Customer Relationship Management (CRM) strategy is a plan to grow sales and improve customer service through a combination of processes, actions, and technology. It typically involves the sales, marketing, and customer support functions of a business.
Customer Relationship Management is a company-wide business strategy designed to improve revenues and profitability, reduce costs and increase customer loyalty. CRM is an approach to managing a company’s interaction with current and potential customers. It uses data analysis about customers’ history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels, including a company’s website, telephone, email, live chat, marketing materials and more recently, 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.