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What is CRM? Customer Relationship Management Explained

CRM, or customer relationship management, is a company practice used to manage interactions with their potential customers.

With the help of CRM systems, companies can record contact information for their customers such as names, telephone numbers, emails, and addresses, while also tracking their activities such as purchasing preferences, time and length of their shop visits, returns, and others.

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Customer Relations Management Definition

The simplest definition of CRM software is a combination of technology, strategies, and practices that the company used to collect and analyze all customer-related information to improve services and increase sales.

With the CRM system, companies can focus on increasing their corporate relationships with buyers and service users or providers. This includes developing an effective marketing plan, finding new customers, and providing the support they need along with the relationship. 

Development Of CRM

The CRM concept began in the early 1970s, before tracking customer interaction more than a guessing game. Since then, CRM software has seen a number of changes to achieve its current potential.

The first CRM software is a simple system that allows you to create a database to manage customer information and categorize it into spreadsheets and lists. Cloud-based CRM software is currently the most promising solution that offers mobility and flexibility and helps companies generate sales from customer data.

How does CRM work?

CRM systems collect customer data from various sources and channels. All this information is stored in the database to ensure that everyone including sales, customer service, and marketing teams can access and use it to improve customer relationships and encourage success.