customer relationship management

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customer relationship management (CRM)

a strategic concept which focuses on business competencies, processes and technologies required to effectively service the needs and requirements of a firm's customers. As such CRM embraces key MARKETING activities and related INFORMATION MANAGEMENT in order to keep existing customers and attract new ones. The issue of customer retention has taken on a new imperative in the digital age, with the INTERNET and E-COMMERCE providing customers with greater opportunities to compare prices, switch suppliers etc. CRM recognises that businesses need to use these new technologies more proactively to their own advantage, either by developing IT capabilities in-house or relying on outside IT specialists, to provide call centres, sales force automation, marketing and data analysis and website management.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The use of Mortgage CRM Software improves business relationships with customers and streamlines processes to improve profitability.
For more convenience and ease there is online CRM software available in the market which helps you to solve your problems without much hassle.
Daemon India, like a silent creator, turned this glaring problem into a rare opportunity by introducing DaeBuild,the Real Estate CRM Software, that acts as a one-stop solution to pre and post customer management, including leads, quote, sales, document, brokers and staff management.
The adoption of the CRM software is expected to increase in enterprise verticals during the forecast period, with the government sector being the largest user of CRM solutions.
CRM software revenue is forecast to reach $23.9 million in this year, with cloud revenue accounting for 49 percent.
CRM software revenue is forecast to reach $23.9 million in 2014, with cloud revenue accounting for 49 percent.
CRM software can do far more than manage leads and follow-ups, says Brian Shenson, vice president of adviser technology solutions at Schwab Advisor Services.
Fortunately, with advances in technology, today's CRM software allows client information to be aggregated and easily accessible.
Maximiser Software (TSX:MAX), a provider of customer relationship management (CRM) solutions, announced on 20 April that it has been chosen by Dublin Airport Authority (DAA) to deploy its CRM software.
DataForceCRM, which makes sales lead management software and CRM software, is coming out with a promotion guaranteeing results or "customers get money back, no questions asked," company officials say.
Edited by Zeid Nasser Worldwide customer relationship management (CRM) software revenue grew to $8.1 billion in 2007, a 23.1% increase from 2006, according to Gartner Research.C[pounds sterling]Though currency buoyed growth, this represents the fourth year of solid market performance for CRM,C[yen] said Sharon Mertz, research director at Gartner, C[pounds sterling]The market was driven by greater contributions from emerging regions, continued rapid adoption of software as a service (SaaS), and a continued focus on investments that promote customer retention and enhance the customer experience.C[yen] In 2007, SaaS represented more than 15% of the total CRM software market revenue.