Customer Relationship Management (CRM) is a strategic methodology employed by firms to effectively manage and analyse customer interactions and data over the whole customer lifetime. The main objective of CRM is to build business relationships with customers, foster customer loyalty, and eventually boost sales growth.
CRM has had substantial growth in India, particularly in sectors such as banking, retail, telecommunications, and healthcare. The swift process of digitising the Indian economy and the growing utilisation of mobile and internet services have expedited the implementation of CRM solutions. Indian organisations are progressively adopting CRM systems to serve their extensive and diversified consumer base, guaranteeing customised and localised marketing endeavours that effectively connect with various cultural and regional preferences.
CRM systems in India may require customisation to effectively address the distinct issues posed by the Indian market, such as linguistic diversity, diverse consumer behaviour, and the substantial rural population. Reliance, Tata Group, and ICICI Bank are leading companies that have prioritised the implementation of CRM methods to improve customer interaction and stimulate business expansion. CRM is a crucial instrument for firms seeking to establish enduring relationships with their consumers, adjust to fluctuating market conditions, and maintain competitiveness in the swiftly altering business environment.
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