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Customer Relationship Management(CRM): Meaning
CRM is a customer-centric approach to managing customer interactions and data.
It involves using technology to collect data about customers’ interactions with a company, storing that data in one central location, and then using it to improve future customer interactions.
The goal of CRM is to build better relationships with customers by understanding their needs and preferences and then catering to them more effectively.
This can be done through targeted marketing, offering personalized customer service, and collecting feedback from customers so that the company can continue to improve its products and services.
CRM systems can also help businesses track leads and sales opportunities, as well as identify potential problems with individual customers or groups of customers.
By monitoring customer behavior over time, companies can get a better understanding of who their best customers are and how loyal they are.
Benefits of Customer Relationship Management
| Increase profitability | Attract new customers |
| Develop better communication channels | More efficient reach and marketing |
| Identify new selling opportunities | Understand the customer |
| Win new clients and business deals | Enhanced customer loyalty |
| Improved quality communication and networking | Better stand against global competition |
| Retain customers through better customer experience | Decrease customer management costs |
| Improved response time to customer requests for information | Reduced costs of buying and using product and services |
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