Imagine if you could track each and every point of contact between your business and a potential or current customer? Think about if you could find out where they were connecting with you, which of your offerings they were interested in, whether they made customer service inquiries in the past, and more. Wouldn’t this help to guide the interaction between you and these individuals? And well, it turns out that businesses do in fact have access to these types of insights – all of it falls under customer relationship management.
What is customer relationship management (CRM)?
Customer relationship management (CRM) encompasses the attempts by a business to track customer interactions and ultimately, better the relationship with them. The ultimate goal of CRM is to better understand how users come into contact and interact with your business. It is the idea of being more informed about your customers to better cater to them and create a more customized experience. You can add much more value to people’s lives if you know what they value in the first place. There are all sorts of strategies and technology that can help you achieve this.
Why CRM is so important for your business.
As we mentioned in the introduction of this article, CRM can help you gain valuable insights into how particular customers interact with your business. For example, you are able to track how they engage with your social media posts and email content to determine what topics interest them the most. By providing more of this content, you can provide more value that is relevant to a particular individual.
On top of that, you can also learn about their purchase history and customer service inquiries if they exist. This may provide some insight regarding their buying habits in terms of average buying time decision and potential hesitations they may have. Essentially, CRM will help you to better understand the buying timeline and process that an average user goes through when purchasing from your business.
The bottom line is that CRM takes web analytics a step further by monitoring relationships with individual users rather than the general performance of your website and other initiatives. Users like to feel special and this practice allows you to provide that unique, customized experience.
Where does CRM take us from here?
We know that CRM helps us to better understand our customers, but how does this translate into business results? Consider the following implications.
Shortening of typical sales cycle. The first possibility is that you can use CRM to try to shorten your typical sales cycles, or find ways to optimize them. This can be an extremely efficient way of generating greater revenues in a shorter timeframe. Use the data to first recognize common hesitations that users experience and make the necessary changes to address these concerns. It can be as simple as adding some more questions and answers to your company’s FAQ page. Another option is to analyze the typical process people go through before making a purchase. From there, you may be able to identify ways that you can streamline certain parts of the process.
Increased customer retention. This goes back to our point about providing a unique, customized experience. If people feel as though they are being treated as unique individuals rather than a generic customer, you have a much better chance at gaining their loyalty. Since you will have collected certain information from them, you can follow up with more relevant valuable content. Perhaps this could relate to the specific purchase they have made. We have seen examples where companies follow up with tips suggesting ways that users can fully utilize their recent purchases. This gives you an opportunity to build upon their initial purchase and eventually bring them back for more.
What CRM software can do for you.
Now is the time to get into the specifics of what CRM software can do for you and your business.
Accurate customer segmentation. The data collected by CRM will help you to segment your audience. You can even allow some software to do it for you based on specified parameters. Essentially, it will assist in the customization of what particular segments see and receive. These groups could be based on everything from personal preferences, to geography, technology and more. You will be thanking the software for its organizational abilities.
Guidance in the creation of customized messages. As we’ve touched upon before, all of the collected data allows you to communicate in a much more personalized manner. Some software even provides suggestions in this area.
Prioritization of customers based on engagement. CRM software just wouldn’t be doing its job if it didn’t help you to identify those users who are earlier in the buying process versus those who are ready to buy. All of this becomes much clearer with CRM.
Centralized sales force database. This software allows for the detailed documentation of interactions between customers and your sales team. This could include the nature of the conversation itself, as well as any key learning. The best part is that all of it is stored in a central location meaning that everyone on your team should be on the same page.
There should be no doubt that CRM is invaluable to the marketing and sales aspects of your business. We want to see you succeed so be sure to find out about all the ways Rich Dad Education can help you reach your goals.
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