Customer Relation Management


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Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers.

Customer relationship management (CRM) is an approach to managing a company's interaction with current and potential future customers. The CRM approach tries to analyse data about customers' history with a company, to improve business relationships with customers, specifically focusing on customer retention, and ultimately to drive sales growth. One important aspect of the CRM approach is the systems of CRM that compile information from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials, social media, and more.Through the CRM approach and the systems used to facilitate CRM, businesses learn more about their target audiences and how to best cater to their needs. However, adopting the CRM approach may also occasionally lead to favoritism within an audience of consumers, resulting in dissatisfaction among customers and defeating the purpose of CRM.

The CRM Strategy

Understand the customer
Retain customers through better customer experience
Attract new customers
Win new clients and contracts
Increase profitably
Decrease customer management costs