Tools, technologies, and processes employed by companies to manage interactions and relationships with customers over their entire life cycle. This includes: maintaining records of every interaction that occurs between the customer and company to allow follow-ups and continuations of support. Progressing customers through different segments based on their value, prequalifying them for promotions, and doing outreach programs for customers who have not done business in a while. In cases where customers have indicated that they are terminating their relationship, initiate attempts to save the relationship.
Acronyms/ Synonyms: CRM, Customer Relationship Management