WHAT IS CRM?

A lot of people ask me, what is CRM?
CRM is Customer Relationship Management, which means a lot of different things. The next question is usually:
Why do I need CRM?

Here is a very good definition of CRM, what CRM is for, where and how CRM is used, and most importantly, why CRM is needed:

What is CRM and why is CRM needed?
Be sure to read to the bottom to see the statistical evidence which will show you why CRM is so necessary.