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Customer relationship management (CRM) is a set of practices and strategies that businesses employ to manage relationships with customers throughout the sales cycle. It requires the use of technology, tools and processes to gather data on customers and prospective customers.
The aim is to improve customer service and boost revenue. A CRM system can provide sales representatives with complete information about potential customers as well as their purchase past, and give support teams the background and contacts they need to solve issues swiftly. The best CRM systems come with marketing capabilities that enable companies to send specific messages to prospects and customers in response to their interactions with the company.
When shopping for CRM software it is important to know the various types of CRM software on the market and what each provides. Some of the most well-known CRM systems are built into enterprise resource planning (ERP) software, while others are stand-alone options. For the most effective results, choose a solution that integrates seamlessly with your existing martech stack and is able to handle a variety of tasks.
When a business adopts a CRM system, they will create a positive image for their brand, which will increase customer loyalty and drive sales. It’s important to establish relationships with loyal customers because they are more likely to recommend your products and/or services to their friends and colleagues. A great way to accomplish this is through customer advocacy programs, which reward customers for their loyalty to the business.