Wikipedia Many – At that time many start-up companies took

At that time many start-up companies took advantage of this trend and offered only social CRM solutions, including Base and Nutshell 7] In the same year Gartner organized and hosted the first Customer Relationship Management Summit, where the characteristics that systems have to offer in order to qualify as CRM solutions were outlined. 9] In 2013 and 2014, the most popular CRM products were related to business intelligence systems and communications software to improve business communication and enhance end-user experience.e. These analyses help improve customer service by finding small problems that can be solved, perhaps by marketing them differently from the different parts of the customer group. 13] For example, by analyzing customer behavior, a company may find that a customer has not recently purchased many products. Social CRM uses social networks and technologies to attract and learn from consumers. As the public, especially young people, is increasingly using social networks, companies [23] are using them to draw attention to their products, services and brands in order to build relationships with customers and thus increase demand. On the one hand, companies can adapt their offerings to each individual customer. By collecting information on interaction with clients and processing this information for revealing the latent laws, CRM applications help the companies to adapt the offers to individual tastes of clients. Such adaptation improves perception of quality of products and services from the point of view of the consumer, and as perception of quality is a defining factor of consumer satisfaction, application of CRM has an indirect influence on consumer satisfaction. All these elements are indicators of the type of relationship that the client wants to have with the company, so companies may consider investing more time and effort in building their relational intelligence. 22] Companies may use intelligent data analysis and web search technologies to understand their relational signals. CRM applications also allow companies to quickly and accurately process customer orders and manage their accounts on an ongoing basis. 27] For example, Piccoli and Applegate are discussing how Wyndham uses IT tools to provide consistent customer service based on its various properties. These systems encode the interaction between the company and its customers, using analysis and performance metrics to provide users with information on what to focus their marketing and customer service efforts on. Consumer products companies often manage their customer relationships in an arbitrary and non-commercial manner. Because of misunderstandings or misinterpretations of CRM analysis, they cannot use their customer relationships effectively and properly. When different things require less interaction with the company, customer satisfaction increases. These core benefits of customer relationship management are hypothetically associated with three types of assets: relationship, value and brand, and ultimately customer value. Research has shown that a 5% increase in customer loyalty increases lifetime earnings by an average of 50% in various sectors and up to 90% in specific sectors such as insurance. 39] Companies using c.