In the world of information technology, CRM standing for customer relationship management is a technology used to profile customers as well as track their buying records in order to assist the sales staff in providing better service for each customer. Overall customer relationships are improved as a result.
It can also be defined as a business philosophy which involves identifying, understanding and better service providing for your customers while building a relationship with each customer to improve customer satisfaction and maximise profits. It's about understanding, anticipating and responding to customers needs.
To manage the relationship with the customer a company needs to collect the right information about its customers and organise that information for analysis and action. It needs to keep that information up-to-date, make it accessible to employees, and provide the service as needed.
The secret to an effective CRM package is not just in what data is collected but in the organising and interpretation of that data. The customer data and information will be stored in CRM and with the help of this you can access these details, manipulate them and make your decision from anyplace in the world at all times. Thus helping companies build a strong link with their customers and increasing its stronghold with its customer, giving a profitable return of investments through the business.
Customer Relationship Management promises faster customer service at lower costs, higher customer satisfaction and from this, better customer retention and ultimately customer loyalty. Naturally, all this is done in hope for more sales and profits!
Know whether CRM is required for your business
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