The Importance of CRM
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
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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
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By understanding customers' needs and adjusting your operations to meet those needs, you enhance your relationship with customers and increase their loyalty.
Customer Service
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CRM helps a company offer better customer service, which in turn supports increased revenue.
Strategies
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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
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"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.
References
Writer Bio
Bimlendu Roy began freelance writing in 2009 but has extensive experience as a business analyst and developer. He has created online content for websites including eHow and WordPress. Roy holds a master's degree in business administration from Johnson & Wales University.