What Is Customer Relationship Management?

Customer relationship management (CRM) is a collection of strategies and practices companies employ to manage customer relations throughout the sales cycle. It involves the use of tools, technology and processes to collect information on prospective and current customers as well as customers.

The goal is to improve customer service and increase revenue. A CRM system provides sales representatives with complete information about potential customers, including their purchase history and can give support teams all the information they require to solve issues quickly. The most effective CRM systems have marketing capabilities built-in that let companies send targeted messages to prospects and customers based on the interactions they’ve had with the company.

It is essential to know the differences between the various CRM systems available. Some of the most well-known CRM systems are integrated into enterprise resource planning (ERP) software, and others are moved here stand-alone solutions. To achieve the best results, you should choose one that seamlessly integrates with your existing martech stack and can perform a variety of tasks.

Once a business implements the correct CRM system, it can help build positive image for the brand which increases customer loyalty and increases sales. Loyal customers are more likely to recommend your products and services to their colleagues and friends It is therefore essential to establish relationships with them. Customer advocacy programs are a great way to reward customers for their loyalty.