In today’s highly competitive business landscape, organizations must build and maintain strong connections with their audience. Two key approaches to achieving this goal are CRM (Customer Relationship Management) and Community Building . While both aim to foster customer loyalty and engagement, they do so in very different ways. Let’s break down these two powerful strategies, highlighting their roles, characteristics, and how they compare to one another. CRM (Customer Relationship Management) Purpose: CRM refers to practices, strategies, and technologies that organizations use to manage interactions with customers and potential customers. Its primary goal is to improve customer service, increase satisfaction, and build long-term relationships that enhance customer loyalty. Key Characteristics: Data-Centric: CRM systems collect and analyze customer data, such as contact information, buying history, and preferences. This data is used to enhance the customer ex...
Market review based on current market scenario around the world