CRM is a combination of strategy and technology. It makes use of data to boost sales and understand customers. Its success relies on the company creating an explicit plan for how to use the CRM tools, and then implement that plan across the entire company.

CRM is a tool for software that allows businesses to store customer and prospect data, track interactions as well as automate marketing campaigns and generate reports. It also allows you to connect and communicate with customers and prospects through a variety channels, such as phone, email, text message or other social media platforms.

CRM isn’t just for sales. It can be utilized in any department within an organization. For instance the billing department could use CRM to monitor sales commissions, analyze contracts and compare projections to actual revenue. Marketing departments can make use of it to track trends to better target customers.

Sales teams produce a plethora of information each whenever they interact with the customer, talk to the new prospect, or follow up on a lead. The data was typically stored on analogue media, such as notebooks and laptops or in the heads of team members. CRM systems allow this information to be collected and stored in a central location that is instantly shared with all the company’s representatives, regardless of the channel they’re using to communicate.

And the most advanced CRMs are integrated with AI and machine learning to analyze that data and provide actionable insights for every opportunity. In this way, businesses can enhance the customer experience, boost engagement, and increase retention and loyalty.