What Is Customer Relationship Management?

Customer relationship management (CRM) is an organizational strategy that focuses on improving customer satisfaction and loyalty by creating experiences that are unique to each individual. This is achieved through making use of processes, technology, and teamwork between departments.

In decades past, maintaining these relationships was a laborious and manual process. Businesses kept customer contact details in rolodexes and filing cabinets, or in spreadsheets that were frequently not shared with other departments. This led to a loss of sales opportunities and the miscommunication of customers. With the advent of modern technology platforms for marketing that offer an integrated database of customer data, keeping track of relationships is much simpler and more efficient. These are referred to as CRM systems.

CRM tools are designed to centralize and streamline the customer’s data, making it easier for teams and individuals to collaborate and nurture leads, improving the overall marketing and sales funnel. In addition to keeping track of customer and lead interactions, CRMs help companies find the most qualified leads by scoring and prioritizing them, so that salespeople only get in touch with prospects who are qualified. This could result in higher conversion rates, purchasing values and reduce the time it takes to close a sale.

Personalization is another important element of a CRM practice that lets customers know their business is valued. From sending a customized thank-you note after an order, to modifying a product or service to meet a particular need, this creates a sense of connection that drives the purchase of more products and brands, as well as brand loyalty.

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