What is CRM?
CRM stands for Customer Relationship Management.
In simple terms, tt is a process or methodology used to learn more about customers' needs and behaviors in order to develop stronger relationships with them.
CRM is a strategic process and infrastructure that enables the delineation of and increase in customer value and the correct means by which to motivate valuable customers to remain loyal and indeed to buy again.
CRM programs are implemented for several reasons:
1. Companies want to thoroughly understand their customers' needs.
2. Increase customer satisfaction and thus lowering churn.
3. Enable a great degree of customer differentiation in order to deliver unique customer interaction
CRM is used by companies to gain more intimate knowledge of their customers so that marketing efforts can be directed towards those customers they wish to keep and those they are willing to lose. From customer acquisition to customer loyalty, CRM is a way for a firm to automate many of its business processes and perform analysis on customer data collected to save resources, generate revenue, provide excellent services, and to develop consistent, dependable, and convenient interactions with customers through different channels or touch points.
Through CRM implementation many businesses can generate revenue using existing customer relations by preparing a comprehensive view of the customer in order to maximize his or her relationship with the firm through up-selling and cross-selling products and services. Subsequently, businesses can simultaneously enhance their profitability by identifying, attracting, and retaining their best customers.
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