Customer relationship management (CRM) is an organizational strategy that focuses on increasing customer satisfaction and loyalty by creating experiences that are unique to each individual. This is accomplished by combining technology, processes, and collaboration between departments.
In decades past, maintaining these relationships was a tedious and manual process. Businesses would store customer contact information on the back of filing cabinets, rolodexes, or spreadsheets. They were not shared with other departments and often led to lost sales opportunities and the inability to communicate. Maintaining relationships has become simpler and more efficient with the advent of new marketing technology platforms that provide central databases for customer information. These are referred to as CRM systems.
CRM tools simplify and centralize customer data making it easier for teams to work together to maintain leads and improve the overall funnel for sales and marketing. In addition to tracking customer and lead interactions, CRMs help companies identify the most effective leads by scoring them and prioritizing them, ensuring that salespeople only communicate with prospects who are qualified. This can result in more conversion rates and greater purchase value, and could significantly reduce the time required to close a deal.
Personalization is another important element of a CRM strategy that lets customers know their business is appreciated. From sending a personalized thank you note following a sale, to tailoring an item or service to meet certain needs, this creates a sense of connection that drives the purchase of more products and brands, as well as brand loyalty.
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