Customer Relationship Management (CRM) Definitions
There are many CRM definitions; almost as many as there are CRM vendors out there.
Many associate CRM with Sales Force Automation (SFA) and other marketing functions. Others will associate CRM with Order Management. Some will associate CRM with Call Center Management.
You will be hard pressed to find any one CRM vendor out there that can provide all-encompassing CRM functionality that includes Marketing (on and offline), Sales Force Automation, Order Management, Support, Field Services, Logistics, Inventory and procurement, Help Desk, Quality Assurance and so on.
This might account for the fact there are so many CRM definitions out there. But, to quote Gartner analyst Ed Thompson “Don’t worry about the definition of CRM. If you don’t come up with your own definition you’re wasting your time.” By creating your own CRM definition, you can be top of your own CRM pile.
You might also want to read interesting quotes about CRM.
“CRM …an enterprisewide business strategy designed to optimize profitability, revenue and customer satisfaction by organizing the enterprise around customer segments, fostering customer-satisfying behaviors and linking processes from customers through suppliers.”
“Customer relationship management (CRM) is a term that refers to practices, strategies and technologies 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. CRM systems are designed to compile information on customers across different channels — or points of contact between the customer and the company — which could include the company’s website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers’ personal information, purchase history, buying preferences and concerns”. SearchCRM
“CRM is the business strategy that aims to understand, anticipate, manage and personalize the needs of an organization’s current and potential customers” PWC Consulting
“CRM is a business strategy that permeates your entire company – beginning with the acknowledgement that your customer is the center of your organization. Allyour management decisions, systems, processes, marketing, advertising, sales approaches, customer retention programs, product or service enhancements ,on-going support, billing, pricing – everything revolves around your customer . Your overall organization’s business processes are designed to enhance your relationships with customers and their customer experience. Furthermore, your organizational systems are built to continually gain insight into your customers so that you that you can constantly improve your business strategies with more informed decision making. Everything about your company is arranged to retain, foster and extend the life cycle of your most valuable asset – your customers. ”
CRM stands for Customer Relationship Management. It is a strategy used to learn more about customers’ needs and behaviours in order to develop stronger relationships with them. There are many technological components to CRM, but thinking about CRM in primarily technological terms is a mistake. The more useful way to think about CRM is as a process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends.
Customer relationship management (CRM) is a set of strategies, processes, and associated technology enablers designed to improve the interactions and engagement of customers. It involves not only the use of these systems, but also corporate cultural transformation and ongoing programs with the appropriate organizational framework. Sales force automation (SFA), customer service and support, and enterprise marketing management are among the main CRM areas. TEC.
CRM, or Customer Relationship Management, is a company-wide business strategy designed to reduce costs and increase profitability by solidifying customer loyalty. True CRM brings together information from all data sources within an organization (and where appropriate, from outside the organization) to give one, holistic view of each customer in real time.
Customer Relationship Management (CRM) is a way to identify, acquire, and retain customers, a business’ greatest asset. Research has shown that companies that create satisfied, loyal customers have more repeat business, lower customer-acquisition costs, and stronger brand value—all of which translates into better financial performance.
The idea of CRM is that it helps businesses use technology and human resources to gain insight into the behaviour of customers and the value of those customers.
Customer relationship management (CRM) is a business strategy to select and manage the most valuable customer relationships. CRM requires a customer-centric business philosophy and culture to support effective marketing, sales, and service processes. CRM applications can enable effective customer relationship management, provided that an enterprise has the right leadership, strategy, and culture.
Key features of CRM tools: CRM includes all business processes in sales, marketing, and service that touch the customer. With CRM software tools, an enterprise might build a database about its customers that describes relationships in sufficient detail so that management, salespeople, people providing service, and even the customer can access information, match customer needs with product plans and offerings, remind customers of service requirements, check payment histories, and so on.
Essentially, CRM is about increasing the customer base, retaining those customers longer and cultivating them into customers who buy more products and services.
Customer relationship management (CRM) is a business strategy that aims to understand, anticipate and manage the needs of an organization’s current and potential customers. It is a journey of strategic, process, rganizational and technical change whereby a company seeks to better manage its own enterprise around customer behaviors. It entails acquiring and deploying knowledge about one’s customers and using this information across the various touch points to balance revenue and profits with maximum customer satisfaction.
Customer Relationship Management, or CRM, is broadly defined as the business process of understanding, collecting and managing all of the information in a business environment relating to a customer. The goal of CRM is to more effectively communicate with customers and improve customer relationships over time.
James Wong, President, Avidian Technologies.
These CRM Definitions are variations of the main theme, which, for most intents and purposes, is simply the process of Establishing, Servicing, Maintaining and Retaining Customers.
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September 8th, 2014