Customer Relationship Management (CRM)
CRM defines how businesses interact with their customers by tracking and analysing every point of contact customers have with the business, from contact details, to business information, to how they’d like to be contacted. According to LinkedIn’s State of Sales report for 2020, 65% of sales professionals use CRM while 97% see sales technology as “very important” or “important”.
As technology has evolved, it’s become even easier and less costly for brands to use CRM to track customer data, gain insights and market products effectively. One exciting trend has been a growing movement towards AI, with the IDC calculating that AI associated with CRM activities will boost global business revenue by $1.1trn by the end of 2021.
AI can make it easier for companies to collect data from huge numbers of transactions and convert it into a structured format, from which machine learning algorithms can detect useful customer trends. Brands can then update their products and brands accordingly and create personalised experiences based on CRM data.