customer relationship management

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Term: Customer Relationship Management

Definition: Customer Relationship Management (CRM) refers to the strategies, technologies, and practices used by businesses to manage and analyze their interactions with current and potential customers. CRM aims to improve customer satisfaction, enhance customer retention, and ultimately drive business growth.

Senses:

Sense 1: CRM as a business strategy
Sense 2: CRM as a software or technology

Usage:

Many businesses implement customer relationship management strategies to foster long-term relationships with their customers.
CRM software enables companies to store and manage customer data efficiently.
Implementing a CRM system can significantly improve a company's understanding of its customer base.
Businesses often use CRM tools to track customer interactions across multiple channels.
Effective customer relationship management can lead to increased customer loyalty and repeat business.

Related products:

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