Customer relationship management

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Customer relationship management (CRM) is a process in which a business or another organization administers its interactions with customers, typically using data analysis to study large amounts of information.[1]

CRM systems compile data from a range of different communication channels, including a company's website, telephone (which many software come with a softphone), email, live chat, marketing materials and more recently, social media.[2] They allow businesses to learn more about their target audiences and how to better cater to their needs, thus retaining customers and driving sales growth.[3] CRM may be used with past, present or potential customers. The concepts, procedures, and rules that a corporation follows when communicating with its consumers are referred to as CRM. This complete connection covers direct contact with customers, such as sales and service-related operations, forecasting, and the analysis of consumer patterns and behaviours, from the perspective of the company.[4] According to Gartner, the global CRM market size is estimated at $69 billion in 2020.[5][6]

The global customer relationship management market size is projected to grow from $101.41 billion in 2024 to $262.74 billion by 2032, at a CAGR of 12.6% [7]

  1. ^ Anshari, Muhammad; Almunawar, Mohammad Nabil; Lim, Syamimi Ariff; Al-Mudimigh, Abdullah (1 July 2019). "Customer relationship management and big data enabled: Personalization & customization of services". Applied Computing and Informatics. 15 (2): 94–101. doi:10.1016/j.aci.2018.05.004. ISSN 2210-8327. S2CID 67296369.
  2. ^ Shaw, Robert (1991). Computer-Aided Marketing & Selling. Butterworth Heinemann. ISBN 978-0-7506-1707-9.
  3. ^ "Management Tools – Customer Relationship Management – Bain & Company". www.bain.com. Retrieved 23 November 2015.
  4. ^ Hargrave, Marshall. "Customer Relationship Management – CRM goes beyond just software". Investopedia. Retrieved 5 June 2021.
  5. ^ "CRM software revenue worldwide 2010-2020".
  6. ^ "Market Share: Customer Experience and Relationship Management, Worldwide, 2020".
  7. ^ "Customer Relationship Management [CRM] Market Size, 2032". www.fortunebusinessinsights.com. Retrieved 25 June 2024.