Customer Relationship Management, commonly abbreviated as CRM, refers to the strategies, practices, and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal of CRM is to improve business relationships with customers, assist in customer retention, and drive sales growth. CRM systems compile information from a range of different communication channels, including a 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. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability. When talking about CRM, it typically involves the use of CRM software that helps in collecting, organizing, and managing customer information. This can include personal information, purchase history, buying preferences and concerns. By leveraging this data, companies can create more personalized and targeted marketing campaigns, improve customer service, and offer better support, all of which can lead to increased customer satisfaction and loyalty.
