Customer relationship Management

Topics: Customer relationship management, Marketing, Customer service / Pages: 4 (882 words) / Published: Mar 19th, 2014
CRM is the abbreviation for customer relationship management. It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. While the phrasecustomer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
CRM is often thought of as a business strategy that enables businesses to:
Understand the customer
Retain customers through better customer experience
Attract new customer
Win new clients and contracts
Increase profitably
Decrease customer management costs

CRM in customer contact centers[edit]
CRM systems are Customer Relationship Management platforms. Their goal is to track, record, store in databases, and then data mine the information in a way that increases customer relations (predominantly increased ARPU, and decreased churn) The CRM codifies the interactions between you and your customers, so you can maximize sales and profits using analytics, KPIs, to give the users as much information on where to focus your marketing, customer service to maximize revenue, and decrease idle and unproductive contact with your customers. The contact channels (now aiming to be Omni-Channel from Multi-Channel, uses such operational methods as contact centers The CRM software is installed in the contact centers, and help direct customers to the right agent or self-embowered knowledge .[2] CRM software can also be used to identify and reward loyal customers over a period of time.
Appointments[edit]
CRM systems can automatically suggest suitable times to contact customers via phone, e-mail, chat, email, or calendar invitations or web. These can then be synchronized with the representative or agent's calendar.[citation needed]
CRM in B2B market[edit]
The modern environment requires one business to interact with another via the web. According to a Sweeney Group definition,

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