Customer relationship management (CRM) is an enterprise strategy that is geared towards improving customer satisfaction and loyalty through creating experiences that are unique to each person. This is achieved through a combination of processes, technology, and collaboration across departments.

In the past managing these relationships was manual labor and effort. Businesses would store customer information on filing cabinets, rolodexes or spreadsheets. They were not shared with other departments and often resulted in missed sales opportunities and confusion. With the advent of new marketing-technology platforms that you can try these out provide an integrated database of customer data, keeping track of relationships is much easier and more effective. These systems are known as CRM systems.

CRM tools centralize and streamline customer information to make it easier for individuals and teams to work together and nurture leads, enhancing the overall sales and marketing funnel. CRMs track lead and consumer interactions and help businesses to identify and prioritize the top leads. This enables salespeople to only contact qualified prospects. This leads to greater conversion rates and higher purchase values, and may significantly reduce the time it takes to close a deal.

Personalization is an additional aspect of a CRM practice that lets customers know their business is valued. From sending a personal thank you note following an acquisition, to tailoring an item or service to satisfy a particular need, this creates a sense of trust that motivates customers to return to purchase and brand loyalty.