Unraveling The Potency of Customer Relationship Management (CRM)

Definition of Customer Relationship Management (CRM)

Customer relationship management (CRM) represents an integral concept employed in all business settings as an effective strategy to manage a company's interaction with its customers (1). Described as a blend of practices, strategies, and technologies, CRM seeks to improve customer service relationships and optimize customer retention, thereby increasing sales growth.

The value of CRM systems cannot be overstated. They compile customer data across different channels, or points of contact, between the customer and the company. These points of contact could be the company's website, telephone, live chat, direct mail, marketing materials, and social media. CRM systems also provide information on customers' personal information, purchase hi