What is Customer Relationship Management?
What is Customer Relationship Management, and how can it help your business increase profits, grow revenue, gain market share and retain customers?
Customer Relationship Management – or CRM – is a highly adopted strategy for managing your interactions with prospects and customers. The top-level goals of adopting CRM are to acquire, develop and retain customers. By making use of CRM technology, you can organise, automate and synchronise business processes in marketing, sales, customer services and technical support. With CRM, you can look to:
- Increase profits
- Grow revenue
- Gain market share
- Retain customers
Well known research organisations like Gartner and Forrester have conducted extensive studies on the benefits of CRM, with evidence to prove that a CRM solution, when properly deployed and managed, will increase your revenues by 5-15%.
Understand your Customers
So how do you make CRM successful for your business? The key is to understand your customers by creating a customer-centric culture within your organisation - to have a 360-degree view of your customers. Every part of your business is required to understand the importance of this relationship and act in a way that is commensurate with that relationship – and not act in isolation with individual agendas and goals to reach.
With a properly deployed CRM solution, your marketing efforts can become more targeted, delivering effective campaigns and high quality leads to your sales team. Sales, in turn, can improve conversion rates and close profitable business efficiently. Your customer service team can then work to achieve satisfied customers and develop upsell and cross-sell opportunities. Finally, the retention and support of your customer base can provide you with insights into trends and allow you to improve profiling for future marketing.
It’s a perfect circle.
CRM and the culture behind it
But CRM doesn’t happen by magic; there are some cultural requisites that must be addressed before the “performance guided” culture of the perfect circle can be realised.
First of all, accurate data is required so that prospect and customer information is relevant, easy to search for, and up to date.
Secondly, a collaborative outlook across teams enables your organisation to work together efficiently and effectively – without departmental constraints obstructing focus on your customers’ needs.
Once this culture is established, then you can start defining best practice methods of using CRM for the specifics of your business, with the aim of doing better things and not just doing things better.
Finally, you can aim to achieve a level of customer focus that allows your business to be managed by analysing trends, key performance indicators, business intelligence and other measurements – all resulting as an automatic by-product of your team just doing their jobs, using the CRM solution.
Come and visit us on stand 2194 at The Business Show to create your perfect circle with Customer Relationship Management.
PHONE: 01344 766910