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Effective Customer Relationship Management can ensure long-term profits
By Arun Gupta
Customer Relationship Management (CRM) is a process or methodology which helps in identifying
the needs and behavioral patterns of customers, eventually leading to build up a firm relationship with
them. More than often, it is linked to technical components. But as a matter of fact it is a process that
connects the link between customers, sales, marketing effectiveness, responsiveness and market
trends. In simple words, CRM assists businesses in the effective use of technology as well as human
resources to gain a deeper insight into customer-behaviour.
From the outside, customers interacting with a company perceive the business as a single entity,
despite often interacting with a variety of employees in different roles and departments. Customer
Relationship Management is a combination of policies, processes, and strategies implemented by a
company that unify its customer interaction and provides a mechanism for tracking customer
information.
The objectives of a CRM strategy must consider a company’s specific situation and its customers'
needs and expectations. Information gained through CRM initiatives can support the development of
marketing strategy by developing the organization's knowledge in areas such as identifying customer
segments, improving customer retention, improving product offerings (by better understanding
customer needs), and by identifying the organization's most profitable customers. Customer Relation
Management strategies can vary in siz