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The Cost of CRM, Part 1

12 March 2013
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CRM refers to Customer Relationship Management. It is the acronym for the software that companies use to keep track of their interactions with customers.

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The Cost of CRM, Part 1

CRM refers to Customer Relationship Management. It is the acronym for the software that companies use to keep track of their interactions with customers. The Software also tracks customers’ buying patterns and surveys possible future needs for more product. Companies buy CRM as a way not only to keep customers loyal, but to bring in new customers, too. If a company cannot continue to attract new customers, it cannot grow. Thus, by supporting companies in their attempt to deal expertly with current customers as well as with potential customers, CRM Software helps sales and marketing teams make the most of their time and expertise in order to generate more profit and revenue.

CRM Software evolved from marketing strategies that first began setting up customer-service groups once companies realized that even this basic surveying practice rewarded them with increased business. As a result of observing how the customer relationship market was one worth pursuing, CRM designers began to target the development of software systems capable of tracking what customers bought, what they spent, when they did their spending, and what they might purchase down the line.

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