What is the concept of customer relationship management and define its importance in global business? (500 words)

Customer relationship management means the business processes and strategies for managing and predicting the incoming customer interactions with the goal to strengthen the relationships between a brand and its customers in the long run.

CRM facilitates the data gathering process all along the consumer journey, as nothing is left out from the customer-company interaction. This is the data that the companies use to enhance the quality of their customer service thus make the clients happy.

The importance of CRM in global business includes:The importance of CRM in global business includes:
- It provides 1:1 marketing, and modifies products/services according to customers' needs.
- This creates stronger loyalty as it helps the customer become more actively involved with the brand.
- Facilitates selling complementary and higher-value products or services by acquiring wider customer needs knowledge.
- Accessable data and information that helps to find the right customers for the business.
- The value of the customer is determined by returning and filling needs over time. These factors increase the value of the customer.

With the ever-growing global marketplace, CRM implementation is an essential factor to keep businesses ahead and ensure a sectorial improvement. Diverse consumer markets are difficult to reach, but the client-centric data and insights it provides can never be discarded when one is trying to connect with them.