Customer relationship management (CRM) refers to practices, strategies and technologies that companies use to manage and analyse customer interactions and data throughout the customer lifecycle. The ultimate goal is to improve business relationships with customers, assisting with 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.
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