Customer Relationship Marketing

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What Does Customer Relationship Marketing 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.

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Top CRM Software

In order to track, analyze, and optimize your sales funnel, we recommend using CRM software. Consider one of these popular CRM tools to manage your customer relationships and customer journey with ease:

 

Techopedia Explains Customer Relationship Marketing

CRM’s core strength is an ability to glean insight from customer feedback to create enhanced, solid and focused marketing and brand awareness. Key motivating drivers for the development of more innovative CRM strategies are Web technologies and a sharpened global focus on customer loyalty.

CRM also:

  • 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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Margaret Rouse
Senior Editor
Margaret Rouse
Senior Editor

Margaret is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical business audience. Over the past twenty years, her IT definitions have been published by Que in an encyclopedia of technology terms and cited in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine, and Discovery Magazine. She joined Techopedia in 2011. Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages.