What is CRM?
Customer Relationship Management: the combination of strategy, processes and technology an organisation uses to manage and optimise its customer relationships.
More details
CRM systems (Salesforce, HubSpot) centralise customer data from multiple sources: sales interactions, marketing campaigns and transaction history. Operational CRM (sales management), analytical CRM (customer insight) and collaborative CRM (information sharing) are the three main types. Customer Lifetime Value (CLV) is the key steering metric.
For example…
Bol.com personalises all customer contact using CRM data: the homepage shows products based on purchase history, and emails contain category-specific recommendations. The result is a significantly higher average order value for personalised versus generic communication.