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Customer Relationship Management
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Customer Relationship Management, also often referred to simply as CRM, is the term used to describe the way in which a business manages its relationships with its customers. It can be applied to methodologies used to deal with existing customers and to those assigned to prospects that might turn into customers in the future.
Most businesses will use a specific Customer Relationship Management system to help them use their customer data, purchases and actions to best effect. They may have developed their own CRM system to suit their own particular needs or they may buy in a specific solution. Solutions here are available off the shelf or in bespoke formats. Nowadays many CRM solutions are based around a specific software package that pulls in and then helps analyse relevant customer data.
CRM has many uses within a business. It can be used to simply organise customer data and details. It can also be used to help a business assess other wider sales and marketing issues for both existing and new products and services in areas such as advertising, product development, pricing and market sector analysis. As such this kind of system can help a business organise and implement both tactical and strategic initiatives.
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