From the course: Supply Chain and Operations Management Tips

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Learn about customer relationship management (CRM)

Learn about customer relationship management (CRM)

From the course: Supply Chain and Operations Management Tips

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Learn about customer relationship management (CRM)

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- Every dollar your business earns comes from a customer. In order to ensure that you have a steady stream of revenue in the future, you need to know who are your customers, what have they bought in the past, and what are they going to buy next. Let's see how to use a customer relationship management system or CRM to gather information that will help you answer those questions. Traditional brick and mortar businesses like the local grocery store or coffee shop sell directly to consumers who walk in, buy stuff, and walk out. Their customers are often reluctant to share personal information, so many brick and mortar companies have introduced loyalty programs where customers earn points or discounts in exchange for sharing information about who they are and what they buy. The customers benefit because they save money and the company benefits because they now have better data about their customers. That's stored in the CRM. Online retailers have a different challenge. They tend to have a…

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