Define Customer Relationship Management (CRM), and Discuss How It Helps

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The Answer is Customer relationship management (CRM)is a technique that uses IT to develop an ongoing relationship with customers to maximize the value an organization can deliver to them over time. CRM IT monitors, controls, and links each of the functional activities involved in marketing, selling, and delivering products to customers. CRM systems have three interconnected components: sales and selling, after-sales service and support, and marketing. Suppose that a sales manager has access only to sales data that show the total sales revenue each salesperson generated in the last 30 days. This information does not break down how much revenue came from sales to existing customers versus sales to new customers. Important knowledge is being lost. Today, sales and selling CRM software contains best sales practices that analyze information and then recommend ways to improve the way the sales process operates. When a company implements after-sales service and support CRM software, salespeople are required to input detailed information about their follow-up visits to customers. Because the system is now tracking and documenting every customer's case history, salespeople have instant access to a record of everything that occurred during previous phone calls or visits. They are now in a much better position to be responsive to customers' needs and build customer loyalty, so a company's after-sales service improves.

Define Customer Relationship Management (CRM), and Discuss How It Helps

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