Customer Relationship management is perhaps the only concept that is common to all businesses, irrespective of what product they are selling or what service they are providing. This makes the CRM module a perfect domain to “learn once and implement many times”.
Customer Relationship Management, though is an inbuilt under current process in all the businesses, is usually treated with special emphasis as a specialized area for understanding and improvement. This itself, should give us an indication of how critical customer relationship management is for all businesses.
Customer Relationship Management would usually include customer retention strategies, marketing, customer service, brand awareness and value building, information provision, rewards and loyalty programs, billing etc.
Usually CRM identifies customers as those belonging to two main categories- businesses and customers. Therefore, the strategies in both these areas might be slightly different. All banks, retailers, and telecoms are some of the verticals that employ CRM on a regular basis.
Understanding CRM can be critical to devising an effective strategy, implementing the strategy, and eventually testing it.