Customer Relationship Management : Customer Relationship Management (CRM) is a broad term that covers concepts used by companies to manage their relationships with customers, including the capture, storage and analysis of customer, vendor, partner, and internal process information.
Platinum : This is segment or retailers customers with the top 25% LTV (Lifetime Customer Value ).These are the most loyal customers who are not overly concerned about merchandise price & place more value on customer service.
Gold : Next 25% of customers in terms of their LTV make up the Gold Segment.These have low LTV then Platinum customers because they are more price sensitive.
Iron : Customers of the in the third tier probably do not deserve much special attention from the retailer due to their modest LTV.
Lead : Customers in the lowest segment can cost the company money.They often demand a lot of attention what do not buy much from the retailer.
Customer relationship management tools include software and browser-based applications that collect and organize information about customers. For instance, as part of their CRM strategy, a business might use a database of customer information to help construct a customer satisfaction survey, or decide which new product their customers might be interested in.
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