Customer Relationship Management Systems - Class 1

Apuntes

**Customer Relationship Management Systems - Class 1** Customer Relationship Management (CRM) is a strategic approach that combines people, processes, and technology to manage and analyze customer interactions and data throughout the customer lifecycle. Its main goal is to improve business relationships, enhance customer retention, and drive sales growth by understanding and responding to customer needs more effectively. **Defining the Old CRM** - Expression in use since the early 1990s - Process of managing all aspects of interaction a company has with its customers - Methodologies, software, and usually Internet capabilities that help manage customer relationships - An integrated approach to identifying, acquiring, and retaining customers - A business strategy that maximizes profitability, revenue, and customer satisfaction **Defining (the new) CRM** • Customer direct contact is often not a reality anymore — we don't know our customers as companies did in the past. This became even more evident after the pandemic times. • Customers have become more sophisticated, more informed, more demanding, and less loyal. • Technology-enabled approach to manage all customer...