What is Customer Relationship Management?
Customer Relationship Management or commonly known as CRM, is a business strategy which is designed to reduce operational costs and increase productivity and profitability by solidifying customer satisfaction. A true CRM brings together all kinds of data from all data sources within an organization or from outside of an organization to give one, holistic view of each customer in real time. CRM utilizes information about customers, marketing effectiveness, sales, market trend and responsiveness. This strategy is also used to learn more about customer’s needs and behavior in order to create develop stronger relationship with them because a good customer relationship is at the heart of business success.
CRM technology helps organizations to collect large amounts of information and then carry out strategies based on that information. It can help businesses to solve a specific customer related problem. CRM data can also provide companies with important new insights into customers’ needs and behaviors, allowing them to tailor products to targeted customer segments. CRM is creating new opportunities for companies to increase their service quality and in doing so they are actually strengthening their relationship with customers.