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CRM is the abbreviation for customer relationship management.
Customer relationship management (CRM) entails all aspects of interaction that a company has with its customers, whether it is sales or service-related. While the phrase customer relationship management is most commonly used to describe a business-customer relationship (B2C), CRM systems are also used to manage business to business to business (B2B) relationships. Information tracked in a CRM system includes contacts, clients, contract wins and sales leads and more.
The CRM Strategy
Customer relationship management is often thought of as a business strategy that enables businesses to improve in a number of areas. The CRM strategy allows you in following:
o Understand the customer
o Retain customers through better customer experience
o Attract new customers
o Win new clients and contracts
o Increase profitably
o Decrease customer management costs