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Customer relationship management (CRM) is also referred to as CRM, is a process that aims to improve customer satisfaction and loyalty by creating experiences unique to each person. This is achieved through a combination of technology, processes and teamwork across departments.

In the past, maintaining these relationships was a tedious and manual process. Businesses would store customer contact information in the back of filing cabinets, rolodexes, or spreadsheets. These were not shared with other departments, which often resulted in missed sales opportunities and confusion. Maintaining relationships has become easier and efficient with the advent of modern marketing technology platforms that provide central databases for customer data. These are referred to as CRM systems.

CRM tools facilitate and centralize customer data, making it easier for teams to work together to cultivate leads and improve the overall sales and marketing funnel. In addition to capturing customer and lead interactions, CRMs assist companies to identify the best potential leads by scoring them and prioritizing them so that salespeople are only contacted with prospects who are qualified. This can lead to higher conversion rates, higher purchase values, and decrease the time it takes to close a sale.

Personalization is another crucial aspect of a CRM process which shows customers that their business is appreciated. From sending a customized thank you note following an acquisition, to tailoring an item or service to meet a particular need and creates a sense of connection that encourages repeat purchases and brand advocacy.