Customer Relationship Management
CRM is the acronym for Customer Relationship Management.
What is Customer Relationship Management?
A technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: improve business relationships to grow your business. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they usually refer to a CRM system, a tool that helps with contact management, sales management, productivity, and more. CRM tools can now manage customer relationships across the entire customer lifecycle, spanning marketing, sales, digital commerce, and customer service interactions.
A CRM solution helps you focus on your organization’s relationships with individual people — whether those are customers, service users, colleagues, or suppliers. With CRM, you can store customer and prospect contact information, identify sales opportunities, record service issues, and manage marketing campaigns in one central location — and make information about every customer interaction available to anyone at your company who might need it.
For sales and marketing professionals, a CRM system can become one of their most valuable tools. It helps them better understand their customers, manage interactions, and maintain a strong, productive relationship throughout the customer lifecycle. This leads to improved sales performance, better customer service, and a more successful business.
- Abbreviation: CRM