Meaning of the word "customer relationship management" in English

What does "customer relationship management" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

customer relationship management

US /ˌkʌstəmər rɪˈleɪʃənʃɪp ˈmænɪdʒmənt/
UK /ˌkʌstəmər rɪˈleɪʃənʃɪp ˈmænɪdʒmənt/
"customer relationship management" picture

Noun

1.

a strategy for managing all your company's relationships and interactions with customers and potential customers. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.

Example:
Effective customer relationship management is crucial for business growth.
Our company implemented a new customer relationship management system last year.
Synonym:
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