Customer relationship management (CRM), also known as CRM, is a technique that aims to increase customer satisfaction and loyalty through creating experiences unique to each person. This is accomplished by the use of technology, processes and collaboration between departments.

In the past maintaining these relationships required manual labor and effort. Businesses stored customer contact information in filing cabinets and rolodexes or in spreadsheets, which were often not shared with other departments. This led to sales opportunities being lost and confusion. Maintaining relationships has become much easier and more effective with how b2b advertising can increase your roi the introduction of new marketing technology platforms that provide a central database for customer data. These are known as CRM systems.

CRM tools streamline and centralize the customer’s data, making it easier for teams and individuals to collaborate and nurture leads, improving the overall funnel for sales and marketing. CRMs track lead and client interactions and help companies identify and prioritize the best leads. This allows salespeople to only contact qualified prospects. This can result in higher conversion rates, purchasing values and cut down on the time it takes to close a deal.

Personalization is one of the most important aspects of a solid CRM practice because it lets customers know that their company is valued. From sending a customized thank-you note following an acquisition, to tailoring a product or service to meet a particular need, this creates a sense of trust that motivates repeat purchases and brand advocacy.