A customer relationship management system (CRM) is a technology-based strategy used to manage all of a company’s relationships and interactions with both current and potential customers. The goal of a CRM system is to improve business relationships to grow a business. It involves using data analysis about customers’ history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth. CRM systems compile customer data across different channels, or points of contact between the customer and the company, which could include the company’s website, telephone, live chat, direct mail marketing, marketing materials and social media.
Customer Relationship Management System
CRM systems are designed to compile information on customers across different channels or points of contact between the customer and the company. These points include the company’s website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers’ personal information, purchase history, buying preferences and concerns. CRMs are extremely beneficial to companies because they help them stay connected to their customers, streamline processes, and improve profitability.