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Customer Relationship Management CRM as the name suggests the primary focal point is placed on the customer The key objective is to increase customer value over time by increasing customer loyalty If a company develops better customer relationships it also improves business processes as well as its profits In general CRM is a more efficient automated method used to connect and improve all areas of business to focus on creating more solid customer relationships All forces are coupled together to save improve and acquire greater business to customer relationships The most common areas of business that are positively affected include marketing sales and customer service strategies CRM helps create time efficiency and savings on both sides of the business spectrum Through correct implementation and use of CRM solutions companies gain a better understanding of their strongest and weakest areas and how they can improve upon these Therefore customers gain better products and services from their businesses of choice In order to achieve better insight on CRM it is essential to consider all of its components Analogous to other technologies CRM has its goals costs implementation strategies and success and failure stories If successful CRM can assist businesses with many customer-oriented processes In general companies will be able to offer better customer service By keeping track of customer preferences a company will have a better idea of what type of questions to expect Through well-organized call centers they can provide faster more intelligent solutions to customers questions and complaints CRM is important because of the changes occurring in the competitive environment Globalization and the Internet mean that competition can now come as easily from around the world as from around the corner Power and choice are moving to the customer as never before and leading to the customization of various products and services In this environment product quality and features are a given and in many industries are now so undifferentiated
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