WHAT'S THE MEANING?
Customer relationship management (CRM) is an approach to manage a business' interactions and relationships with its customers. It will also help them to stay connected with customers, streamline processes and improve profitability. The goal is building customer relationships.
DID YOU KNOW?
Did you know CRM is now the largest software market in the world? The worldwide CRM software revenue amounted to $39.5 billion in 2017, surpassing the $36.8 billion of database management systems (DBMS). In fact, it will continue to be the highest in the software market as the growth isn't slowing down. It comes as CRM software is expected to reach more than $80 billion by 2025. The strong growth rate is driven by segments of lead management, the voice of the customer and field service management. Each of those segments is predicted to have more than 20% growth. Much of the growth is being attributed to the increasing need for companies to keep up with customers. They also do not want to establish information silos. Sure, CRM is now at the heart of every growing business. Those who have embraced these technologies have seen an improvement in the adoption of CRM software by their employees and meeting sales quotas. Moreover, the increasing use and dependence on mobile technology led to the rise of mobile CRM. Indeed, businesses will continue to increase investments in CRM. This is not only because of improving results but to keep up with their competitors.