Customer Relationship Management
Technology and Web have changed the way companies approach CRM strategies because advances in technology have also changed consumer buying behavior and offers new ways for companies to communicate with customers and collect data about them. With each new advance in technology -- especially the proliferation of self-service channels like the Web and smartphones -- customer relationships are being managed electronically.
Customer relationship management is both more challenging than ever, and more important. As the internet makes it easy for dissatisfied customers to broadcast their grievances and to find alternative products and services, under-performance in customer relationship management translates very quickly lose customers. In today’s marketplace, businesses need to get customer relationship management right.
CRM is often thought of as a business strategy that enables businesses to:
- Understand the customer
- Retain customers through better customer experience
- Attract new customer
- Win new clients and contracts
- Increase profitably
- Decrease customer management costs
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