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Customer relationship management (CRM) is an organizational strategy that focuses on increasing customer satisfaction and loyalty by delivering experiences that are unique to each customer. This is accomplished through a combination of processes, technology and teamwork across departments.

In decades past maintaining these relationships was a tedious and manual process. Businesses stored customer contact information in rolodexes and filing cabinets or in spreadsheets, which were often not shared with other departments, which led to a loss of sales opportunities and the miscommunication of customers. Maintaining relationships has become much easier and more effective with the introduction of new marketing technology platforms that offer an integrated database of customer data. These are referred to as CRM systems.

CRM tools streamline and centralize customer data, making it easier for teams to collaborate to manage leads and improve the overall sales and marketing funnel. In addition to capturing customer and lead interactions, CRMs can help companies identify the best potential leads by scoring them and prioritizing them so that salespeople only get in touch with qualified prospects. This leads to higher conversion rates and higher purchase value, and could significantly reduce the time needed to close an agreement.

Personalization is one of the most important elements of a successful CRM strategy in that it lets customers know that their business is valued. A personalized note of appreciation following making a purchase or customizing the product or service to meet a specific need creates a connection that encourages repeat purchases and brand advocacy.