Customer Relationship Management, commonly known as CRM, is a strategic approach that businesses employ to manage interactions with current and potential customers. It involves using data analysis about customers’ history with a company to improve business relationships, with a focus on customer retention and ultimately driving sales growth. CRM systems compile information from a variety of channels, including the company’s website, telephone, email, live chat, marketing materials, and social media. Through the CRM approach and the systems used to facilitate it, businesses learn more about their target audiences and how to best cater to their needs. However, CRM is not just a technology but rather a holistic approach to an organization’s philosophy which places the emphasis on the customer. A CRM system helps in contact management, sales management, productivity, and more. It is a tool that consolidates all interactions between a business and its customers, enabling organizations to efficiently and effectively coordinate and cultivate these relationships.
