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Business Dictionary

CRM

Definition

Customer Relationship Management; an approach to manage a company's interaction with current and potential customers.

Deep Dive

Customer Relationship Management (CRM) is an approach that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention, and driving sales growth. It encompasses strategies, processes, and technologies designed to manage and interpret customer data, fostering stronger connections and a more personalized customer experience.

Examples & Use Cases

  • 1A sales team using Salesforce to track leads, manage opportunities, and log all communication history with potential clients.
  • 2A marketing department leveraging HubSpot CRM to segment customer lists for targeted email campaigns and automate lead nurturing.
  • 3A customer support team utilizing Zendesk to manage incoming support tickets, track issue resolution, and maintain a history of customer inquiries.

Related Terms

Customer Experience (CX)Sales AutomationData Management

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