CRM, or Customer Relationship Management is a strategy designed to reduce costs and increase profitability by solidifying customer satisfaction, loyalty, and advocacy.Customer relationship management is a broadly recognized, widely-implemented strategy for managing and nurturing a company’s interactions with clients and sales prospects.It is a business philosophy involving identifying, understanding and better providing for your customers while building a relationship with each customer to improve customer satisfaction and maximise profits.
A Business needs to gather the right information about its present customers as well as potential customers to manage a sound relationship with the customers and then organizing, analyzing and interpreting that data for taking further action. CRM is also a strategy that is used to learn about customers’needs, requirements and behaviors so that the business may develop stronger relationships with them. It is also necessary to keep the updated information and make it accessible to employees, so that they can best meet the needs of the customers.
A CRM solution does not need the support of an enterprise application or financial applications. That said, it works well when there is a database in place.A CRM solution can exist by itself in an enterprise and doesn’t need to be an add-on to an existing enterprise application. It can interoperate with ERP and databases to help refer to customer.