While it is obvious that customers are the fuel for all business growth, few businesses are actually understand the behaviours, needs and wants of their customers. This is where CRM steps in.
So, what is CRM?
Customer relationship management (CRM) is a data fueled platform that enables businesses to more efficiently and accurately analyse their customer database, including their current customers and potential customers. CRM gathers data on the customers from all channels of communication and displays them on a single, customisable dashboard to make the customer analysis process more convenient and reliable.
Why does my business need CRM?
To provide better personalised services
In a market that is seeing a growing desire for personalised services, businesses need to be able to cater to this demand in order to stay ahead of their competitors. However, with a large customer base, this task can become increasingly difficult to achieve. CRM technology can track all customers, including their customer profile, shopping history, and any other interactions with the business. This helps businesses to understand individual customer preferences, whether that be product and service preferences, forms of communication preferences, or shopping experience preferences so that they can personalise their services and interactions to most effectively maintain that specific customer.
Increase retention rates
It is a well-known fact that maintaining a customer is far less expensive than attaining a new customer. So, businesses need to find ways to make sure that their existing customer base is satisfied and will return to them. CRM helps with this process as it can track down customer behaviour. By tracking customer behaviour, CRM can understand when and where the the optimal time and place is to prioritise sale leads.
Increase acquisition rates
While it is vital to retain customers, for businesses to grow, they need to attract new customers as well. This process is made easier and more efficient with CRM technology as it can provide up-to-date data on their target market’s preferences, behaviours and general trends. The time frame for attracting an optimal number of customers is often small, so it is important to capture it at the right moment. CRM technology collects data in real time to ensure that businesses can latch onto this small window of opportunity as soon as possible to reach new customers, hence increasing customer acquisition rate.
Overall, the benefits that CRM technology provide is not just limited to what is written above. Being able to reach customers at the right time and being able to effectively personalise customer service has added benefits that extend far beyond temporary profits. By having personalised service and knowing when to reach out to customers, businesses can ensure growing customer loyalty and satisfaction, and this will help businesses build sustainable, long lasting relationships with their customers.