CRM FOR THE SOLOIST
C-R-M stands for Customer Relationship Management. At its simplest, a CRM system allows businesses to manage business relationships and the data and information associated with them.
1.A management philosophy according to which a company’s goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants.
2.A computerized system for identifying, targeting, acquiring, and retaining the best mix of customers.
Customer relationship management helps in profiling prospects, understanding their needs, and in building relationships with them by providing the most suitable products and enhanced customer service. It integrates back and front office systems to create a database of customer contacts, purchases, and technical support, among other things. This database helps the company in presenting a unified face to its customers, and improve the quality of the relationship, while enabling customers to manage some information on their own.
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“The purpose of a business is to create and keep a customer.”
This succinct truth from Peter Drucker in The Practice of Management (1954) is a apt and insightful definition of CRM (Customer Relationship Management).
But a lot has changed. CRM now involves technology, software, inbound and outbound marketing, lead acquisition, databases, multiple touch points, multi-channel marketing, enterprise solutions and social media.
Here’s how 21 expert define CRM.