packeddata-blog

Refine customer relationship management for your business

Admin Jan 25th, 2019

Who is your customer? The letter “C” in CRM may have a narrow definition or a wide one. For example, customers can not only include those who buy from you, but also the suppliers, partners, employees and even investors. Each of these “customer groups”has different needs that should be managed. “customer” can be someone who buys your products or services. It can be a business customer or an individual.

What is customer relationship management?

Customer Relationship Management or CRM is a term which describes how a business interacts with customers. Most people take CRM as a system to capture information regarding your customers. However, that is only one phase of the picture.

CRM involves technology usage in order to gather intelligence you are required to provide for improved support and services to the customers. CRM is also about what you do with a particular node of information to better meet the needs of existing customers and for identifying new customers. It results in higher profits. There is a range of CRM platforms available in the market. For example Salesforce. You can identify the companies that use Salesforce and check its reliability for your business.

Building blocks of CRM:

-A database that collects information about your customers.

-A way to analyze the information in the database.

-A strategy for applying the analysis to better meet your clients’ needs and identify potential customers.

-Collecting data to ensure your strategy is effective.

Online customers have special expectations that set them aloof of traditional customers. They expect lots and lots of details about your company and products to be available online. They aim for minimal searching, wish to be close to immediate service, opportunities of self-service through your website, speedy shipment, and after-sales support. Henceforth, you should consider CRM principles when indulging in business online. Get insights into Marketo customers to get a better idea about special expectations.

How to use CRM for business?

“DEVELOP A CRM STRATEGY”

 Development of CRM strategy is an investment of your time which proves to be beneficial in long-term. Creating a dynamic strategy allows you to make a direction for your CRM initiatives. It ensures that the investments are targeted to foster strong relations with potential customers of the company.

Initially, for developing a CRM strategy, your business should identify the customer profile for e.g. their needs, their satisfaction, and their purchasing decisions. With the help of this process, you would be able to identify a subset of your client base where you would want to focus your efforts. Your CRM strategy should also define the goals of your business engagement with the current and future customers for maximizing sales, profit and long-term levels of growth. You have to assess your company’s capabilities whether the technology is modern or not, take a check on human resources and skills to meet these goals.

Gartner, an IT research and advisory company, has released a report in 2010 names “Three Steps to Create a CRM Strategy”. It identifies key areas for creating a successful CRM strategy.

1. Setup clear desired results for CRM. Identify the key steps to achieve the vision, and also monitor progress towards these goals.

2. The CRM strategy should be integrated with the entire business model and must be aligned with strategies from different areas like marketing and sales.

3. A CRM strategy must include eight aspects: vision, organizational collaboration, processes, strategy, customer experience, customer information, technology, metrics etc.

Smooth implementation of CRM for your business is supposed to depend on the level of planning went into the development of a comprehensive CRM strategy. The clarity in your business model represents CRM objectives. And further, easier it will be to prepare a plan to implement the initiatives and ensure that all the employees understand its relativity.