CRM involves collecting customer data to understand customers and enhance their value. It has several key aspects: 1) Acquire and retain customers by delivering value, maintaining interactions, and adapting to customer changes. 2) Understand customers through analysis and interactions to identify valuable segments and their needs. 3) Develop products, services, and channels based on customer segments to customize offerings. 4) Interact and deliver value across all parts of the organization based on customer information and needs.

1. CRM CYCLEP.N.Sandeep MBA 2ndYear 1225110332

2. What Is CRMCustomer Relationship Management (CRM) is the process of collecting and analyzing a firm’s information regarding customer interactions in order to enhance the customers’ values to the firm.It involves using technology to organize, automate, and synchronize business . Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.Measuring and valuing customer relationships is critical to implementing this strategy.

4. Acquire & RetainThe more we learn about customers, the easier it is to pinpoint those that are producing the greatest value for the organization.

5. Those are the customers and customer segments that we want to clone in our prospecting and acquisition efforts. And, because we continue to learn about what is valuable to each segment, we'll be much more likely to score a "win" with the right channel, right media, right product, right offer, right timing and most relevant message.

6. Successful customer retention is based very simply on the organization's ability to constantly deliver on three principles:

7. Maintain interaction; never stop listening.

8. Continue to deliver on the customer's definition of value.