Customer Relationship Management
Short Definition
A strategic approach and technology system for managing an organization’s relationships and interactions with current and potential customers.
Context
Extended Definition
Customer Relationship Management (CRM) refers both to a business philosophy and to the technological systems that support it. Strategically, CRM focuses on understanding, anticipating, and responding to customer needs to build loyalty and maximize value over time.
Operationally, CRM software collects and analyzes data on customer interactions across touchpoints—sales, service, marketing, and social channels—to deliver personalized experiences and informed decision-making.
Contemporary CRM systems integrate AI, predictive analytics, and automation, turning customer data into actionable insights. They play a vital role in aligning marketing, sales, and customer service around a shared goal: sustainable growth through meaningful relationships.
Contemporary Example
See also
Part of chapter: Glossary