Definition

Customer relationship management (CRM)

Customer relationship management (CRM) is a system for managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty.

It systematically include customer purchases, sales force contacts, service and support calls, web site visits, satisfaction survey, credit and payment interactions, market research studies – every contact between a customer and a company.

CRM enables companies to provide excellent real-time customer service through the effective use of individual account information. Based on what they know about each valued customer, companies can customize market offerings, services, programs, messages, and media. CRM is important because a major driver of company profitability is the aggregate value of the company’s customer base.

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