We all know or when we Google it, will get to know by first result as Customer Relationship Management. So what does it mean?
here who are all called Customers...
Here comes an definition, Customers are the end users who are going to purchase the products which are produced by a company.
Let us take a real-time example, bike/shampoo are the products, then the people those who are going to purchase/consume at the end, are called Customers
what does it mean by Relationship...
Relationship means the mutual dealings between Customer and Company.
If Customer purchases a bike, then whenever Customer requests Company for service the vehicle/change spare parts/to register any complaint or feedback, then the Company is responsible to take necessary activities to complete the requests - these interactions are called Relationship
What is the use of Management...
Management is simply refers to the managing of customer interactions. Let's see an example...
Whenever Customer communicates with Company for replacing a spare parts for his/her bike, if the company requests the Customer to follow more procedures to raise a request and/or provides the spare parts with time delay, then it affects Customer-Company interactions and it may lead the Customer to move other brands. So it is necessary to manage and analyze the Customer requests and response effectively to retain the Customer.
Altogether we can say, CRM is a way(tool/application) of approach to handle customer relationships to improve company's sales growth
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