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What is CRM (Customer Relationship Management)?
Customer relationship management (CRM) is a broadly applied model where the companies undergo an interaction with the customers, clients, and sales prospects. CRM can also be referred to as a way of developing a mutual understanding and maintaining a mutually beneficial long-term relationship with strategically significant customers.
This forms a bond between the company and its customers. It is a kind of business philosophy where even a few organizations customize their products and services and promote this by initiating an open line of communication added with feedback. In a few organizations this act as a software-based approach to handle the relationship with the customers and this stores the information of the current and prospective customers.
This activity mutually supports both the buying and the selling firm. The basic motive of the selling organization is to gain a competitive advantage by fulfilling the customer's need and building a long-term value-driven relationship.
Customer Relationship Management Assignment Help
Customer relationship management is completely different from traditional marketing as its goal is to establish a profitable long-term one-to-one relationship with the customers by properly understanding their needs, preferences, and expectations. On the other hand, traditional marketing is one that expands the customer base by increasing the market share by carrying out mass marketing as their focus stays on the product-oriented view. Within traditional marketing, the product is standardized according to the needs of the customer while in CRM the business follows the customer-oriented view and develops the customer-supplier relationship with the relational approach.
Customer relationship management is executed with the help of a few determinants such as trust and value. Trust is simply the willingness with which the customer relies on the ability, integrity, and power of motivation that one company can serve the needs of another company and be fulfilling all the implicitly and explicitly.
Value is another determinant is the capability of the selling organization to fulfill the needs and wants of the customers in a better manner compared to the competitors either offering them at a lower price. Apart from trust and value, understanding the customer’s needs and wants, meeting their commitments, providing superior after-sales support, and also building confidence that the customers are always told truth and show an inclination of interest to the customers towards building a long-term relationship with them.