Customer Relationship management (CRM)

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If you are a small business owner and hear some one mention 'customer relationship management' don't think 'I just have a small business and don't need any complicated marketing.'

CRM is critical for EVERY business big or small and, it costs as much as you want it to. CRM deals with the tracking and analyzing of data related to past, present, and potential customer transactions. The goal of the analysis is to better understand and enhance the relationship between the customer and the business.

Some of the improvements in business activities that result from CRM can include more efficient marketing (advertising with better appeals, a higher response from direct marketing, or an increased life-time value of the customer), better inventory management, and by enabling your employees to provide better service.

An end result of good CRM is to be able to treat each customer as an individual while better understanding the necessary steps for overall business improvement. What could be put in the Finance of Marketing section of this website is critical to CRM and that is, understanding the cost of acquiring a new customer and the subsequent life-time value of the customer.