Customer Relationship Management (CRM) - 845 Words

RM stands for Customer Relationship Management. It is an approach used to learn more about customers needs and manners in order to develop stronger relationships with them. Good customer relationships are at the core of business achievement. There are many technological mechanisms to CRM, but thinking about CRM in mainly technological terms is a mistake. The more useful way to think about CRM is as a calculated process that will help you better understand your customers’ needs and how you can meet those needs and increase your bottom line at the same time. This strategy depends on gathering lots of pieces of information about customers and market trends so you can sell and market your products and services more effectively. Maintaining customers’ happiness while keeping service costs down: That’s the definitive goal of every customer service executive. CRM applications help you provide faster, more approachable, and less pricey service across every channel—from the call center to the social Web. Today, many of discussions and questions about your company and products are appearing on social networks. After all, most customers may turn first to Google, Twitter, or other Internet sources to look for answers. Some CRM applications help your agents can automatically find and join those discussions, so your customers get answers quickly and customer satisfaction gets a helping hand. Primary Components of CRM Every business has different CRM needs. When considering CRM for aShow MoreRelatedCustomer Relationship Management ( Crm ) Essay831 Words   |  4 Pages CRM: Customer Satisfaction, Customer Loyalty, and Firm Profitability Customer Relationship Management (CRM) is a tool that helps track, manage and supply information about customer’s interactions with an organization to help contribute to customer satisfaction that leads to customer loyalty. Additionally, CRM programs provide tools and applications designed to target their efforts on the most profitable customers, target new potential customers, and generate sales and maintain relationshipsRead MoreCustomer Relationship Management ( Crm )1510 Words   |  7 Pages1) Introduction: Customer Relationship Management (CRM) is a key business strategy that optimizes customer experience and increases service or product value. CRM represents a function that relates customer satisfaction, customer behaviour, customer value and profit of an organization. The main goal of integrating CRM software is to improve the sales functionality, such as providing real time customer data history to the sales departments. Other benefits of CRM software include impro ved targeted marketingRead MoreCustomer Relationship Management ( Crm )857 Words   |  4 PagesCustomer Relationship Management (CRM) The most important aspect of any company that is involved in medium to big projects, is the company’s relationship with its clients. It is so important that companies like BNSF Railways, which was awarded Customer Relationship Management Excellence Awards in 2006 by Gartner Inc. (Schwalbe, K., pp 56, 2010), boosted its sales by simply investing more in customer relationship management. To reinforce the importance of CRM, studies conducted by HUFS College ofRead MoreCustomer Relationship Management ( Crm )1583 Words   |  7 PagesChapter 2 : CRM study 2.1 Defining CRM Customer relationship management (CRM) is an approach that company’s use to manage, analyze and interact with customers. It refers to the practices, strategies and the technologies used by companies to understand the customer’s needs and behavior in order to create and build relationships with customers and to follow them throughout the customer lifecycle with a focus on increasing retaining customers with driving the sales growth. The idea of a CRM system isRead MoreCustomer Relationship Management ( Crm ) Essay1406 Words   |  6 PagesCustomer Relationship Management (CRM) may be methodology} that supports degree organization’s decision-making method to retain long-term and profitable relationships with its customers. Some define CRM as simply a business strategy whereas others define it as a data-driven approach to assess customers’ current desires and gain The common variations of CRM include: operational CRM (O-CRM); analytical CRM (A-CRM); collaborative CRM (C-CRM); e-Commerce CRM (e-CRM); and mobile CRM (m-CRM) OperationalRead MoreCustomer Relationship Management ( Crm ) Essay769 Words   |  4 Pagesare target markets, customer relationship management (CRM), technology and breakthrough opportunities, building relationships with customers, and most importantly, customer lifetime value. Target markets are part of a marketing strategy. It is a â€Å"fairly homogenous group† of customers who a company wants to appeal to (pg 33). To determine their target markets, companies look at age, location, gender and etc. For example, a firm that sells winter apparel will target customers who live in cold regionsRead MoreCustomer Relationship Management ( Crm )1456 Words   |  6 PagesIntroduction Customer Relationship Management (CRM) is significant in the service marketing these days, customers are the major element that relates to the company growth and profits. Understanding the customer purchase behavior and relationship is a key of success that commonly indicates the B2B B2C relationship management. CRM system provides the customer information that shows what customer wants and needs, and help sales person to increase the customer relationship with the organizationRead MoreCustomer Relationship Management ( Crm )3159 Words   |  13 PagesCustomer Relationship Management (CRM) is a strategy for operating all your enterprise’s relationships and interactions with your clients and future clients (What is CRM.) The CRM industry has been molded by monolithic trends over its lifetime. Back in the late 90s, intranets, extranets and the internet altered CRM into more collaborative approaches. The move to cloud has transformed CRM and the relative merchant success. It has definitely encouraged several more users to implement CRM solutionsRead MoreCustomer Relationship Management ( Crm )1223 Words   |  5 PagesCustomer relationship management (CRM) is an essential part of every modern business. At the beginning of 21st century, the customer power dramatically increased due to Internet and technology development. The objectives of CRM are to build profitable and long-term relationships with customers. CRM is a complete system that provides a 360-degree view of the customer. It is also a method that tends to capture the experience of the consumers, and gain their trust to remain loyal customers. It is alsoRead MoreCustomer Relationship Management ( Crm )869 Words   |  4 Pageswhat the custome r wants from them. Many companies have come to realize that customers and the service they receive are very important in expanding their brand. Because of that recognition, most businesses of the twenty-first century have developed customer relationship management (CRM) initiatives to better relate to their customer bases. What does customer relationship management (CRM) mean? Kurtz defines CRM as a set of strategies and tools that companies use to learn about customers (Kurtz, 2015