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CRM, or Customer Relationship Management, is a company-wide business strategy designed to reduce costs and increase profitability by solidifying customer loyalty. CRM brings together information from all data sources within an organization to give one, holistic view of each customer in real time. This allows customer facing employees in such areas as sales, customer support, and marketing to make quick yet informed decisions on everything from cross-selling and upselling opportunities to target marketing strategies to competitive positioning tactics.
A CRM system helps companies stay connected to customers, streamline processes, and improve profitability. CRM is the largest software market in the world and has increasingly proven to be the best technological asset that companies can invest in. With the prominence that the cloud CRM software market has been gaining over the years, and the ease with which CRM can integrate with other applications that businesses generally use, CRM systems help implementors cover every aspect of their business cycle with an increase in sales & marketing returns, all while helping them cut down on their costs.