The aim of every company is to get closer to their customers. Way closer to them so they can be told of their needs before they even realize it. There is an increasing shift in businesses, mostly retail or service based companies to adopt a customer-centric approach. It is becoming vastly difficult to grab customer’s attention due to hundreds of brand vying for their attention.
By adopting an intuitive CRM, many early adopters and influencers have been able to engage in targeted marketing. They have reaped the benefits of CRM and it is now become a staple technology for any marketer or business for that matter.
1) Customer Loyalty - A study by Aberdeen group found that 59% of retailers identified unawareness of customer insights as their major roadblock. With a CRM in place, a marketer can pull a complete history of interaction and communication across the life cycle. This data serves as a nodal point, a basis to form communication strategies to push loyalty and increase customer retention. It helps a business categorically roll out offers based on the data formed and stored.
2) Better Profit margins - CRM’s data storage is one of the most valuable insights for a business. An enterprise can modify its order size and review its revenue per customer. By looking deeper into the lifestyle of a customer, an organization can roll out personalized offers, upsell and cross sell.
Also it is common knowledge that attracting new guests is 30% or 50% more expensive that retaining the existing customers. Integrating CRM software into customer management strategy can reduce cost of customer acquisition and retention by precise targeting and doling out bespoke offering. Targeted marketing optimizes marketing spends and gets better result.
3) Tool for measurement - With smart CRM systems, businesses can leverage the power of marketing automation by using virtually seamless all around integration. Marketing automation is an incredible value booster for marketing capabilities. This setup can create targeted segmentation and personalized offering and shape refined marketing message. Campaign management becomes all the more tighter, with instant scheduling and simple follow up capabilities. The reporting and analytics assist in tracking vital success metrics of each campaign, and measure ROI.
With a robust CRM in place, customer takes centre stage. In this sort of arrangement, where CRM meets big data and technology enablement, there is an infinite potential that businesses underestimate.