Customer Relationship Management is a company-wide business strategy designed to reduce costs and increase profitability by solidifying customer satisfaction, loyalty, and advocacy. It's a strategy used to learn more about customers' needs and behaviours in order to develop stronger relationships with them. After all, good customer relationships are at the heart of business success. There are many technological components to CRM, but thinking about it as computer software with a large database populated with customer-related information. Its primary purpose is to organize, track, and automate key aspects of an organization's sales activities.
This leads to higher customer loyalty and retention, more efficient sales and marketing efforts, lower expenses, more effective call center operations, additional opportunities to cross-sell and up-sell, CRM stands for Customer Relationship Management and while CRM does refer to a program to manage customer information the better CRM software does much more than that. CRM Software not only allows the organizing of customer information, but CRM software also provides the means to track sales leads from the time they are obtained until the sales are closed.