We all agree that Relationship with the Customer is the basis of Business growth. In older times, when people made a visit to a store to purchase something and had a good experience, they would visit the same store again when they wanted to buy or upgrade the product. They would recommend the store to their friends or relatives and become a lifelong advocate. It is basic human psyche to trust the known. When translated into a consumer equation, the reason why someone went back to the same store is because the owner already knew them and their preferences, so they wouldn’t have to repeat themselves. Also, for the customer there were limited number of options.
In modern times, both consumers and markets have grown exponentially. Customer’s tastes may have changed but the underlying psyche still remains the same. One would still prefer to trust the known, expect conversations to be deeper than just one-time interactions and expect the seller or service person to know their last experience. So, in today’s day and age, when businesses have transcended geographical barriers, amidst technological advances and stiff competition, maintaining Customer Relationship has become all the more critical for organizations. Modern dynamics call for organizations to rely on software systems that can support, adapt and scale to dynamics dictated by changing market situations & consumer behavior.
What is CRM & Why CRM is used
CRM or Customer Relationship Management is an integrated software suite that provides you End to End solutions of maintaining a customer lifecycle in your business, right from Lead generation to Service management to Up selling or Cross-selling, thereby enhancing Customer Experience and increasing sales opportunities. CRM allows companies to not just ensure customer satisfaction but also increase their own profit and efficiency by collecting, organizing and optimizing customer data.
The CRM bouquet usually contains an array of applications for specific areas like Marketing, Sales, Service etc. that also talk to each other, thereby delivering a seamless service experience to the customer. In the process, they also track and stack the data – reason & outcome of the interactions which can be picked up, analyzed and used to deliver a better experience. As a result, the customer feels valued, stays loyal and is likely to generate repeat business.
A CRM system is used to collect and store all customer data that is then offered on a centralized platform. This helps the sales teams to channelize leads, offer products best suited to the customer & records interactions creating contiguous service i.e., responsive service taking off from previous experience imprints rather than standalone transactions. When the customer is on-board, the CRM systems steps in to record activities both proactive and reactive that can be used to check on the engagement level thus plugging risks of losing the customer. For example, if a customer has not called or has not been using your product for a long time, you could look into the data points like what could be the possible reasons, how you can fix them etc.
Why you should consider CRM & Why CRM is Important
CRM suites can be tailor-made to suit virtually any type of business requirement. Once you have identified key objectives and the processes, you can define the parameters that need to be addressed with the specific CRM software. For example – what kind of customer information is necessary for your sales process, how many times you have to call the customer before they make the purchase, what were the reasons for the repeat calls, what type of service calls do you expect, whether you can give a resolution, what could be the potential upselling opportunities etc.
Therefore, CRM is important for all types of businesses and can be used by any company. If you think your business is small now and you are happy with your own software package, think again! A CRM system is scalable and you can keep adding different modules to it as your business expands. As these can be cohesively integrated, from a customer perspective, it is a holistic solution.
A CRM system should be part of essential strategy for any business so that you are ready to build on your core deliverables & maximize profits and growth of your company. If it is not already, plan to get one today!