Customer Relationship Management: Definition

Whether service-related or sales- or product-related, CRM (Customer Relationship Management) involves all aspects a company has with its valued and potential customers. Nowadays, computerization has significantly altered the way organizations deal or approach their respective CRM strategies since it has correspondingly altered customer purchasing behavior. With various emerging new advanced technologies—e.g., WAP and Web, which serve as self-service channels—relationships are further being managed electronically.

There are 10 identified factors involved in a company’s relationship with its consumers, which are: 1) customer preferences; 2) sales and marketing; 3) suppliers; 4) customer communications; 5) internal processes; 6) delivery; 7) training; 8) customer support; 9) customer follow-up; and 10) performance management.

Apparently, CRM entails many functions and mostly influenced by numerous factors as well. CRM basically aims for one main goal which is customer satisfaction. If customers are remain satisfied and happy, then they certainly will continue to purchase from the company and will even recommend to others. Thus, the company does not only keep its regular customers but gains more even, making its revenue to increase and sustainable.

There are several CRM solutions that are being made available for various companies on the market today. Examples of CRM solutions increasingly and widely used by companies now are SAP, Oracle, Salesforce, and others more, including some CRM software. However, to achieve an effective and successful for CRM strategy, the company must align the CRM software to be used with its existing CRM strategy—type of customers handled and managed, and specifications of company products and/or services.

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