What is CRM?

06 May 2007

CRM stands for Customer Relationship Management.

It is a strategy used to learn more about customer’s needs and behaviors in order to develop stronger relationships with them.

Good customer relationships are at the heart of business success.

In an environment where many companies have lost sight of the real meaning of customer relationship management (CRM), it’s critical to remember what CRM is about.

Acquiring and retaining customers
Improving customer loyalty
Gaining customer insight
Providing information that is relevant, valuable and exclusive
Implementing customer-focused strategies such as product range and pricing structure
Allowing elite customers access to products, services and experience otherwise unavailable to the public
Inviting customer involvement in opportunities such as first access to new products, parties and special events

CRM also enables a company to keep customer information consistent throughout the organisation and makes it available across all touch-points where the company interacts with the customer. Customers in Control – Broadly speaking, Customer Relationship Management comprises of the theoretical analyses and technical processes used to satisfy the equality function of the fundamental economic theory “supply = demand”.

Giving Customers What They Want
Responding to demand requires placing a higher value on customers. Your customer’s needs should come before products, processes, or production. This idea is hardly new; many successful businesses have taken this approach for years. This involves transforming unimportant (less profitable, short-term) customers into highly profitable, long-term business partners.

A true customer-centric approach helps our company drive