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Customer relationship management (CRM) is an enterprise strategy that is geared towards improving customer satisfaction and loyalty through creating experiences that are unique to every individual. This is achieved through a combination of processes, technology, and teamwork across departments.

In decades past maintaining these relationships was a lengthy and manual process. Businesses would store the contact details of customers on filing cabinets, rolodexes and spreadsheets. They weren’t shared with other departments, which often resulted in lost sales opportunities and the inability to communicate. With the advent of modern technology platforms for marketing that offer a central database for customer information, keeping records is much more simple and efficient. These systems are referred to as CRM systems.

CRM tools facilitate and centralize customer information making it easier for teams to collaborate to manage leads and improve the overall funnel for sales and marketing. In addition to keeping track of lead and customer interactions, CRM tools help businesses find the most qualified leads by scoring and prioritizing them, ensuring that salespeople only communicate with qualified prospects. This leads to higher conversion rates and higher purchase values, and can significantly decrease the time required to close a deal.

Personalization is among the most crucial elements of a successful CRM strategy, as it lets customers know that their business is truly valued. Sending a personalized message of appreciation following the sale or tailoring an item or service to meet a particular need creates a connection that encourages repeat purchases and brand advocacy.