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Customer relationship management is a technology which manages all the company's interactions and relationships with potential and existing customers. The goal of customer relationship management is to improve business relationships. Furthermore, CRM technologies helps firms stay connected to streamline processes, improve profitability, and maintain good relations with suppliers by delivering quality services. The marketing and sales team can track and follow a customer's interaction journey with a CRM solution. This can experience and enhance the journey of the customer by refining each customer’s touchpoint. CRM software lets us identify sales opportunities, manage marketing campaigns, record service issues, and store customer and prospect contact information all in one central location.
The customer relationship management platform includes email, social media, and phone —following up on orders, contacting users about an issue, and asking questions. Without a common platform for customer interactions, communications can be lost in the flood of information — leading to an unsatisfactory or slow response. As per Fortune Business Insights, the market for customer relationship management will reach USD 145.79 billion by 2029 with a CAGR of 12%. The market reached USD 64.41 billion in 2022 and is also set to reach the valaution of USD 71.06 billion in 2023.