Understanding the true meaning of CRM
Q: I look after the computer system and purchasing of software for a medium sized-broker. I constantly see CRM mentioned in the IT press but what is it?
CRM stands for customer relationship management and is actually something which you probably already do.It involves uniquely identifying and holding information about clients and prospects, interacting with customers (for example, using the telephone or internet), the assessing of customers and their likelihood to make a purchase, supporting marketing campaigns and, in all the above, having a strategy for 'supporting and nurturing customers'.
The term CRM originated to describe software products which support the management of customers but beware, CRM software can be expensive and, misleadingly, marketeers often describe their offerings as CRM even when they only cover basic functions such as salesforce automation, all centre software, customer service software and campaign management.
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