If you want to grow your business, key things you might consider include: enhancing customer service, increasing customer revenues, improving how you cross sell and up sell products, ensuring customer loyalty and having effective internal communications. It’s these very things that will give you a competitive edge by exceeding client expectations and delivering a responsive service.
Easier said than done, you say? Maybe, but there’s no reason to not get started.
In strategizing how to grow your business, you must define how the whole company — every division, department and business unit — engages with its customers. How will each employee, not just those on the sales and marketing teams, manage the relationship with the customer? Defining how your teams work together and effectively service your customers is also known as customer relationship management, or CRM.
Organizations that think CRM can be achieved by simply purchasing the software will not actually achieve CRM. The software is merely an enabler to achieve CRM. While the two are related, they are separate.
A company must have both the software and the strategy, going hand in hand, for it to be successful. Only then will all of your teams be better informed about the customer and therefore, maximize opportunities and deliver better service and the right products to keep customer coming back.
Using the information that a CRM collects allows you to effectively profile customers. This helps in identifying customer segments and developing loyalty programs that offer different rewards for different levels of engagement, or repeat purchases. These profiles allow you to better target customers and potential customers with the right service and products, ensuring your message reaches the right audience — a key component of any effective marketing campaign.
By combining this information with the data from customers’ previous purchases and at what frequency, sales teams can better anticipate customer needs. Then, they can be there with the right product at the right time to get the sale.
The information collated by a CRM tool can come from many sources; true CRM is only achieved when everyone in the business is on board. This starts with senior managers. They really need to understand the value of CRM and how it can be used to meet their own objectives and that of staff, as well as customers’ objectives. If the users are not on board, then they will not use a CRM, giving you an incomplete picture, or worse yet a false one.
The best software in the world will not give you CRM. It’s the people who execute it on a daily basis that will give you a real CRM.