CRM (customer relationship management) is a company-wide business strategy designed to improve revenues and profitability, reduce costs and increase customer loyalty.
The CRM philosophy is simple: put the customer first. When your business looks at every transaction through the eyes of the customer, you can’t help but to deliver
a better experience to your customers, which in turn, increases loyalty to your company .
True CRM software brings together all information from diffe-rent departments throughout the company to give one, holistic view of each customer in real time . This allows customer facing employees in areas such as sales, marketing and customer support to make quick and informed decisions on everything from upselling and cross-selling, to improving the quality of customer communication and responsiveness to coordinating the management of sales and marketing campaigns, just to name a few .
Imagine that you are a sporting goods supplier and you want to quickly sell off this season’s size large bike shorts. Your CRM system can help you to find all customers
who have recently purchased large-sized clothing. You send them an email offe-ring them a 30% discount off the regular price of the bike shorts . You sell the shorts, the customer feels like he got a deal and that you cared enough to get in contact .
Or, let’s say that you’re a salesman for a car dealership . Your dealership has just received next year’s high end models on the showroom floor. Using your CRM system, you could find all your premium customers who have
CRM is the engine that drives customer trust and builds the customer relationship.
When implemented properly, CRM gives companies
not only insight into the opportunities to grow business with each customer, but a way of measuring their value . Despite what you might think, not all customers are created equal . Some are a drain on customer service
resources despite spending very little . Other customers do business frequently, often buy new products and services and may even be strong influencers in their market. CRM helps to prioritize sales and marketing efforts to this group. It also gives companies a better way of understanding customer needs and wants in order to improve the way
the product portfolio is offered to them.
indicated an interest in your brand’s high end model cars in the last three years and invite them to a wine-tasting and a chance to see the car .
With enough information, the CRM helps a company to know when to send customer information about a new product or service offering. The more you know about your customers, their buying preferences and behavior, the more likely your offer will be on target