It uses data analysis about customers' history with a company and to improve business relationships with customers, specifically focusing on customer retention.
CRM compile data from a range of different communication channels, including company's website, telephone, email, live chat,marketing material 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.
Third primary aim of CRM systems is to incorporate external stakeholders such as suppliers and distributors and share customer information across organization.
Customer relationship management (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 and to improve business relationships with customers, specifically focusing on customer retention.
CRM compile data from a range of different communication channels, including company's website, telephone, email, live chat,marketing material 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.
Adopting the CRM approach may also occasionally lead to favoritism within an audience of consumers, resulting in dissatisfaction among customers.
The idea of CRM began evolving in early 1970's, when customer satisfaction was evaluated using annual surveys or by front-line asking.
Three types of CRM : Operational, Analytical, collaborative.
OPERATIONAL CRM is made up of 3 main components: sales force automation, marketing automation, and service automation.
ANALYTICAL CRM systems is to analyze customer data collected through multiple sources and present it so that managers can make more informed decision.
Third primary aim of CRM systems is to incorporate external stakeholders such as suppliers and distributors and share customer information across organization.