Customer relationship management ( CRM )

Customer relationship management (CRM) is a system for managing a company’s interactions with customers. It involves using technology to organize, automate and synchronize sales, marketing, customer service, and technical support.It also helps maintain the customer database.

CRM fundamentally involves treating customers differently based on the assumption that customers are different and have got different needs. This may cause dissatisfaction, issues of distrust and unfair practices due to the perceived inequality. A customer shows trust to bond in a relationship with a firm when they know that the firm is acting fair in creating a win-win situation.

Popular CRM vendors:

  • SAP AG
  • Oracle
  • Salesforce.com
  • Microsoft
  • Amdocs

Functions of CRM software

CRM software helps organizations to manage below things in general:

  • Maintain customer data
  • Provide better customer service
  • Cross selling
  • Close deals
  • Retain current customers
  • Gifting

 

CRM

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