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What is CRM?

Written by: Nilesh Shah

Article Overview: CRM stands for Customer Relationship Management. It is a strategy used to learn more about customer’s needs and behaviors in order to develop stronger relationships with them. Good customer relationships are at the heart of business success.

What is CRM?

CRM stands for Customer Relationship Management.

It is a strategy used to learn more about customer’s needs and behaviors in order to develop stronger relationships with them.

Good customer relationships are at the heart of business success.

In an environment where many companies have lost sight of the real meaning of customer relationship management (CRM), it’s critical to remember what CRM is about.

* Acquiring and retaining customers
* Improving customer loyalty
* Gaining customer insight
* Providing information that is relevant, valuable and exclusive
* Implementing customer-focused strategies such as product range and pricing structure
* Allowing elite customers access to products, services and experience otherwise unavailable to the public
* Inviting customer involvement in opportunities such as first access to new products, parties and special events

CRM also enables a company to keep customer information consistent throughout the organisation and makes it available across all touch-points where the company interacts with the customer. Customers in Control - Broadly speaking, Customer Relationship Management comprises of the theoretical analysis and technical processes used to satisfy the equality function of the fundamental economic theory “supply = demand”.

Giving Customers What They Want
Responding to demand requires placing a higher value on customers. Your customer’s needs should come before products, processes, or production. This idea is hardly new; many successful businesses have taken this approach for years. This involves transforming unimportant (less profitable, short-term) customers into highly profitable, long-term business partners.

A true customer-centric approach helps a company drive

* New growth
* Maintain competitive edge
* Attain operational excellence

A highly satisfied customer in turn

* Stays loyal longer
* Buys more new products
* Talks positively about the company
* Is less sensitive to price
* Offers ideas for new product and service to the company
* And costs less to serve than new customers.

Related Articles

Article Tags: business partners, business success, centric approach, competitive edge, customer information, customer insight, customer involvement, customer loyalty, customer relationship management, customer relationship management crm, customer relationships, economic theory, elite customers, equality, operational excellence, technical processes, term business, term customers, theoretical analysis, true customer



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