CRM - a major component in a Focused Business
Customer relationship management is more than just good customer service. CRM benefits the company by providing a focus for marketing, a system for analytics, the ability to coordinate across functions and more administrative support. All of these together improve the customer experience.
A CRM will help the company understand its customers, where they get information, how they like to interact with the company and the best way to communicate with them. This provides targeted marketing to those individuals who are most likely to make a purchase. Rather than trying to market to everyone, through traditional television or radio commercials for example, focused marketing will utilize social media and the internet to market to those people who are most interested in the product.
For example a renovation company that specializes in kitchen remodels with green products can look at the information gathered through their CRM to see that most of their current customers came from a specific platform where the company received good word of mouth advertising. They can then focus on that type of platform for future advertising rather than wasting money on a platform that doesn't provide them any sales.
Analytics and Reporting
A CRM application will analyze the data and allow businesses to make more informed decisions. When the customer data as well as sales data is in the same application this analytics process becomes even more effective. The business can determine what products are selling and who is buying. Problems in processes can be quickly identified and addressed before they cause a downturn in sales. More better qualify of informed decisions can come from knowledge found in a focused customer relationship management system. This centralized data storage is a goldmine of information that can help the business grow effectively.
Cross Functional Cooperation
A CRM that holds data from multiple departments such as operations, sales and marketing will provide a better picture of the overall health of the business. Access to the same information will allow departments to work together more effectively and reduce errors during handoffs when information may not be shared correctly without a centralized system. When everyone is pulling from the same information base it saves time and consequently money. Focused businesses with CRM believe that if information is not found in CRM, then it has not happened and been shared correctly.
A CRM can also help provide support for the day-to-day details that must be done. Making appointments for sales, tracking the follow-up and keeping notes on customer interactions are all important. By utilizing a CRM where everyone has access to all of this type of information processes can be streamlined. Sharing this information can also help customer service as those representatives can easily be made aware of customer sensitives and needs.
Better Customer Service
All of these items help the company serve the customer better. The data available will help a company make informed suggestions for specific customers as well as develop better customer service models. Utilizing a centralized system will help reduce communication problems as everyone has access to the same information. Improved customer service leads to improved customer satisfaction.
Customer Relationship Management focuses on Three Key Actions
- Acquire - attract more ideal prospects that fit your target market & strengths
- Develop - grow each customer relationship for long term business success
- Retain - loyal and profitable customers so your business asset appreciates
A CRM provides many benefits for businesses. For more information on how a CRM can help your business contact us.
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