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Customer relationship management

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Customer relationship management (or CRM) is a strategy for managing and nurturing a company’s interactions with clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes — principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service.

CRM is responsible for managing all aspects of a company's working relationships with clients to render high quality service delivery and to maximize client satisfaction.

CRM overall is comprised of four parts:

  1. Understanding what the client is asking for and needs.
  2. Executing or delivering what the client is requesting.
  3. Predicting what the client will need in the future.
  4. Delivering targeted communications to respond to client needs.
  5. As part of a client-centric focus, the CRM unit assesses both individual needs, aggregated into client segments, and organizational or unit needs.[1]

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