Customer Relationship Management deals with all the interactions between a company and its customers, with an eye toward keeping customers happy and helping the business succeed.
Objective
The objective of CRM is to enable a business to learn who its customers are and what value they can bring to the business, in order to increase the business' profit margin.
Benefit
By understanding customers' needs and adjusting your operations to meet those needs, you enhance your relationship with customers and increase their loyalty.
Customer Service
CRM helps a company offer better customer service, which in turn supports increased revenue.
Strategies
CRM strategies might include identifying customers who are most likely to respond to cross-selling or up-selling products. Another aspect might involve targeting marketing efforts for a specific product toward a specific segment of customers.
Insight
"If you are losing customers to a competitor, that’s a clear indication that you should improve your understanding of your customers," says "CIO" magazine.
Source: Small Business
