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.

Share it:  Cite

More from this Section

  • Slotting fee
    Slotting fee is a fee charged to advertisers by media companies to get premium positioning ...
  • Public relations (PR)
    Public relations (PR)– building good relations with the company’s various publics ...
  • Web site
    Web site is the virtual location for an organization’s presence on the World wide Web, ...
  • Click and mortar
    Click and mortar is the stores with both offline and online selling. ...
  • Service variability
    Service variability means that the quality of services depends on who provides them as ...