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Customer Relationship Management (CRM) – Using Data to Understand Customers and Boost Sales

CRM is a combination of strategy and technology. It utilizes data to increase sales and understand customers. Its success depends on the company creating and implementing a clear plan for the use of CRM tools.

CRM is a tool that allows companies to keep track of data about their customers and prospects, track interactions, automate campaigns and produce reports. It allows companies to communicate and connect with customers as well as prospects through a variety, including email, text message, and other social media platforms.

While most people associate CRM with sales, the reality is that it can be used by any department in any business. For example the billing department can utilize CRM to track sales commissions, analyze contracts and reconcile projections with actual revenues. The marketing department can use it to identify trends and opportunities to better target potential customers.

Every time a sales team interacts with a client or meets a lead, or follows up with an existing lead, they create floods of data. The data was previously stored on paper media, like laptops and notebooks, or in the heads of team members. CRM systems allow data to be collected and stored in a central repository that can be instantly shared to all company employees, no matter what method they choose to use.

The most advanced CRMs currently integrate AI and machine learning, which analyze data and provide actionable insights small business advertising on every opportunity. In this way, businesses can optimize their customer experience, boost engagement, and increase loyalty and retention.