CRM stands for Customer Relationship Management.
CRM is a process or strategy used to manage your existing and prospective customers. By gathering and using real data to build and strengthen relationships, your marketing and sales teams will understand their customers better, and lead them to further and greater sales through the most appropriate methods.
It helps you win new customers, strengthen the loyalty of your existing ones, and lead to repeat sales, over and over again.
A CRM system aligns sales strategies, marketing and advertising with your list of contacts in an organized way. It records your sales and marketing teams’ actions, outlining which strategies work, which don’t, and guides you towards the best ways to enhance your process.
What is CRM technology?
CRM technology is the software you use to understand your customers better, gather important and relevant data about how they travel through your sales funnel, and how you can use that information to your benefit.
- What are your customers buying?
- When are they buying it?
- How often are they placing orders?
- Do their orders tie in with specific campaigns, occasions, dates or other activity?
- What have they bought before?
- What products have they stopped buying?
- Which types of marketing do they respond to?
- Which marketing campaigns do they respond to immediately?
- What do they need?
- What do they want?
- Do they respond to cross-selling, up-selling, or targeted marketing?
Many CRM packages work hand-in-hand with your email software, as email marketing is, without doubt, one of the biggest parts of any business’s marketing strategy.
How does CRM make your marketing system more efficient?
- Helps you segment customers more effectively
- Integrates with your current systems seamlessly, or carries out tasks more efficiently than the tech you currently work with
- Creates personalized emails relevant to the customer’s position in your sales funnel.
- Provides alerts for appropriate follow-ups
- Encourages lead nurturing
- Integrates with social media accounts
- Automates email delivery and responses
- Provides a wealth of data and important analytics
CRM is typically used to organize your marketing data, understand it, spot patterns, and use them to resolve issues and enhance sales.