CRM, Customer Relationship Management is a business strategy that enables organizations to get closer with their customers, to better serve their needs, improve customer service, enhance customer satisfaction and thereby maximize customer loyalty and retention.
The present business scenario assigns great emphasis on managing business customers. Organizations are quickly recognizing that in order to survive competition it is important to grab customer attention with unique brand identity and superior service levels. Businesses which initially focused on finance / sales / marketing management are now shifting their priority towards customer relationship management. CRM solutions are flooding the market with easy-to-use tools to manage business customers.
CRM Definition - Understanding CRM
Just a precise CRM definition may not do justice to this industry leading technology. So rather than attempting to a CRM definition the better approach would be to gain a clear understanding of this high-end concept.
CRM, Customer Relationship Management is a business philosophy towards customers. To focus on their needs and improve customer relationships, with a view to maximize customer satisfaction. It encompasses the variety of technology employed to streamline customer interaction to find, acquire and retain customers.
With human relationships at its core, CRM tools help to add value to business by streamlining operational processes and business functions. The key focus is towards retaining customers, improving customer loyalty and thereby maximizing profitability.
CRM (Customer Relationship Management) - Why is it Important?
Every business has to focus on the needs of the customer. CRM (Customer relationship management) is the array of processes that help a company to understand the preferences or dislikes of individual customers in order to build lasting relationships. CRM solutions help to safely store volumes of customer data in an organized easy-to-access manner. By analyzing this data businesspersons can determine individual customer behavior, analyze preferences and provide one-to-one services to maximize customer satisfaction. Such a customer-centric approach helps to augment customer loyalty and increase their value to the company.