Customer relationship management (CRM), also known as CRM, is a method that aims to increase customer satisfaction and loyalty through providing unique experiences for each individual. This is accomplished by a combination of technology, processes and collaboration across departments.

In the past, maintaining these relationships was a laborious and manual process. Businesses kept customer contact details in rolodexes and filing cabinets, or in spreadsheets that were typically not shared with other departments. This led to sales opportunities being lost and miscommunication. With the advent of new technology platforms for marketing that offer an integrated database of customer information, maintaining relationships is much more simple and efficient. These are referred to as CRM systems.

CRM tools streamline and centralize customer information to make it easier for individuals and teams to collaborate and nurture leads, enhancing the overall funnel for sales and marketing. CRMs monitor lead and customer interactions and help businesses to identify and prioritize the top leads. This enables salespeople to only reach out to qualified prospects. This can lead to better conversion rates, purchase values and reduce the time it takes to close a sale.

Personalization is another crucial aspect of a CRM system that lets customers know that their business is appreciated. Sending a personal note of thanks after a sale or tailoring an item or service to satisfy a specific need will encourage customers to return to purchase and brand loyalty.

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