Customer Relationship Marketing (CRM)
Definition - What does Customer Relationship Marketing (CRM) mean?
Customer relationship marketing (CRM) is a business process in which client relationships, customer loyalty and brand value are built through marketing strategies and activities. CRM allows businesses to develop long-term relationships with established and new customers while helping streamline corporate performance. CRM incorporates commercial and client-specific strategies via employee training, marketing planning, relationship building and advertising.
Techopedia explains Customer Relationship Marketing (CRM)
- Provides a way to directly evaluate customer value. For example, a business that is genuinely interested in its customers is rewarded with customer and brand loyalty. Because CRM is mutually advantageous, market share viability advances at a sound pace.
- Provides cross-selling opportunities, where, based on customer approval, a business may pitch proven marketing or brand strategies to more than one client.
Customer relationship marketing should not be confused with "customer relationship management," a related, but unique concept that shares the acronym of CRM.
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