Customer relationship management (CRM) is a set of practices and strategies companies employ to manage their customer relationships throughout the sale cycle. It requires the use of technology, tools and processes for collecting data on customers and prospective customers.
The aim is to improve customer service and increase revenue. A CRM system can provide sales representatives with detailed information on potential customers as well as their purchase history, and it can give support teams the background and contact information needed to solve issues swiftly. The best CRM systems come with marketing capabilities built in which allow companies to send out targeted messages to prospective customers and customers based on the interactions they’ve had with the company.
When shopping for a CRM system it is important to know the different types of CRM software available on market and what each one provides. A few of the most popular systems are integrated into enterprise resource planning software (ERP) as well as others are standalone solutions. Choose a system that integrates seamlessly with existing martech stacks and is able to manage various tasks.
If a company has the right CRM system, it can help to create an image of its brand which increases the customer’s loyalty and boosts sales. Loyal customers are more likely to promote and recommend your products and services to their friends and colleagues Therefore, it is essential to establish connections with them. A great way to do this is through programs for customer advocacy that reward customers for their loyalty with the company.