CRM
The combination of practices, strategies, and technologies that companies use to manage and analyze customer interactions and data
SRM
The systematic approach to evaluating vendors that supply goods, materials, and services to an organization
PRM
The combination of software, methodologies, best practices, and strategies that help a company manage and automate their business operations with their channel partners
ERM
The process of adopting controlling methods and practices to regulate employee relations
The goal of CRM is to improve customer service relationships, assist in customer retention, and drive sales growth. The goal of SRM is to determine each supplier's contribution to success and develop strategies to improve their performance. The goal of PRM is to manage activities with partners, such as channel sales partners.
Customer relationship management (CRM) is a business strategy and technology that helps companies manage their relationships with customers and potential customers. The goal of CRM is to improve business relationships, increase profitability, and promote customer satisfaction and loyalty.
The overall business goals of CRM systems are to:
Capture new leads and move them through the sales process
Support and manage relationships with current customers to maximize their lifetime value to the company
Boost productivity and lower the overall costs of marketing and sales
Grow sales and improve customer service
Retain existing customers with engaging content that is customized to their interests
Deliver a better customer experience, which in turn increases loyalty to the company
Some examples of CRM marketing automation include sending out a thank you when a customer makes a purchase, upselling or cross-selling a client if they purchase a particular product, offering a birthday greeting with a promo code, or sending a discount to a customer that hasn't made a purchase recently.
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