As with all mortal things in this universe, the times are changing. Continuous innovation is the key.
To quote the ace marketer Steve Jobs himself, “If you don’t cannibalize yourself, you will get cannibalized by someone else”. In crowded sectors like the service industry, it is important to keep on innovating and out do competition.
Everyone knows the advantages of a well deployed CRM system like Soul CRM But far too often, SME’s take such tools for granted and end up wasting time on gold plating functionalities that are of limited or no use to them.
It’s time to throw some myths down the virtual trashcan. CRM, short for Customer Relationship Management, is not just apiece of software. It’s a comprehensive strategy to focus on customer life cycle management.
The benefits of fully equipped CRM for SME are infinite. But to cut the long story short, CRM is supposed to help you provide services above and beyond the expected. Meeting consumer expectation is now harder than ever. Simply because, the bar is being set higher all the time.
Not many would agree, but customer satisfaction is now passé. Building a strategy around providing satisfaction is going to make you end up playing catch up with others. To be a leader that is not enough.
Customer Delight is the new in. And that happens only when a product or service adds real value to the customer, enhancing his experience. Hence, one can say that CRM is a value creation tool.
To deliver this herculean task of delivering value to millions of potential customers at once,personalization of customer experience is necessity at all touch points. This could be anything from social media interaction, POS terminals, intuitive apps, informative websites, eye-catching ads, promotional and tutorial videos.
Connect your CRM with these rich data sources. Harvest every little detail that you can. Remember, Uncle Google knows your customers name and preferences. So should you. Stop relying on someone else’s data to reach out to your own customers. After all, in the age of data security, your insight is only as strong as the variety and authenticity of your data.
I’m sure you must be curious now about how exactly does all this DATA, transform the information architecture of a CRM and turn it into a true value creation platform. Here are the 2 Golden Rules.
Good CRM are equipped to predict customer behavior and run customer acquisition, engagement and churn analysis for you. It gleans valuable insights and makes suggestions which are customized to your business vertical. This can be an important tool within the CRM to formulate strategies when Up selling or Cross-Selling to existing customers.Giving a discount on 1 Kg Sugar to someone who is a regular buyer of Tea from your retail store is the common sense of a mom n pop retailer that needs to be inculcated in large scale retail formats to add that personal touch which will lead to delight.
- Marketing Automation
A CRM is your 1st step towards marketing automation.Updates to databases should happen on the go, syncing data across all platforms. Delivering E-mailers, SMS or App notifications to both customers as well as internal teams as and when needed without the aid of an army of analysts monitoring each move.Forecasting and predictive analytics only make this task easier for the system to execute.The perfect mix of these two can lead to a personalized approach towards customers.This personalization will lead to delight. And there is no better way to delight someone than with immediate gratification and real time responses. Make it seem like Magic.
Quick Fact: Customer life cycle value recovers up to 10 times the acquisition costs for most organizations on average.
Remember, a CRM tool in itself is of no use. A 360 Degree approach of the entire business towards data collection is the bedrock of a good strategy to utilize a CRM tool to the maximum.
In the coming posts we would be delving deeper into exact Strategies of Lead generation, Engagement and Churn reduction along with their metrics and techniques that should help you leverage your CRM to the max. Stay tuned.