Customer Relationship Management Flashcards, test questions and answers

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What is Customer Relationship Management?

Customer Relationship Management (CRM) is a system used by businesses to manage their interactions with current and potential customers. The goal of CRM is to create strong, lasting relationships with customers by learning more about them and understanding their needs so that the business can provide better service.At its core, CRM involves keeping track of customer data such as contact information, purchase history, preferences, and more. This data is typically stored in a centralized system where it can be accessed quickly and easily when needed. With this information at hand, businesses can tailor their services to each individual customer’s needs and preferences which in turn increases loyalty and satisfaction. In addition to providing better service, CRM helps businesses identify trends among customers which they can use to improve products or marketing campaigns.CRM also helps build trust between the business and its customers by providing transparency into how data is collected and used. Businesses should provide clear policies on how customer information will be collected, stored, used, shared and protected so that customers feel secure when engaging with the company. Additionally, it’s important for companies to ensure their systems are up-to-date with the latest privacy measures in order to protect customer data from breaches or misuse. In summary, Customer Relationship Management (CRM) is an essential tool for any business looking to build strong relationships with its customers. By collecting customer data in a centralized system and using it to tailor services according to each individual’s needs or preferences, businesses can increase loyalty while also gaining valuable insights into trends among their customers which they can leverage for marketing or product development purposes. Finally, taking steps such as providing clear privacy policies and protecting customer data will help foster trust between the business and its customers which is key for long-term success.