Customer Relationship Management (CRM)

Definition of Customer Relationship Management (CRM)

A technology for managing a company’s relationships and interactions with current and potential customers.

Explanation of Customer Relationship Management (CRM)

Customer relationship management (CRM) is a strategy and technology used to manage and analyze customer interactions and data throughout the customer lifecycle. The goal of CRM is to improve customer relationships, enhance customer satisfaction, and drive sales growth. CRM systems help businesses organize and automate processes such as sales, marketing, customer service, and support. They provide a centralized database of customer information, enabling personalized communication, efficient service, and better decision-making. Effective CRM implementation leads to increased customer retention, higher conversion rates, and improved overall performance. By leveraging CRM tools, businesses can build stronger, more meaningful relationships with their customers.

This dictionary entry was written by

Per-Gulbrand Peter Braathen

With a foundation in doctoral-level research, Per-Gulbrand Peter Braathen is a seasoned expert in the areas of marketing, branding and communication. His proficiency extends to marketing management, branding and communication strategy. Braathen's experience is underscored by his rich background from various industries, including entertainment. A distinguished alumnus of the USC Marshall School of Business, Braathen boasts a Master of Science in Marketing, complemented by a Graduate Certificate in the Business of Entertainment from the USC School of Cinematic Arts as well as two undergraduate Bachelor degrees from the esteemed University of Southern California.