CRM or customer relationship management refers to practices, strategies and technologies that companies use to manage and analyze customer interaction and data throughout the customer life cycle with the goal of improving business relationships with customers assisting in customer retention and driving sales growth. CRM is an approach to managing a company’s interaction with current and future customers.
Customer relationship management (CRM) is an approach to managing a company’s interaction with current and future customers. It involves the analysis of data about the history of a customer with a company in order to better improve business relationships with the customer. Specifically, it focuses on retaining customers in order to drive sales growth.
Customer relationship management compiles information from different channels including a company’s website, telephone, email, live chat, marketing materials, social media, and more. CRM allows businesses to learn more about their target audiences and how to best cater to their needs.
565 provides CRM strategies that build and manage customer relationships through marketing and observing relationships between distinct phases. Using a variety of tools allows for organizational design, incentive schemes, customer structures, and more to optimize the reach of marketing campaigns. Analyzing the spending habits of customers allows businesses to dedicate different resources and attention to different types of customers.