What is Customer Relationship Management (CRM)? ...And How to Use it.

The video explores Customer Relationship Management (CRM), emphasizing its role in building strong customer relationships and driving business growth. It traces the evolution of CRM from local businesses to global enterprises, highlighting the importance of data and technology. The video defines CRM as managing interactions with customers and outlines a five-step process for effective implementation. It also discusses the benefits of CRM, including customer insights and product improvement.

What is the primary focus of Customer Relationship Management?

• Reducing operational costs

• Increasing employee satisfaction

• Developing new products

• Building a strong relationship with customers

How has technology impacted CRM since the 1990s?

• It has reduced the need for customer interactions

• It has enabled businesses to gather and analyze customer data more effectively

• It has made CRM more expensive

• It has limited CRM to large corporations

Which of the following is NOT a function supported by CRM tools?

• Employee training

• Sales management

• Customer intelligence

• Contact management

What is a common misconception about CRM?

• It is primarily about software tools

• It is not useful for non-profit organizations

• It is only for large businesses

• It does not require data

What is the first step in the CRM process?

• Building a culture

• Gathering data

• Setting up the system

• Identifying leads

Why is building a culture important in CRM?

• It ensures the CRM system is used effectively

• It eliminates the need for data analysis

• It reduces the cost of CRM tools

• It automates customer interactions

How can CRM insights be used to improve products and services?

• By hiring more salespeople

• By reducing production costs

• By understanding customer preferences and needs

• By increasing marketing budgets