CRM stands for customer relationship management. It is a strategy for managing a company's interactions with customers, clients, and sales prospects using technology to organize, automate, and synchronize business processes. CRM helps companies improve relationships by providing structure to communicate effectively with customers and gain useful insights about purchasing habits to improve customer service. Social CRM allows companies to engage customers in collaborative conversations to provide mutual value in a trusted environment and respond to customers owning the relationship, as seen in Barack Obama's highly successful 2008 presidential social media campaign that raised $30 million through personalized fundraising pages, blogs, groups, and offline events.