What is Customer Relationship Management?

A definition of Customer Relationship Management

“Customer relationship management (CRM) is a strategy for managing a company’s interactions with current and potential customers using data analysis about customers’ history with the company to improve business relationships, focusing on customer retention and sales growth.”

Customer Relationship Management in Business Glossary - What is a Customer Relationship Management?

Business Glossary > What is Customer Relationship Management?

Examples of Customer Relationship Management in a Sentence:

Our company uses CRM software to better manage customer interactions.

Customer relationship management helps in improving customer loyalty.

Effective CRM strategies can lead to increased sales and customer satisfaction.

Why is Customer Relationship Management Important in Business?

CRM is vital for businesses as it helps in maintaining and improving relationships with customers. It uses data to understand customer needs and experiences, facilitating personalized interactions, enhancing customer satisfaction, and ultimately driving business growth.

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Associated Terms

Here are some associated business terms and synonyms for “Customer Relationship Management”:

CRM
Client Relationship Management
Customer Relations

Salesforce and Customer Relationship Management

Salesforce is a leading provider of CRM solutions. Established in 1999, it revolutionized the customer relationship management industry by offering cloud-based services, helping businesses improve customer engagement and management.

Final Notes on Customer Relationship Management

Businesses should implement CRM systems that are scalable and flexible enough to grow with them. By investing in CRM, companies can better understand their customers, forecast trends, and make strategic decisions accordingly.

This has been a definition of Customer Relationship Management meaning.

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