CRM is short for Customer Relationship Management.
CRM is a broad term that describes methods used by companies to manage their relationships with customers, including the acquisition, storage and analysis of customer information. The aim of CRM is to create added value for both customers and suppliers on the basis of long-term business relationships. Within a well-implemented CRM system (software or otherwise) the customer relationship is strengthened at all customer touchpoints and tailored to the customer in order to increase loyalty and decrease defection.
The aim of CRM is to:- Provide better customer service
- Increase customer revenues
- Increase customer retention
- Discover new customers
- Cross sell/Up Sell products more effectively
- Help sales staff close deals faster
- Make call centers more efficient
- Simplify marketing and sales processes
