Customer relationship management (CRM) is a business strategy geared toward increasing customer satisfaction and loyalty by creating experiences that are unique to each customer. This is accomplished by a combination of technology, processes and collaboration across departments.
In the past maintaining these relationships was a time-consuming and manual process. Businesses stored customer contact information in filing cabinets and rolodexes or in spreadsheets that were often not shared with other departments, leading to sales opportunities being lost and the miscommunication of customers. Maintaining relationships has become much easier and more effective with the advent of new marketing technology platforms that offer a central database for customer information. These systems are called CRM systems.
CRM tools centralize and streamline the customer’s data, making it easier for individuals and teams to work together and nurture leads, enhancing the overall marketing and sales funnel. CRMs track lead and client interactions and help companies to identify and prioritize the top leads. This lets salespeople only contact prospects who are qualified. This can lead to higher conversion rates, buy values and reduce the time it takes to close a deal.
Personalization is one of the most important elements of a well-run CRM system in that it lets customers know that their business is truly valued. From sending a personal thank-you note after an acquisition, to tailoring the product or service to meet an individual need that creates a feeling of connection that drives repeat purchases and brand advocacy.
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