CRM or Customer Relationship Management is a strategy for managing an organization’s relationship and interaction with customers and potential customers. A CRM system enables companies to stay connected to customers, streamline processes, and boost profitability.
The business scenario is constantly evolving with the customer having the means to access unlimited information through the media and the internet. The digital revolution has caused a shift in power from the hands of businesses to the customers and because of the highly competitive scenario, they are entitled to freedom of choice amongst the products.
Along with that, it is essential to maintain a healthy relationship with the client. For that, the objective should be to develop a customer-centric framework, which inculcates insight catering to customer’s needs and requirements. Therefore, the business leaders have to start thinking more like the marketers to boost up the revenue scale. They need to engage buyers into the latest trends in the market to offer maximum benefit and here is where CRM is of great value.
The basic objective of any CRM solution is to improve customer retention. Its secondary objective is to improve customer acquisition efficiently, without jeopardizing existing customer relations and ensuring the gradual transition of a new customer to a loyal, long-term client smoothly.
Few ways in which CRM can help in retention are: (a) builds up a comprehensive viewing of “customer journey” map by gathering data on the customer, (b) tracking the needs and demands of the target audience and (c)mapping the customer journey which helps in jotting down focal points of customer’s experience from initial contact (awareness), through the process of engagement (urging the customer to purchase) and into a long-term relationship (post-purchase involvement).
Target customers through tailor-made offers by gathering customer’s media consumption and purchase history to decide what kind of offers will be appealing to each individual and add relevancy, which will keep the brand recognition value high. Identifying ways to convert the interests of customers to final purchase is the main aim here, which can be achieved by providing discounts and offers to add value to the overall experience.
Using the information gathered in CRM software to curare Loyalty Programs can bring out the varied levels of engagement by the customers, revealing which of the accounts are driving the most revenue. It ensures a continuous relationship with these profitable customers, creating a valuable experience for them and also referrals from these customers to extend target reach. You can create a list of your most profitable customer, through CRM software.
Personalizing the interactions which have a great impact on not only purchase but also post-purchase relationship, where it is equally essential to reach out to the customers on a frequent basis, to increase the value of your service.
Assessing performance as feedbacks are essential for conceiving and executing a successful marketing campaign. One needs to know the success rate and the shortcomings of a particular strategy to proceed in making it better. There’s no better place to obtain it from, than the customers themselves and CRM can be utilized here through dashboards to review service execution and highlight areas for improvement.
An organization should always be in search of ways to improve customer service, keeping insights at the center. CRM aids in merging relevant business information from various departments into a single easy–to–access database.CRM monitors the activities around customer engagement, not solely for customer retention itself.