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Customer relationship management

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Customer Relationship Management[1], commonly referred to as CRM, is a strategy used by businesses to manage and improve their interactions with customers. Originating in the early 1970s, its development was marked by key milestones such as the introduction of database marketing[2] in 1982 and the design of the first CRM product in 1993. CRM can be categorized into four types: Strategic, Operational, Analytical, and Collaborative, each with a unique focus area. The CRM system consists of various components such as marketing, data aggregation, and CRM-specific software, all aimed at building and managing customer[3] relationships effectively. The benefits of employing CRM can be seen in improved customer satisfaction, efficient sales[4] force, and personalized marketing approaches. The field of CRM is continuously evolving, responding to trends and developments such as customer-centric strategies and the impact of global events on customer behavior.

Terms definitions
1. Customer relationship management ( Customer Relationship Management )
1 Customer Relationship Management, often abbreviated as CRM, is a strategic framework that businesses use to manage and improve their interactions with customers. Originating from the concept of database marketing in the early 1970s, CRM has evolved to incorporate technological advancements like data warehousing and software as a service (SaaS). It's categorized into strategic, operational, analytical, and collaborative types, each serving different functions. The primary goal of CRM is to boost customer loyalty and satisfaction, reduce complaints, and enhance the value of customer relationships. A strong CRM strategy involves collecting customer data, training employees, and leveraging social and location-based services to improve customer engagement. It offers benefits like improved customer knowledge, customized interactions, and enhanced efficiency.
2 Customer Relationship Management, commonly referred to as CRM, is a strategy used by businesses to manage and improve their interactions with customers. Originating in the early 1970s, its development was marked by key milestones such as the introduction of database marketing in 1982 and the design of the first CRM product in 1993. CRM can be categorized into four types: Strategic, Operational, Analytical, and Collaborative, each with a unique focus area. The CRM system consists of various components such as marketing, data aggregation, and CRM-specific software, all aimed at building and managing customer relationships effectively. The benefits of employing CRM can be seen in improved customer satisfaction, efficient sales force, and personalized marketing approaches. The field of CRM is continuously evolving, responding to trends and developments such as customer-centric strategies and the impact of global events on customer behavior.
3 Customer Relationship Management, often abbreviated as CRM, is a strategic framework that businesses use to manage and improve their interactions with customers. Originating from the concept of database marketing in the early 1970s, CRM has evolved to incorporate technological advancements like data warehousing and software as a service (SaaS). It's categorized into strategic, operational, analytical, and collaborative types, each serving different functions. The primary goal of CRM is to boost customer loyalty and satisfaction, reduce complaints, and enhance the value of customer relationships. A strong CRM strategy involves collecting customer data, training employees, and leveraging social and location-based services to improve customer engagement. It offers benefits like improved customer knowledge, customized interactions, and enhanced efficiency.
2. database marketing.
1 Database marketing is a strategic approach that businesses use to gather, store, and analyze customer data to improve their marketing efforts. It first came to prominence in the 1980s, evolving over time due to changing marketing trends and the advent of new technologies. This method is especially beneficial to large businesses in sectors such as finance, telecoms, and retail, where customer data can be extensive. The collected data often includes customer demographics, shopping history, and past interactions. Companies then use this data to analyze customer behavior, forecast future trends, and personalize communications. However, the practice also faces regulatory challenges due to privacy concerns, requiring strict adherence to various data protection laws. Technological advancements like CRM systems aid in managing individual customer relationships, but data relevancy can be an issue due to obsolescence.
2 Database marketing is a strategic approach that businesses use to gather, store, and analyze customer data to improve their marketing efforts. It first came to prominence in the 1980s, evolving over time due to changing marketing trends and the advent of new technologies. This method is especially beneficial to large businesses in sectors such as finance, telecoms, and retail, where customer data can be extensive. The collected data often includes customer demographics, shopping history, and past interactions. Companies then use this data to analyze customer behavior, forecast future trends, and personalize communications. However, the practice also faces regulatory challenges due to privacy concerns, requiring strict adherence to various data protection laws. Technological advancements like CRM systems aid in managing individual customer relationships, but data relevancy can be an issue due to obsolescence.

Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.

CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many software come with a softphone), email, live chat, marketing materials and more recently, social media. They allow businesses to learn more about their target audiences and how to better cater to their needs, thus retaining customers and driving sales growth. CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as CRM. This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, and the analysis of consumer patterns and behaviors, from the perspective of the company. According to Gartner, the global CRM market size is estimated at $69 billion in 2020.

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