What is Customer Relationship Management (CRM)?

1 year ago
Marketing

Customers are the most valuable resource and heart of the business. Customer Relationship Management (CRM) is a term which is not only used by business organizations today to maintain such good relationships with their present and old customers but the terminology is now being used by almost any type of organization to create a beneficial environment for them and all in today’s era of competition. Customer Relationship Management places the customer at the center of the organizations’ universe.

Some of the definitions of CRM are:

CRM is a process or methodology used to learn more about customers’ needs and behaviours in order to develop stronger relationships with them.

OR

CRM is a business approach that integrates people, processes, and technology to maximize the relations of an organization with all types of customers. CRM helps in understanding the customer better, which enable organizations to effectively customize their products and service offerings according to the customer needs in order to retain customers and increase customer’s loyalty and satisfaction.

OR

Customer Relationship Management (CRM) is a path to identify, acquire and retain customers who are the organization’s greatest assets.

OR

“Customer Relationship Management is the establishment, development, maintenance and optimization of long-term mutually valuable relationships between consumers and organizations”.

Susmita Sah
Jan 17, 2022
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