Customer Relationship Management (CRM) is an approach to managing a company’s interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
CRM is a customer-oriented feature with service response based on customer input, one-to-one solutions to customers’ requirements, direct online communications with customer and customer service centers that help customers solve their issues. It includes the following functions:
- Sales force automation, which implements sales promotion analysis, automates the tracking of a client’s account history for repeated sales or future sales, and сoordinates sales, marketing, call centers, and retail outlets.
- Data warehouse technology, used to aggregate transaction information, to merge the information with CRM products, and to provide key performance indicators.
- Opportunity management which helps the company to manage unpredictable growth and demand, and implement a good forecasting model to integrate sales history with sales projections.
- CRM systems that track and measure marketing campaigns over multiple networks, tracking customer analysis by customer clicks and sales.
CRM is expanding outside of the core sales and marketing areas and systems are available that incorporate support and finance data also into the CRM view that a user gets, enabling a wider holistic view of a customer from one screen for a user.