Customer Relationship Management
Customer relationship management (CRM) in general refers to technology that companies use to track and record their customers’ data to understand them better. An effective CRM strategy helps businesses retain their customers and also ensures that there is an increase in revenue through enhanced CLV (customer life time value) Over the years, CRM strategy supported by technology has become an indispensable tool for organisations globally, be it SMBs or Enterprise businesses across sectors. Effective CRM has enabled companies to record and manage large number of customers and their data efficiently and has provided data inputs which has facilitated them to devise strategic plans based on customer intelligence collected.
Getting Your Business To Gain From CRM
- CRM technology enables your customer care representatives to have increased visibility to your customers purchase/ credit history. An effective CRM strategy also helps solve problems regarding coordination of information between your customer care representatives and sales executive as unified information is made available to parties.
- With an effective CRM process in place, your business will get real-time information on your customers. This helps you to create a very personalized experience for your customer based on his/her preferences.
- By recording information about your customers systematically, it enables your sales executive to follow-up on prospects effectively which results in higher sales ratio. Delivering on promised calls and meetings on time helps you close leads faster.
- CRM technology allows you to better segment your customers. This puts you at a competitive advantage since it allows you to decide which customers you would want to build relationships with, and which ones would you want to cost manage.
Develop an Effective Customer Relationship Management (CRM) Strategy
There is no one single CRM approach or practice you can select or qualify as the best CRM practice for your business. It all boils down to you and your team deciding on how CRM can be a factor to help having a customer-centric focus in your organisation for your type of product and business. You can have either a full-scale or a milestone-based CRM implementation depending upon the objectives you want to achieve. In whatever business case you may have, having the CRM implementation would result in a highly disciplined and customer focused approach.
- First step you will need to take while implementing an effective CRM Strategy is to clearly define the customer issues or pain points or the business output your desire.
- Get your team involved and agree to a sign off on the desired result.
- With thousands of companies offering CRM solutions, selecting the right one is often a herculean task. While choosing a partner and a platform, go for the one that can provide the best-fit to you. A partner who is ready to assume risks and take ownership of delivering desired results
- Once you start running the CRM program, set up an effective control and monitoring program with the partner and monitor the progress and impact jointly. This will help in making course corrections to ensure planned results.
- Do remember – measurement drives behaviour. Hence, have a well-designed measurable KRA across the enterprise linked to customer performance.