In the 21st century, maintaining good customer relations is the major management challenge for any company. In the past, customers did not have other suppliers and were not as demanding. But in today's world, it's a complete transformation. All these problems and changes in business environments such as increasing competition, economic liberalization, demanding customers, high consumer choice, more focused on the value and quality of the products or services purchased. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Modern marketing is more than just developing a product, pricing it, promoting it, and making it accessible to the target customer. Today, producers are moving from traditional marketing to modern marketing due to all these changes. The process of developing a cooperative and collaborative relationship between the buyer and seller is called customer relationship management (CRM). CRM is a new marketing technique in which the marketer tries to develop a long-term relationship with the customers to make them become lifelong customers. . CRM aims to move the customer loyalty ladder up. The company first tries to determine who the likely prospects are, that is, people who have a high potential interest in the product and who have the ability to pay for it. The company hopes to convert many of its qualified leads into new customers and then convert those new customers into repeat customers. The company then tries to convert these repeat customers into customers – these are the people who only buy from the company in the relevant product categories. The next challenge for the company is to convert this customer into advocates. Advocates are customers who praise the business and encourage others to buy from it. The ultimate challenge is converting these advocates into partners where clients and customers actively work together to discover ways to achieve mutual benefit. So, in CRM, the key performance figure is not only the current market share, but also the share of lifetime value by converting customers into partners. In CRM, the company tries to identify that small percentage (20%) of key account holders whose contribution to the company's revenue is high (80%). From this point of view, CRM is also known as KEY ACCOUNT MANAGEMENT. Why – Customer Relationship Management Customer relationship management (CRM) is the process of tracking and analyzing all the interactions you have with your customers and prospects. CRM software is a tool that centralizes, simplifies, secures and evolves our customer engagement. Growing BusinessProspecting is a set of manual and automated activities across multiple channels that result in a lead or opportunity. You can use CRM to direct salespeople to cross-sell and upsell activities, identify new products or market opportunities, increase opportunity creation throughout the funnel, assign leads to sales reps to attract customers. Increasingly, successful businesses are turning to inbound marketing. , which is the use of your website and search optimization combined with a content program to turn suspicious customers into qualified leads. Replicating Best Practices You will no doubt have some ideas on how you want to engage your customers. You will probably want to make sure that you..