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    Module 11 Assignment

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    nguyentuanvinh272

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    © All Rights Reserved
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    Module 11 Assignment

    Uploaded by

    nguyentuanvinh272
    1 views1 page

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    module 11 assignment

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    1 views1 page

    Module 11 Assignment

    Uploaded by

    nguyentuanvinh272

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Customer Relationship Management: Two Definitions

    Customer Relationship Management (CRM) is a vital business strategy used by companies to


    manage interactions with current and potential customers. CRM involves a combination of
    practices, strategies, and technologies that businesses use to analyze customer interactions and
    data throughout the customer lifecycle. The primary goal is to improve customer service,
    increase customer satisfaction, and drive sales growth. CRM is often viewed in two distinct
    ways: as a technology platform and as a business strategy.

    CRM is first defined as a technological platform. This refers to the tools and software programs
    that businesses employ to collect, store, and examine consumer data. Tracking client interactions,
    managing contact information, automating marketing campaigns, and offering a one repository
    for all customer-related data are all common aspects of CRM software. Large volumes of client
    data may be managed by companies using well-known CRM platforms like Salesforce, HubSpot,
    and Microsoft Dynamics 365, which boosts customer service and operational effectiveness.
    Businesses can more effectively customize their marketing campaigns and quickly attend to
    client needs by having a thorough understanding of customer interactions.

    Customer relationship management as a business strategy is the subject of the second definition
    of CRM. In this sense, CRM is more about creating enduring bonds with clients than it is about
    conducting transactions. The objective is to establish a customer-centric culture in which every
    department, from customer service to sales, collaborates to improve the customer experience.
    Businesses can provide individualized experiences and services that encourage loyalty by
    knowing the interests, behaviors, and pain points of their customers. This tactical method lowers
    customer attrition, boosts client lifetime value, and keeps customers. Businesses that successfully
    use CRM as a strategy frequently see increases in customer loyalty and a better standing in the
    marketplace.

    To sum up, customer relationship management is a complex idea that may be viewed as a wider
    corporate strategy as well as a technology instrument. CRM software is a technology that helps
    businesses gather and analyze customer data effectively. As a strategy, it emphasizes creating
    enduring relationships with consumers by providing them with individualized experiences.
    Together, these strategies help companies better understand their clients and achieve long-term
    success.

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