CRM – Concept and Technology of the Modern Customer-Centric World
What is CRM?
The acronym won’t be alien to you, as you must have heard it before!
And you guessed it right; ‘C’ stands for Customer.
But what CRM is? CRM is an abbreviation for ‘Customer Relationship Management’.
It can be called the company-wide ‘Customer-Centric’ business strategy, which is designed to improve revenues and profitability, reduce costs which will lead to an increase in customer loyalty.
Customer relationship management (CRM) is a combination of practices, strategies, and technologies used by companies to manage and analyze customer interactions and data throughout the customer lifecycle to improve customer relations and assist in customer retention while driving sales in a positive direction. The customer data spread across various online and offline channels, which include the company’s website, telephone, live chat, direct mail, marketing materials, and social media is collated under the umbrella term of CRM. Thus, a CRM system supports customer-facing staff with detailed information, which is based on customers’ personal information, purchase history, buying preferences and other concerns.