In the 21st century, maintaining a good customer relationship is the main management challenge of every company. In the past, customers did not have alternative suppliers and were not as demanding. But in today's world it is a complete transformation. All these problems and changes in business environments such as increasing competition, economic liberalization, demanding customers, high consumer choice focus more on the value and quality of the product or services purchased. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original EssayModern marketing is much more than developing a product, pricing it, promoting it, and making it accessible to the target customer. Today, manufacturers are switching from traditional marketing to modern marketing due to all these changes. The process of developing a cooperative and collaborative relationship between buyer and seller is called customer relationship management (CRM). CRM is a new marketing technique where the marketer tries to develop long-term relationships with customers to develop them as lifetime customers. . CRM aims to move the customer up the loyalty ladder. The company first tries to determine who the likely prospects are, that is, people who have a strong potential interest in the product and the ability to pay for it. The company hopes to convert many of its qualified prospects into first-time customers and then convert these first-time customers into repeat customers. Then the company tries to convert these repeat customers into customers - they are those people who only buy from the company in relevant product categories. The next challenge for the company is to convert this customer into advocates. Supporters are those customers who praise the company and encourage others to buy from it. The final challenge is to convert these advocates into partners where customers and clients actively work together to discover ways to gain mutual benefit. Therefore in CRM the key performance figure is not just the current market share, but the share of lifetime value resulting from converting customers into partners. In CRM the company tries to identify that small percentage (20%) of key accountholders whose contribution to company revenues is high (80%). So, from this point of view, CRM is also known as KEY ACCOUNT MANAGEMENT. Why – Customer Relationship ManagementCustomer Relationship Management (CRM) is the process of tracking and analyzing all the interactions you have with your customers and prospects. CRM software is a tool that centralizes, simplifies, secures and scales our customer engagement. Growing BusinessProspecting is a collection of manual and automated tasks across multiple channels that result in a lead or opportunity. You can use CRM to direct salespeople for cross-selling and up-selling activities, identify new product or market opportunities, increase creation of funnel opportunities, assign leads to representatives to acquire customers. More and more successful businesses have turned to inbound marketing, which is the use of your website and search optimization combined with a content track record to nurture customers from suspects to qualified prospects. Replicating Best Practices You will no doubt have some ideas about how you want to engage your customers. You'll likely want to make sure you're providing a consistent, high-quality customer experience. Please note: this is just an example. Get a custom paper from our expert writers now. Get Custom Essays CRM systems can be.