Customer Relationship Management (CRM) 

 

Customer Relationship Management, is a business strategy that aims to understand, anticipate and manage the needs of an organisation's current and potential customers. It is a comprehensive approach which provides seamless integration of every area of business that touches the customer - namely marketing, sales, customer services and field support through the integration of people, process and technology.

 

CRM enables organisations to gain competitive advantage over competitors that supply similar products or services. CRM is concerned with the creation, development and enhancement of individualised customer relationships with carefully targeted customers and customer groups resulting in maximizing their total customer life-time value. CRM is a shift from traditional marketing as it focuses on the retention of customers in addition to the acquisition of new customers.