Customer Relationship Management (CRM) is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value and strong relationship with customers.
A commonly cited definition of CRM is that of CRM (UK) Ltd (2002), as follows:
“Customer Relationship Management is the establishment, development, maintenance and optimisation of long-term mutually valuable relationships between consumers and organizations”.
CRM is neither a product, nor service but a business strategy to learn more about customer behaviour and requirements in order to create long term relationship with them. CRM involves use of technology in attracting new and profitable customers while forming tighter bonds with existing one.
Clear and concise explanation! The definition of CRM goes beyond just being a software—it's a strategic approach to managing a company’s interactions with current and potential customers. A well-implemented CRM system helps streamline sales, improve customer service, and enhance marketing efforts. With the support of a trusted Zoho CRM consulting partner, businesses can truly unlock the full potential of CRM to drive growth and customer loyalty.
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