This business strategy is one of the more universally administered strategies that one can impress on their company’s practices. It is one that reaches every part of the company to ensure that a better and more productive and efficient workplace takes over from what was operating before the CRM strategy. To understand what CRM – or Customer Relationship Management – does, one needs to step away from it and view the smaller improvements that it makes. As with viewing anything big, this is the only way in which to properly understand it. Some readers might be considering the strategy for their business, which makes understanding all the more important. This article will highlight what I believe are the core qualities of employing a CRM strategy:
- The company learns who their customers are. The outcomes of achieving this are dramatically varied. If a customer understands their customer then their advertising campaigns will be better directed. The company spends less money and time reaching out to customers who are less likely to buy, instead concentrating on the ones who will. Once learning their typical customer profile, the company can speak to the customer better than before. They can shape the way they present themselves to the customer to please their customers. This will result in a better experience when dealing with the company, and, by extension, more sales.
- Once the customer profile has been learned and the customers are stored within the CRM database then the company has a better chance of keeping them happy. Customers who have proven to have been loyal are highlighted by the system so that (if the company desires) they can reward them for their loyalty. This works in other ways too. Customers who are due for a renewal or who haven’t purchased from the company in a while are given timely reminders. This feature of a CRM strategy keeps customers happy while, at the same time, ensures the most money is made. These two results are at the forefront of the plans of the majority of companies.
- Social Customer Relationship Management (SCRM) has been the recent development in CRM strategy. The way in which CRM has been able to plug into the popularity of Social Media websites such as Facebook and Twitter has proved how current the business strategy is. People are always inputting their information onto these social media platforms. A company has the best chance of developing their customer profile and putting it into practice with the integration of these social media platforms.
- The automation and streamlining of the sales process is perhaps the feature that is most instantly appealing – to both the customer and the company – of a CRM strategy. It is another advantage that both improves the customer service while at the same time making the company a bigger profit. From the moment a person contacts the company with the CRM system – or the other way around – the time it takes to making a sale has been reduced to its most efficient minimum. This is perhaps the biggest advantage of a CRM strategy.