What does "customer relationship management" (CRM) refer to?

Customer relationship management (CRM) refers to the strategies and technologies that companies employ to manage their interactions and relationships with both current and potential customers. This approach focuses on understanding customer needs, preferences, and behaviors to enhance customer satisfaction and loyalty. By implementing CRM systems, businesses can store and analyze customer data, track interactions, and streamline communication efforts, which ultimately leads to more personalized service and improved customer engagement.

The primary goal of CRM is to foster long-term relationships with customers by providing a more tailored customer experience. This involves not just managing sales processes, but also ensuring that all customer interactions, including support and feedback, are effectively handled.