CRM is a mix of strategy and technology. It makes use of data to boost sales and gain a better understanding of customers. The success of CRM is contingent on the company creating and implementing a plan to use CRM tools.

CRM is a tool for software which allows businesses to store data about prospects and customers, monitor interactions and automate marketing campaigns and generate reports. It also gives you the ability to connect and communicate with customers and prospects via a variety of channels, whether it’s phone, email, text message or other social media platforms.

CRM is not just for sales. It can be utilized in any department of the company. For instance the billing department could use CRM to track sales commissions, review contracts and compare projections to actual revenues. Marketing departments can use it to pinpoint trends and opportunities to better target potential customers.

Sales teams create a tsunami of data each whenever they interact with the customer, talk to the new prospect, or follow up on leads. The data was previously stored on analogue media, such as notebooks and laptops, or in the heads of team members. CRM systems permit data to be collected and stored in one central location which can be shared immediately to all company employees regardless of the channel they are using.

And the most advanced CRMs are integrated with AI and machine learning to interpret the data and provide actionable insights for every opportunity. That way, the business can enhance the customer experience, boost engagement, and increase retention and loyalty.