What is CRM, Customer relationship management

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What is CRM, Customer relationship management : Full form for CRM or Acronym for CRM is Customer Relationship Management. We can understand from the full form where CRM is an application used to automate Sales and marketing functions by a using a Software called CRM Software  . BY using CRM Software every Company / Organization plans to increase their revenues and profits. This strategy of increasing revenue is done mainly by attracting Customers, clients, Sales etc. An important concept in Customer Relationship Management is customer value.

What is CRM, Customer relationship management.

What is CRM

What is CRM

Real time example : If we contact our mobile network Customer care to esquire about any service or wrong gone with the service. Customer care will quickly responds to our query . All these process will go in a few seconds. Call Centers uses CRM software to to find that customers details.

What is CRM, Customer Relationship Management

What is CRM : CRM is a strategy which is used to learn about customers requirements and behavior in order to increase revenue and Profits by maintaining stronger relationship with them.

Customer Relationship Management Refers to the practice of collecting, storing and analyzing customer-level-information, and incorporating the results in to the decision making  process of a firm. CRM also involves in core business process like production, operations, sales, marketing and finance.

We can define CRM software as a Commercial application developed for the business.   This CRM Software can be used by any business. We can’t specify particularly this type of industry or business uses CRM Software.  Any  Business who maintains Sales, Marketing team, who create quotes and invoices.  For every business, every company wants to computerize their operations. All these business want to computerize their operations. As such Software Company is developing some software for that type of operation.

To Maximize the life time value of each individual customer to a firm some CRM initiatives must be followed.There are four CRM initiatives they are.

  1. Customer acquisition : It is the process of acquiring new customers to a firm. This is the first and the foundation step to the whole CRM process.
  2. Customer retention : Customer retention is the process o developing relationship with the customers.
  3. Customer Churn : Customer Churn is the process of managing the rate of existing customers leaving a firm.
  4. Customer win-back : Customer win-back is the process of reacquiring the customers that have left he firm through Customer Churn.

We have different types of businesses like retail business, banking, call centers and so on everything is computerized. People who run business wants to develop software. Then they go for some CRM software providers like Salesforce.com CRM, Microsoft Dynamics, Zoho CRM and so on.. Salesforce.com has given ready made software called Salesforce.com CRM.  Salesforce.com is a company and its product called Salesforce.com CRM.

Where are not learning about company but we are learning about the product which is salesforce.com CRM. CRM is a business or more generally technically called as Domain or vertical. So one of the things we are going to learn in this salesforce.com CRM is what are the ingredients he has provided in the Salesforce.com CRM.

In our next Salesforce Training Tutorial we will learn about different types of categories of CRM Databases.