(3A) What is the purpose of CRM?

Customer Relationship Management (or CRM) is something that is used to help organizations better manage their interactions with customers. The main reason why people use CRM is to “improve customer satisfaction, loyalty, and retention, ultimately driving business growth and profitability” (from the playbook of retention). CRM’s software is used to manage customer information, track interactions, and automate customer service, sales, and marketing processes. An example would be Salesforce and how you can use that to build connections with potential clients. With the use of CRM, organizations can provide personalized customer experiences, improve communication, and increase customer engagement. This enhances customer loyalty and retention, ultimately increasing the revenue. CRM also helps organizations to identify high valued customers and prioritize their needs. It can also enable targeted marketing and sales efforts which can improve the efficiency of these activities and increase their effectiveness. In conclusion, CRM is used to help organizations build and maintain strong relationships with their customers by understanding and meeting their needs effectively.