Customer Relationship Management (CRM) is not just the application of technology, but is a strategy to learn more about customers' needs and behaviors in order to develop stronger relationships. It is more of a business philosophy than a technical solution to assist in dealing with customers effectively and efficiently. Nevertheless, successful CRM relies on the use of technology.
CRM is a term that was initially defined and designed to enhance customer services. Nowadays, it relates to an entire business strategy. CRM software acts as a single repository to bring your sales, marketing, and customer support activities together, and streamline your process, policy, and people in one platform.
CRM is a strategy for boosting the value and profitability of a business by promoting customer loyalty and satisfaction. It is built on the premise that there is better business sense in focusing on creating long-term relationships with existing
customers rather than on making new ones.