Customer relationship management (CRM) is an approach to manage a company's interaction with current and future It analyzes below and helps organizations to drive Sales growth.
About CRM :
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.
CRM systems are designed to compile information on customers across different channels or points of contact between the customer and the company. Which could include the company's website, telephone, live chat, direct mail, marketing materials and social media.
CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.
In CRM, life cycle is a term used to describe the progression of steps a customer goes through when considering, purchasing, using, and maintaining loyalty to a product or service.
Marketing analysts have developed a matrix that breaks the customer life cycle into 4 Main distinct steps:
In layman's terms, this means getting a potential customer's attention, teaching them what you have to offer, turning them into a paying customer, and then keeping them as a loyal customer whose satisfaction with the product or service urges other customers to join the cycle. Main goal of effective CRM is to get the customer to move through the cycle again and again.
Let’s understand this through a business case