The global market for Customer Relationship Management (CRM) Software is projected to reach US$89.9 billion by 2025, driven by the importance of maintaining and creating relationships with customers in running successful businesses. Benefits of well implemented CRM include better customer relationships, increased customer loyalty, happy customers are always willing to pay a price premium for superior product experience; customer retention as loyal customers spend over 70% more than new customers; lower customer churn rate; successful brand building and equity; enhanced ability for up-selling and cross-selling; improved revenues, profitability and corporate bottomline. Additionally, in the current competitive market scenario, customer loyalty is hard to gain since competition and rapid commoditization of products and services make switching to other companies easy. This makes CRM even more important in understanding buyer behavior, expectations, and purchase process so as to be able to align the product’s value proposition to the buyers’ need. It is important for businesses to align CRM with sales, marketing and customer service (feedback and support) departments. CRM software draws information from myriad departments in a company to provide centralized and holistic information valuable in making quick and informed decisions that improve responsiveness of customer-facing departments. Read More…



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