CRM or Customer Relationship Management refers to the management used to monitor and track customer and company relationships. The goal is to control the experience of a customer in order to maximize loyalty and lifetime value, as well as increase the chances of upsells and cross-selling.
There are different types of CRM software that businesses can use in order to manage their customer relationships. Through these systems, businesses can track contact history, customer behavior, and preferences. They can then use this data to identify opportunities for cross-sells and upsells. As well, CRM software can help to automate and manage various tasks, allowing for an increase in time efficiency.
CRM platforms are also collaborative and so anyone within your company can look at the individualized data and make assumptions and analyses based on the information. With CRM a company can use the data they collect and turn it into action. Knowing how the consumer and company relationship can improve is extremely valuable to increasing customer loyalty and retaining/maintaining the relationship.
How does CRM help businesses?
CRM helps businesses better understand their customers, improve customer service, and increase sales by tracking customer interactions and data. It also allows for more efficient marketing campaigns by providing insights into customer preferences and behaviors.
What types of data does CRM collect?
CRM collects data such as contact information, purchase history, website visits, emails sent/received, social media interactions, etc. This data can be used to gain valuable insights into customer behavior and preferences.
Fun Fact:
"According to a study by Nucleus Research, companies that invest in Customer Relationship Management (CRM) technology experience an average return on investment of $8.71 for every dollar spent." (Nucleus Research, 2018).