Customer Relationship Management (CRM) – Using Data to Understand Customers and Boost Sales

Equal to technology and strategy CRM is about using data to gain insight into customers and boost sales. Its success depends on the small business advertising business establishing a clear plan around which to use the CRM tools, and implement that plan across the entire business.

CRM is an application that allows businesses to store data on prospects and customers, monitor interactions, automate campaigns, and generate reports. It also allows you to connect and communicate with prospects and customers through a variety of channels, whether it’s email, phone, text message or other social media platforms.

While most people think of CRM as a sales tool but the reality is that it can be utilized by any department in an organization. For example, the billing department can make use of CRM to track sales commissions, analyze contracts and compare projections to actual revenues. And the marketing department can use it to pinpoint trends and opportunities to better target potential customers.

Sales teams generate a flood of information each time they talk to the customer, talk to the new prospect, or follow up on leads. The data was stored on a physical media like laptops and notebooks or in the heads of team members. CRM systems permit data to be collected and stored in a central repository that can be instantly shared with all employees of the company regardless of the channel they use.

And the most advanced CRMs are integrated with AI and machine learning to interpret the data and provide actionable insights for each opportunity. The company can then improve their customer experience and drive engagement to increase loyalty and retention.