A little Insight of Customer Relationship Management (CRM)

[Achinta22]

CRM (Customer Relationship Management) helps companies improve their relationships with their present and future customers by maintaining their records. Companies use CRM to analyse and manage the feedback and support of customers, various marketing strategies and other activities so that they can target their customers as per their demand to attain huge profits and customer satisfaction as well.

[vish1990]

"Customer Relationship Management" In 1980s the term was introduced as Contact Management software, the mid 90s, it named as Customer Relationship Management (CRM).. CRM was introduced in the theory that it is more profitable to retain a customer than to acquire a new one. In between Relationship Marketing Theory suggested that the corporate should change their focus of selling to the maximum number of people to concentrating on developing relationships with their existing customers. So, the main focus of CRM is to improve the relationship with the customer with an intention of improving Customer satisfaction and maximizing profit.
Now CRM has become a platform, where companies use to manage and analyze the customer interactions and data throughout the customer life-cycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.