Customer Relationship Management - CRM

AAA

DEFINITION of 'Customer Relationship Management - CRM'

The principles, practices, and guidelines that an organization follows when interacting with its customers. From the organization's point of view, this entire relationship not only encompasses the direct interaction aspect, such as sales and/or service related processes, but also in the forecasting and analysis of customer trends and behaviors, which ultimately serve to enhance the customer's overall experience.

INVESTOPEDIA EXPLAINS 'Customer Relationship Management - CRM'

With the growth of the internet and related technologies, customers are concerned over the privacy and safety of their personal information. Therefore, businesses need to ensure that the storage and analysis of the customer data must have the highest levels of protection against cyber criminals, identity theft and other breaches of securities.

RELATED TERMS
  1. Comparable Store Sales

    The amount of revenue a retail location generated in the most ...
  2. Customer Service

    The process of ensuring customer satisfaction with a product ...
  3. Third-Party Verification - TPV

    When an outside organization reviews a customer's information ...
  4. Relationship Manager

    A professional who works to improve a firm's relationships with ...
  5. Forrester Research Customer Experience ...

    Forrester Research, a technology and market research company, ...
  6. Identity Theft

    The crime of obtaining the personal or financial information ...
RELATED FAQS
  1. How do companies calculate the estimated duration of a new project?

    Different kinds of companies use different techniques to estimate project duration. For internal projects, estimation requires ... Read Full Answer >>
  2. What are the biggest stadium naming rights deals of all time?

    The top three stadium naming rights deals of all time were all for stadiums hosting New York City teams. The largest was ... Read Full Answer >>
  3. What are the key differences between pro forma statements and GAAP statements?

    The U.S. generally accepted accounting principles (GAAP) require companies to adhere to uniform reporting standards that ... Read Full Answer >>
  4. What are some examples of different types of business models in major industries?

    As an important aspect of a comprehensive business strategy, a company's business model is a representation of its core business ... Read Full Answer >>
  5. How can key performance metrics (KPIs) help evaluate employees?

    Key performance indicators (KPIs) can help evaluate employees by measuring how well they perform in meeting individual goals ... Read Full Answer >>
  6. What are the different sources of business risk?

    A certain risk level is inherent in running a business. A company cannot completely eliminate risk, but it can control or ... Read Full Answer >>
Related Articles
  1. Insurance

    Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  2. Economics

    What's Involved in Customer Service?

    Customer service is the part of a business tasked with enhancing customer satisfaction.
  3. Investing Basics

    What is a Minority Interest?

    A minority interest is an ownership or equity interest of less than 50% of an enterprise.
  4. Economics

    Explaining the Glass-Steagall Act

    An act the U.S. Congress passed in 1933 as the Banking Act, which prohibited commercial banks from participating in the investment banking business.
  5. Investing

    Who's Banning Facebook Now?

    Facebook may have over one billion monthly users, but there are many countries, including China, where the social media giant is banned.
  6. Investing

    Why Facebook is Banned in China

    Tight controls imposed by China have resulted in the ban of several foreign social media sites, like Facebook, but how did this come about?
  7. Investing

    REITs 101: How They're Regulated

    Here's everything you need to know about REITs in less than five minutes.
  8. Professionals

    Tips for Breaking the Ice with New Clients

    Tips and methods to ensure a successful start to client/advisor relationships.
  9. Mutual Funds & ETFs

    How To Start a Hedge Fund In the United States

    A general overview of how to start a hedge fund firm in the United States, including complying with state and federal regulations.
  10. Mutual Funds & ETFs

    How To Start A Hedge Fund In The UK

    Starting a new hedge fund in the United Kingdom is more complex than in the United States. We discuss UK laws and regulations for starting a new hedge fund.

You May Also Like

Hot Definitions
  1. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  2. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  3. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
  4. Terminal Value - TV

    The value of a bond at maturity, or of an asset at a specified, future valuation date, taking into account factors such as ...
  5. Rule Of 70

    A way to estimate the number of years it takes for a certain variable to double. The rule of 70 states that in order to estimate ...
  6. Risk Premium

    The return in excess of the risk-free rate of return that an investment is expected to yield. An asset's risk premium is ...
Trading Center