What is Customer Relationship Management (CRM)? Explain in Brief

Introduction - Customer Relationship Management (CRM)
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer life-cycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.

CRM systems are designed to compile information on customers across different channels -- or points of contact between the customer and the company -- which could include the company's website, telephone, live chat, direct mail, marketing materials and social media. CRM systems can also give customer-facing staff detailed information on customers' personal information, purchase history, buying preferences and concerns.