MANAGEMENT

Detailed explanation-1: -Customer relationship management (CRM) is the combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve customer service relationships and assist in customer retention and drive sales growth.

Detailed explanation-2: -Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

Detailed explanation-3: -It is used to analyse customers, and to direct the company’s customer and prospect communications programmes. It helps with acquisition and retention. It is typically measured by return on investment and by customer lifetime value.

Detailed explanation-4: -CRM is a process of gathering and analyzing customer data, building precise marketing campaigns and managing relationships for optimized retention. These activities are performed over the three phases of customer acquisition, retention and extension or expansion.

Detailed explanation-5: -Examples of CRM Marketing Automation Sending out a thank you when a customer makes a purchase. Upsell or cross-sell a client if they purchase a particular product. Offering a birthday greeting with a promo code. Sending a discount to a customer that hasn’t made a purchase recently.