It is a strategic approach to customer acquisition, service, satisfaction, loyalty and retention. All that sounds very soft.
Technology is important, but only to support the way a company interacts with a customer.
Too many companies think that if they embrace technology first, they'll develop a loyal customer base. The reality of it is that technology-first CRM initiatives quite often fail. And, since they neglect this aspect of the process, they also neglect to map out how a customer wants to do business with their company. This creates a tremendous perception and performance gap that must be closed before technology can be effective. It seems CRM is primarily for large or larger companies.