Full Form of CRM:
Customer Relationship Management
CRM Full Form is Customer Relationship Management. CRM refers to the technologies, practices, and strategies used by the companies to analyze and accordingly manage all kinds of interactions ( both, sales and service related ) with their customers. This system does not only describe a B2C ( Business to Customer ) relationship, but it also analyzes and describes a B2B ( Business to Business ) relationship.
CRM is extremely important for the business growth of a company. CRM systems use three kinds of functions namely operational, analytical, and collaborative. Information of customer responses are collect through various mediums such as verbal communication, internet, e-mail advertising, or telephone marketing. Classification of the data is an important step. Then the data is inserted into the database of the organization.
The analysis of the data helps the organization to realize the needs of its customers. CRM helps a company to maintain the business relationship with its various kinds of customers, effective retention of customers, and increase the profit by reducing customer management costs and uplifting the sales growth.
There are various CRM software applications that effectively perform for such requirement. Marketing automation, sales force automation, contact center automation, and geo-location technology — these are the common features of CRM applications.
CRM is available in both forms namely on-premises CRM ( where CRM is installed in the organization’s server ) and cloud-based CRM ( where data is stored on a remote server ). Salesforce.com, SAP, ORACLE, and Microsoft — these are the four major vendors of CRM systems.