CRM, short for Customer[3] Relationship Management, is a strategic blueprint employed by businesses to enhance and manage their customer interactions. This approach, which has its roots in the database marketing[1] concept of the early 1970s, has adapted over time to include advancements such as data warehousing and SaaS (Software as a Service). CRM is divided into strategic, operational, analytical, and collaborative categories, each fulfilling unique roles. The ultimate objective of CRM is to increase customer loyalty and satisfaction, mitigate complaints, and amplify the worth of customer relationships. A robust CRM strategy encompasses the gathering of customer data, employee training, and the use of social and location-based services to bolster customer engagement[2]. Benefits of this strategy include elevated customer understanding, personalized interactions, and increased efficiency.
Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many software come with a softphone), email, live chat, marketing materials and more recently, social media. They allow businesses to learn more about their target audiences and how to better cater to their needs, thus retaining customers and driving sales growth. CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as CRM. This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, and the analysis of consumer patterns and behaviors, from the perspective of the company. According to Gartner, the global CRM market size is estimated at $69 billion in 2020.
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