CRM, or customer relationship management, covers a broad array of services that brands provide for their customers. These services include everything from providing technical support to monitoring social media. The basic philosophy is to facilitate the purchase process for the customer and make it as convenient as possible for him. For many businesses, repeat customers account for the most revenue. This benefits both the customer and the business, which can look forward to future revenue.
Retail
Retail stores offer coupons, discounts and sales to repeat customers. Most supermarkets in the U.S. provide customers with a plastic card that unlocks discounts. This has the double benefit of letting the store track its sales more effectively.
Banking
The world of finance has very good CRM because the services provided by a bank are its core draw in the marketplace.
Online
Websites often provide services such as live chat with a customer service representative, support forums or free shipping. These are very helpful because, for example, a product might have the same price in multiple stores, but free shipping makes it cheaper in one store.
Social Media
Monitoring social media helps brands maintain their image as well. For example, Jet Blue quickly responds to tweets from passengers, allowing them to address complaints immediately.
Community Service
Community service, or corporate social responsibility, is another form of CRM. Companies give back to communities in the form of scholarships, health services and other donations of money and time. This does not directly lead to increased sales, but strengthens a brand's relationship with a community.
Tags: free shipping, repeat customers, social media