The Local Brand X Glossary

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Local Brand X Glossary

CRM

The short form CRM stands for Customer Relationship Management and generally refers to the use of software that records customer relationships and makes further processing of the data possible. A CRM system contains all supplier and customer data as well as possibilities to analyze them. From the analysis of said data new strategies for the future distribution of the products can be derived.

In addition, the CRM system serves as an additional communication channel between customers and companies and makes cross- or upselling possible. In addition, CRM systems facilitate the long-term retention of existing customers. An evaluation of customer needs increases customer loyalty and customer-specific product recommendations are made possible.


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