What Is Customer Relationship Management?

Customer relationship management (CRM) is an approach to business that focuses on improving customer satisfaction and loyalty through creating experiences that are unique to each customer. This is achieved through the use of processes, technology and collaboration across departments.

In decades past maintaining these relationships was a tedious and manual process. Businesses kept customer contact details in rolodexes and filing cabinets, or in spreadsheets that were frequently not shared with other departments–leading to a loss of sales opportunities and miscommunication. With the advent of modern marketing-technology platforms that provide an integrated database of customer information, maintaining relationships is much more simple and efficient. These are referred to as CRM systems.

CRM tools streamline and centralize the customer’s data, making it easier for teams and individuals to collaborate and nurture leads, enhancing the overall marketing and sales funnel. In addition to tracking customer and lead interactions, CRMs help companies identify the most effective leads by scoring and prioritizing them so that salespeople only communicate with prospects who are qualified. This can result in higher conversion rates, higher purchase values, and decrease the time it takes to close a sale.

Personalization is an additional aspect of a CRM system that shows customers they are valued by the company. From sending a personalized thank-you note after the sale, to customizing an item or service to satisfy a particular need that creates a feeling of connection that drives customers to return to purchase and brand loyalty.

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