CRM, or customer relationship management, encompasses the strategies, practices, and technologies businesses use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve business relationships with customers, assist in customer retention, and drive sales growth. CRM systems compile customer data across different channels, or points of contact, between the customer and the company, which could include the company’s website, telephone, live chat, direct mail marketing, marketing materials, and social media. CRM systems can also give customer-facing staff detailed information on customers’ personal information, purchase history, buying preferences, and concerns.
crm customer relationship management
Consider a national coffee chain that utilizes a CRM system. Every time a customer uses their loyalty card, the system records their purchase, preferred drinks, and location. This data allows the company to tailor promotions and offers to individual customer preferences, increasing the likelihood of repeat business.
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