Customer Relationship Management
Term from the CRM Lexicon
Definition
Customer Relationship Management (CRM) is a business strategy that aims to systematically shape and improve relationships with current and potential customers. The goal is to increase customer satisfaction, strengthen customer loyalty, and thus promote business growth and success. CRM systems support this strategy through software solutions that centrally manage customer interactions and data and make them accessible to all involved departments.
Goals
- Improvement of business relationships: Professional and well-organized customer communication leads to stronger and long-term relationships.
- Increase in customer loyalty: Satisfied customers make repeat purchases and show higher loyalty to the company.
- Promotion of business growth: Increased customer loyalty and improved customer satisfaction directly contribute to economic success.
The foundation of CRM is a company's strategic orientation towards the customer. This includes the systematic design of all touchpoints and processes a customer has with the company. By using CRM software, these processes can be made more efficient to offer the customer a positive experience and bind them to the company long-term.