyalty through providing unique experiences for each person. This is accomplished by making use of processes, technology, and collaboration between departments.
In the past, maintaining these relationships required manual labor and effort. Businesses used to store customer contact information in rolodexes, filing cabinets or spreadsheets. They were not shared with other departments and frequently led to missed sales opportunities and the inability to communicate. Maintaining relationships has become much simpler and more efficient with the introduction of new marketing technology platforms that provide a central database for customer information. These are known as CRM systems.
CRM tools help to streamline and centralize customer information making it easier for teams to work together to cultivate leads and improve the overall funnel for sales and marketing. CRMs track lead and consumer interactions and help businesses determine and prioritize the most effective leads. This allows salespeople to only contact qualified prospects. This can lead to better conversion rates, purchase values, and decrease the time it takes to close a deal.
Personalization is an additional aspect of a CRM system that lets customers know their business is valued. From sending a personalized thank-you note following an acquisition, to tailoring a product or service to meet certain needs, this creates a sense of connection that drives customers to return to purchase and brand loyalty.