CRM Could Mean Customer Retention Management

When running a business, there are various terms that you need to know and understand. “CRM or customer relationship management” and “customer retention” are two classic examples. However, these two terms could overlap because of close relationship between the two in terms of function.

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CRM is an integral part of providing customer support and it means customer relationship management. At a glance, the term refers to the system of business management by its interaction and communication with both existing and potential clients. However, CRM also plays a vital role in customer retention, which is why CRM could also mean customer retention management.

How important is customer retention for a business?

The overall importance of customer retention when running a business is unparalleled. As you know, customers are the lifeblood of your business, which means to say your company will naturally die out without customers. Getting someone to buy your products or services is one thing – getting them to stay and be loyal to you is another story.

This is the reason why you should always consider offering only the best service or high quality product and handle customer support with ease and comfort. This way, customers would feel appreciated – not because of the money they can bring to your table but because you appreciate their mere existence.

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