This article was originally compiled by Susannah Patton and Tom Wailgum and published in March, 2007. It was last updated in April 2017.
If you don’t have an accurate view of who your customers are and what their needs or desires are or will be at any given stage in their lives, or if you are losing customers to a competitor, that’s a clear indication that you need CRM.
There are many technological components to customer relationship management, but thinking about CRM in primarily technological terms is a mistake. Instead, a useful way to think about customer relationship management (CRM) is as a strategic process that will help you better understand your customers’ needs and how you can meet those needs and enhance your bottom line at the same time.