5 Questions
What is the main goal of Customer Relationship Management (CRM)?
To enhance customer retention and sales growth.
What kind of information does CRM software compile from various sources?
Customer information like personal details, purchase history, and buying preferences.
What are some components that CRM systems may include as they evolve?
Marketing automation, sales force automation, lead management, contact center automation, location-based services, and human resource management.
How can CRM technology benefit companies in terms of automation?
Automating workflows, tracking sales leads, predicting future customer behaviors with AI.
Name some major CRM vendors catering to large enterprises.
Salesforce, Microsoft, SAP, Oracle.
Study Notes
- Customer Relationship Management (CRM) is an approach that involves managing a company's interactions with customers to enhance customer retention and sales growth.
- CRM software compiles customer information from various sources like web forms, phone calls, live chat, email, and social media into a single database for detailed insights on personal information, purchase history, and buying preferences.
- CRM systems evolve to include components like marketing automation, sales force automation, lead management, contact center automation, location-based services, and human resource management, among others.
- CRM technology can automate workflows, track sales leads, predict future customer behaviors with the help of AI, and be offered as on-premise or cloud-based systems.
- Major CRM vendors for large enterprises include Salesforce, Microsoft, SAP, and Oracle, but CRM technology is also beneficial for small and mid-sized enterprises.
Learn about the principles and components of Customer Relationship Management (CRM), including how CRM software compiles customer data, its evolution to include various components, the benefits of CRM technology, and major vendors in the market.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
