Customer relationship management (CRM), also known as customer relationship management, is a set of methods and strategies that businesses employ to manage their relationship with customers throughout the sale cycle. It involves the use of tools, technology and processes to collect information on customers and prospective customers.
The aim is to improve the quality of the customer experience and ultimately increase the revenue of the business. A CRM system provides sales representatives with detailed information on potential customers, their buying past and can provide support teams the information they need to solve problems quickly. The most effective CRM systems have marketing capabilities which allow companies to send targeted messages to prospects and customers based on the interactions they’ve had with the company.
It is important to understand the distinctions between the different CRM systems available. Some of the most popular CRM systems are built into enterprise resource planning (ERP) software, while others are stand-alone solutions. Look for a solution which integrates seamlessly with existing martech stacks and will perform many tasks.
When a company implements the right CRM system, it will aid in creating a positive brand image which increases the customer’s loyalty and boosts sales. It is crucial to build relationships with customers who are loyal as they are more likely to recommend your products and/or services to their colleagues and friends. One great method to do this is through customer advocacy programs, which reward customers for their loyalty with the business.