Customer relationship management

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Customer relationship management (CRM) refers to the principles, practices, and guidelines that an organization follows when interacting with its customers.

From the organization's point of view, this entire relationship encompasses direct interactions with customers, such as sales and service-related processes, forecasting, and the analysis of customer trends and behaviors. Ultimately, CRM serves to enhance the customer's overall experienc



Elements of CRM range from a company's website and emails to mass mailings and telephone calls. Social media is one-way companies adapt to trends that benefit their bottom line. The entire point of CRM is to build positive experiences with customers to keep them coming back so that a company can create a growing base of returning customers.

Increasingly, the term CRM is being used to refer to the technological systems that managers and companies use to manage external interactions with customers. It is useful at all points during the customer lifecycle, from discovery to education, purchase, and post-purchase.

With an estimated global market value of over $40 billion in 2018, CRM technology is widely cited as the fastest-growing enterprise-software category, which largely encompasses the broader software-as-a-service (SaaS) market. Five of the largest players in the CRM market today include cloud computing giant Salesforce, Microsoft, SAP, Oracle, and Adobe Systems.