What is the definition of a CRM?

Customer relationship management (definition of a CRM) is a set of integrated, data-driven software solutions that help manage, track, and store information related to your company’s current and potential customers.

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What is CRM Software? Customer relationship management (CRM) is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships.

What is the basic idea of CRM?

CRM is the strategy you put in place to manage all your company’s relationships and interactions with both customers and potential customers. The term also refers to the systems and processes you use to help you do that. Managed well, CRM has the power to directly improve profitability.

From Wikipedia, the free encyclopedia:

Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.^[1]

CRM systems compile data from a range of different communication channels, including a company’s website, telephone (which many softwares come with a softphone), email, live chat, marketing materials and more recently, social media.^[2] They allow businesses to learn more about their target audiences and how to better cater to their needs, thus retaining customers and driving sales growth.^[3] CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as CRM. This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, and the analysis of consumer patterns and behaviors, from the perspective of the company.^[4] According to Gartner, the global CRM market size is estimated at $69 billion in 2020.^[5][6]