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Customer Relationship Management

Updated on January 23, 2011

“Customer Relationship Management (CRM)”

Definition of CRM:-

All those steps or policies that are adopted to enhance the customer’s satisfaction and profitability of the firm are known as Customer Relationship Management.

 

Purose of CRM:-

Fallowing is the main purpose of CRM:-

1.         Better Customer Service

CRM is adopted to make the customer service better. This will eventually enhance the customers of the firm. This would also be beneficial for the financial aspects of the firm.

2.         Company Profitably

CRM also increase the profitably of firm as more and more customer are attracted with better service. Low profit customers more profitable or terminates them, this will result in more profitability of the firm.

3.         Simplify the Sales Procedures

CRM has not only increased the sales of the firm but has also simplified the sales procedures. This has ultimately increased the sales.

4.         Longer Relationship with Customer

            A Firm lost his customer loyalty only in five minutes but came back of loyalty of a customer takes long periods. CRM has increased the duration of the relationship with firm and customer. Which has increased the transaction of the firm.

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