Putting a face onto “Joe Customer” and treating him right isn’t nearly as easy as you might think, especially not when you deal with hundreds or even thousands of customers on a regular basis.
Are there any tools that will help you better understand your current clients and better meet their needs so as to enhance customer retention levels? Indeed, and it’s called Customer Relation Management software. Managing your current customers correctly is the number one key to sustained business growth and health.
To select your ideal tool from G2 Crowd’s list of CRM software systems, click on the link. To learn more about the benefits CRM software in general has to offer, keep on reading.
1. Sales Force Automation
Both for new sales and for nurturing long-term customer relationships, CRM software is essential. This automation in marketing lets you keep a unified record of customer interactions and sales events, locate data quickly and revise it as needed, and track all your prospects/contacts every step of the way through the sales process. To a large degree, your sales will be virtually “automated,” which lets sales staff focus on selling instead of data-shuffling and makes your business more money.
2. Integration of Customer-related Data
Beyond the nuts and bolts of making and tracking individual sales, CRM software also offers you powerful data correlation tools that will help you see how well your business is doing overall. You can compile data automatically from various sources (Website, phone, email, chat, social media sites, and more), and then use that information to better define your target market and to accurately evaluate the success of your advertising campaigns.
3. Happier, More Permanent Customers
Only by keeping your customers satisfied can you expect to retain them long-term. Excessively large customer loss rates are the number one drain on most business’ bottom lines.
Realize that poor customer service is the number one reason (by far) for customer loss. CRM software helps you manage customer loyalty programs, track customer purchasing patterns, and record, evaluate, and respond to customer complaints in a timely, effective manner. That all adds up to a greatly lowered risk of customer loss, which means new growth is not canceled out by shrinkage of your existing customer base.
4. Smarter Pricing & Discount Offerings
Every customer likes a lower price or a special discount, but the raw fact of the matter is that you can’t “give away the farm” in order to draw or retain customers.
You have to find the price points that give them a great deal while creating enough volume to boost your business’ profitability at the same time. You need to know which products are selling most and with which types of customers. You also need to identify which customers you are making the most money off of so you can give them the most valuable special deals (and turn them into lifetime clients).
Good CRM software will give you the data collection, storage, and numbers crunching capabilities to support smarter pricing, sales events, and discounts.
5. Ability to Customize Products/Services to Demand
CRM gives you the edge in knowing how to customize products and services to customers’ real needs and preferences.
The ability to search the database and create categories of customers allows you to engage in “segmentation research” on your customer base. You will learn the patterns typical of each group, be it an age-based, geographic, male/female, educational, job-based, or other type of demographic. Ultimately, you use this information to put your finger on the pulse of the marketplace and match its current demands.