What does CRM mean?

Definition and explanation

CRM stands for Customer Relationship Management. It is a business strategy that builds and manages long-term relationships between a company and its customers. The goal of CRM is to improve customer satisfaction and loyalty by providing personalized experiences, addressing customer needs, and streamlining communication. CRM typically involves the use of software and data analytics to collect, organize, and analyze customer information, including purchase history, preferences, and behavior. This information is used to inform marketing, sales, and customer service efforts, ultimately leading to increased revenue and profitability.

Why it matters in sales

In the high stakes world of sales, Seth Godin would remind us that "there's always room for a story that can transport people to another place." CRM is that story. It's the story of how a company can woo and keep its customers by understanding their needs and desires. The software and data analytics that come with CRM offer a powerful tool to create a narrative that resonates with the customer. It's a way to show the customer that they aren't just another sale to be made, but a character in a story that the sales organization values. When used correctly, CRM can be the hook that keeps the customer coming back for more, chapter after chapter.

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