Customer Relationship Management (CRM)

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Definition of 'Customer Relationship Management (CRM)'

Customer relationship management (CRM) is a business strategy that involves using technology to manage a company's interactions with customers. The goal of CRM is to improve customer service, increase sales, and build customer loyalty.

CRM software can help companies track customer interactions, manage customer data, and automate marketing and sales processes. CRM can also be used to provide customers with a personalized experience, such as by recommending products or services that they might be interested in.

There are many different CRM software solutions available on the market, so it is important to choose one that meets the specific needs of your business. Some of the factors to consider when choosing a CRM software solution include:

* The size of your company
* The industry you are in
* Your budget
* Your desired features

Once you have chosen a CRM software solution, it is important to implement it correctly. This includes training your employees on how to use the software, and setting up the software so that it meets your needs.

CRM can be a valuable tool for businesses of all sizes. By implementing CRM, you can improve customer service, increase sales, and build customer loyalty.

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