What Is Customer Relationship Management?

Customer relationship management (CRM) is also referred to as CRM, is a technique that aims to improve the customer’s satisfaction and loyalty by creating experiences unique to each individual. This is accomplished by combining technology, processes, and collaboration between departments.

In decades past, maintaining these relationships was a laborious and manual process. Businesses used to keep customer information on rolodexes, filing cabinets or spreadsheets. These weren’t shared with other departments and often led to lost sales opportunities and the inability to communicate. Maintaining relationships has become easier and more effective with the advent of modern marketing technology platforms that provide central databases for customer data. These systems are known as CRM systems.

CRM tools streamline and centralize customer data which makes it easier for teams to collaborate to maintain leads and improve the overall funnel for sales and marketing. CRMs track lead and consumer interactions and help companies to identify and prioritize the top leads. This allows salespeople to only contact prospects who are qualified. This leads to higher conversion rates and purchase values, and can dramatically reduce the time it takes to close the deal.

Personalization is another crucial aspect of a CRM process that lets customers know their business is appreciated. From sending a customized thank you note following an acquisition, to tailoring the product or service to meet a particular need that creates a feeling of trust that motivates repeat purchases and brand advocacy.

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