CRM - A Strategy To Attract New Customers

CRM or Customer Relationship Management can be identified as a vast way of approaching customers to a beneficial direction through a company while initiating continual communication. It is a strategy by a company to attract new customers and bind existing customers steady. The companies can identify, select, acquire as well as retain profitable customers. Thus CRM helps in building a lasting relationship between the company and the customer for a long-term financial success.
Customer Relationship Management is an information industry term. CRM is mainly used for methodologies, internet capabilities and software helping an enterprise to manage customer relationships in an organized manner. There are three major parts of Customer relationship management application: operational CRM, analytical CRM and collaborative CRM. Among the three, operational CRM aims at direct customer contact through sales, marketing and service and such activities with customers are documented for further reference.
Alternatively, analytical CRM helps in building a database about its customers. This database offers sufficient details about the customers and facilitates refined business decisions. While collaborative CRM initiates interactions with customers through all possible channels. As a consequence CRM or Customer relationship management makes available solution that brings people, processes and data together for the betterment of the companies as well as customers.
CRM has two typical implementation methods also. These include on-premise and on-demand or hosted method. Each method has its own advantages and disadvantages and is appropriate for companies seeking to implement highly customized customer-management practices or companies who have in-house IT resources and support systems. On-demand or hosted method can be used by customers seeking to implement standard processes and companies with basic integration requirements.
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