What is CRM and its purpose in marketing?

CRM stands for Customer Relationship Management. CRM is a term that refers to practices, strategies, and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers. Maintaining a good relationship with your customers, or potential customers is vital in increasing the flow of sales and attracting more possible leads. For instance, your customers may refer people they know, to your company, and in return, this increases profit for your business. This also allows for your company or business to reach a much bigger audience.