Customer Relationship Management (CRM) is the practice of managing interactions with customers and potential customers across various customer touch points, from pre-sales to after-sales. It is used to increase customer loyalty and satisfaction, to foster long-term relationships and to make the most of the customer-business relationship. Generally, CRM encompasses the tracking of customer interactions, making decisions based on customer data, automating customer service processes, providing customer feedback to business, and building customer loyalty.
In the field of computing, CRM is a software application specifically designed to facilitate the tracking and analysis of customer data, enabling customer service representatives to deliver personalized service to each customer. CRM software can be used to capture and store customer data such as contact information, transaction history, interactions, and past purchases. This data can then be used to track customer preferences, build customer profiles, target marketing campaigns, and generate reports.
In addition to helping businesses improve customer service, CRM solutions can also be used to facilitate communication between departments, coordinate sales efforts, and increase customer satisfaction. For example, some CRM tools are capable of automatically creating customer profiles to help sales teams tailor their approach to each customer and increase the chances of closing a sale.
CRM is increasingly being used by businesses of all sizes to maximize both customer satisfaction and their profits. Customizable and integrated with other business applications, CRM can enhace customer relationships in terms of response times, personalization, and overall customer satisfaction.
