How CRM makes your business wheels roll for profitability
As Bill Gates said: “How you gather, manage and use information will determine whether you win or lose”. That’s why Customer Relationship Management (CRM) is an important communication tool; it helps you manage and grow your relationship with your customers. An effective CRM strategy with customers and stakeholders reflects in the bottom line as increased sales and profitability.
How does CRM work?
The operative function of CRM is focused on an IT system that efficiently organises the everyday channels of customer communications. This comprehensive system not only nurtures new potential and existing customers, but also supports the internal framework of a business, storing key information for sales, marketing, customer service and technical support.
When you establish those key early trails of communication with potential customers, it’s fundamental to keep track of this information and nurture those relationships into customer loyalty.
With longstanding customers, maintaining relationships through CRM is essential to longevity. Sales and overall profitability can depend on loyal and dedicated brand lovers investing in your products.
How can you make CRM work for you in the long term?
Map customer communications
CRM gives a detailed dashboard of all previous and up-to-date correspondence with your clients and stakeholders, including sales orders, previous emails sent, customer service issues and particular buying preferences.
This can help owners identify a clearer strategy for how best to improve services for more effective sales pitching and potential incoming orders.
Know your customer; improve your offer
CRM can identify a platform that links to your customer’s social media activities, from simple things such as their personal likes and dislikes, what they share on Facebook or Twitter about you, and what they say about you in the online space.
This invaluable insight can help improve – or create – a product or service that meets your customer’s every need, and therefore establishes tighter brand loyalty.
Stay one step ahead of winning customer satisfaction
When sales teams head to the frontlines to meet and greet new customers, lots of gathered information can get lost in translation, especially on handwritten notes. Vital opportunities can be lost when things are not followed up, such as unarranged meetings based on early customer enquiries.
A CRM database helps store all this information, helping companies to refer back to this valuable feedback when trying to build new relationships and appease existing customers.
Even complaints can be dealt with effectively and promptly to re-establish the right footing with disgruntled customers. Small pockets of information therefore become a brand’s vital asset for long-term customer satisfaction.
Reduce your operating costs
Good CRM software doesn’t come cheap, but managing information without CRM can be even more costly, particularly with complex software and IT support staff. You can use cloud-based CRM software; with the information stored online there’s no need to buy special hardware or IT equipment.
You get a high-functioning system at a lower cost, with the potential to make your stretch goals an easy reach. What’s not to like?