What is customer relationship management (CRM)?
Customer Relationship Management (CRM) is a technology for handling all of your customer interactions. It requires the use of data to study and monitor information.
Customer relationship management makes it easier for companies to optimize their processes, increase profitability and strengthen customer loyalty.
According to the Gleanster and Act-on report, 99% of top B2B performers use CRM to retain customers.
Some of the most popular CRM software are as follows.
- Zoho CRM
Goals of CRM
- Increase in customer loyalty
- Building positive customer relationships
- Set new target markets
What are the top CRM strategies?
CRM strategies allow you to manage decisions and decisions to align various business processes with relevant stakeholders to get the best results and achieve the above goals.
Here are some of the most important CRM strategies any business needs, and the following are:
1. Review your entire business
Do a full business audit. The CRM audit also allows you to focus on important business issues. The various test parameters are as follows:
- Review and review of all business processes – both internally and externally.
- Understand and analyze your competitors’ branding.
- Understand the business by performing a SWOT analysis. The SWOT analysis takes into account the strengths, weaknesses, opportunities and threats that your company could potentially be exposed to.
Your CRM audit will also be visible when your company has enough resources to carry out various tasks like testing etc. Hence a better organization of the available resources.
2. Set realistic business goals for your CRM platform
Set realistic goals for your company with CRM tools.
Setting goals like “increase engagement”, “decrease churn,” and so on, it won’t get you anywhere.
Establish goals that are number-based, time-bound, and measurable. For example, you can set a measurable goal, such as:
– By the next quarter, customer loyalty as measured by our CRM software should increase by 45%.
– Lower churn by 15% through EOM etc.
– Increase the number of followers on social media accounts.
You can achieve these goals with CRM.
With CRM you can keep track of your customers’ activities, requirements or communication with a brand in the past. All of these things help you understand your customers better.
Once you have all the information you need about CRM analytics, you can set up campaigns and build customer loyalty in the following ways:
- Monitor the time your customers have spent on your services and give them offers, freebies, etc. You can also send automated discount codes for repeat buyers.
- Use CRM to automate personalized emails based on the customer’s current stage.
- To get a better understanding of your products and services, ask for feedback and ratings across multiple platforms. This will further establish your brand image.
When you’re done setting up the goals, set up your CRM system accordingly.
3. Automation of ad hoc tasks
Implementing CRM in your company saves a lot of time.
There are tons of ad hoc tasks that need to be performed in any business. Be it from inserting lead data to maintaining the employees’ track record.
With CRM, you can automate all of your tasks and save time by eliminating manual intervention by employees.
The time and effort saved by using the CRM tool can be used for other useful activities.
4. Increase productivity with the help of databases
With a CRM platform, you can collect and monitor data from different departments in the company, such as: B. Marketing, sales, operations, customer success and more. This data can be organized so that any department can access it from a dashboard.
Access to data via a dashboard would further reduce the communication gaps in the organization and ensure transparency.
5. Targeted Marketing
The databases in CRM pave a deeper way for targeted marketing. Here’s what you can do to develop your CRM strategy that is focused on targeted marketing.
a) Personalized emails
Send personalized emails to your audience. Include their name or talk about past interaction with your brand as that would initiate good customer loyalty.
For emails, make sure you customize the subject lines. According to Experian, there is a 26% higher chance of opening and reading an email with a personalized subject line.
Here is an example from Gartner using the personalized email approach:
b) Segment your customers
The CRM platform allows you to segment your subscribers or users based on various parameters such as settings, gender, location, past interaction, purchase history, etc.
Once users are segmented, reach them with the context of their preference for higher conversions.
c) Add the “Unsubscribe” tab to email marketing
Allow your customers to unsubscribe from your email. This doesn’t necessarily mean you’ve lost your customer, but they may not be interested in receiving emails. So respect your privacy.
With the right CRM tool, you should include the unsubscribe link at the bottom of the email and protect yourself from further problems like customer problems etc.
Another thing to consider is that by including unsubscribe links in your emails, your CRM removes the unnecessary data and makes room for newer ones.
6. Unification and deduplication of data
When you think of a longer term for a company, there are tons of leads and customers to come across. And it is not possible to remember every single one. Hence, by using the right CRM software, you will remove all duplicate data.
A CRM tool combines all user data on a single platform and removes the duplicate ones.
This little strategy would help you by avoiding reaching the same people over and over again. This can seriously affect your overall brand reputation.
7. Tracking campaign performance
A customer relationship management platform shows individual goals and targets that are to be achieved. This would ensure that individuals are aware of their goals and work in the same mindset as others, thereby increasing performance.
Campaign performance can be tracked using the CRM analytics and reporting features that come standard with the software.
You can always look up to your CRM software to reflect on results, measure success, and find the gaps and bottlenecks that need to be addressed. Therefore, CRM not only helps you run your business efficiently, it also ensures that you develop new ideas and techniques based on the data you get from CRM.