Customer relationship management or CRM is a custom application software that allows businesses to develop long-lasting relationships with already existing and new customers. Therefore, CRM plays a crucial role in improving overall corporate performance. There are several companies offering Custom CRM Development Services to businesses.
Offices are all shifting to CRM systems for their working and building better customer relation. Businessmen spend huge amounts of money on customer relationship marketing programs to build good relations. In turn, those CRM-centric relationships are fundamental planks of brand loyalty and brand building. According to the US trade publication Brandweek, 76% of all customers from every niche prefer a brand name before the purchase of any product or service.
Brand loyalty and brand reputation through CRM, is growth of a brand name and its customer through the help of the software. The application that allows the company to grow and gain brand value, but also helps in increasing the brand loyalty. This helps the organization to retain a huge number of customer acquisition each year ensuring revenue.
Aim of CRM:
A CRM software helps to deal with customer issues in order to offer better services to them. But with time demands from CRM software solutions have shown a significant scale of evolution and during all this it has lost its primary focus, i.e. to maintain customer relation. Nowadays, mostly new businesses are using it. For every firm, big or small, aiming at long term success, it is equally imperative to retain its most loyal as well as profiteering customers.
Importance of Customer Retention:
Establishing new business always requires huge expenses and time and effort. From the marketing point of view, customer retention is much less expensive, affordable and not a burden for the firm.
Customer retention has the following positive effects on the business:
• It lowers costs of marketing and customer management.
• Promotes sales by lowering customers’ sensitivity to any change in price.
• It promotes the brand and increases brand value.
• And it finally improves the financial stability that is required in the business
Problem of diminishing Consumer-loyalty:
Nowadays, it is hard to find a customer who will stick to a brand for a very long time. This can be owed to the following factors:
• The competition in the market is getting more intense day by day. Companies are putting in labor to offer more features at lower price to attract and also satisfy the customers.
• There are a lot of brands to choose from than in the past.
• Modern consumers are more informed and updated than before. Customers are gaining and sharing knowledge from products/brands on various web platforms.
• The social media has given the customers an extended platform where they can interact and discuss among themselves on products and services and share feedbacks and experiences of use.
• The spending habits of the consumers have undergone a visible change in the past few years.
Benefits of CRM software:
CRM gives the businesses a unified platform where they store a lot of information on their customers. This information can be analyzed to build a business strategy that will promise long term growth of the firm.
Recognize your best customers: CRM service software solutions can be used to gain insight on customer behavior and learning about his history with the company.
This provides information on:
• How long he has been shopping with the company
• What products/services he has shopped
• How frequently he has made purchases
• How many times he has upgraded and updated his services during the life cycle of a product
This information can be used in planning a targeted marketing campaign or strategy. Most CRM software solutions will let you send email newsletters to targeted group of customers informing them about new products and services or updating them on existing services plans according to their interests.
Estimating business growth:
Once you have acquired enough information on your current business situation and customer base, you can make future plans and set targets. The data from the CRM helps in giving you a better understanding of your current and future prospects of business growth. It reinforces your relationship with your clients, also helping you know if some of your contacts need nurturing. If we follow the market trends, it will be seen that brands tend to lose about 10% of their customer base yearly even after successful branding campaign. So, the information from the CRM software will help you to judge about your current business size.
Forging brand loyalty in new customers: CRM helps you track how a contact has been managed this far. Winning customer loyalty is all about creating favorable brand images among customers and only then can you hope for them to talk about your brand. You can never win customer loyalty by providing poor services. Since the software covers all aspects of customer management i.e. sales, marketing and services, it lets you track the interaction you had with every specific contact. This information can enable you to even turn a negative situation into a positive one.
CRM is not a one-man-army sort of software, but it is a very essential business strategy. It is about service. No business can go unaffected when it loses its most loyal customers. CRM software helps you handle your contacts with professional efficiency, so that you can grow your business by simultaneously retaining old ones and winning over a new and larger customer base.
Let’s begin with Advantages of CRM software:
1. Keeping in touch
A great customer experience is impossible without regular and meaningful communication. Kevin Stirtz, the author of ‘More Loyal Customers’ said in his book: “Every contact we have with a customer influences their decision as to whether or not they’ll come back. We have to be great every time or we’ll lose them.” And in this area a CRM system can be a savior as it is increasingly becoming popular in its use as a customer loyalty enhancement tool. How can you make sure that your customers stay satisfied and loyal to your brand? The answer is – by simply keeping in touch!
A CRM system contains useful information about your customers and how they interact with your business. It includes history of past activities, conversations and purchases. Use the data in the system to keep your existing customers updated with company news, new and ongoing offers, sales campaigns, or other activities that will interest your potential customers. CRM software also helps you to classify the customers and hit the right audience with the right message.
2. Paying attention to customers’ needs
CRM software is very interactive, sharing opinions, feedback and information about various products through various communication channels one of which is social media. So, if you want to be update yourself about of what’s in and what’s not, you better start listening to what the customers have to say!
One way of doing this is by asking your customers for their feedback and experience with your brand. You can send a survey through email marketing to ask them about their thoughts about your products, services, and what can you do to give them a better experience better. This will show them that you care – and that’s the best way to keep your customers happy. And satisfied.
3. Maintaining personal relationships
CRM stands for Customer Relationship Management. One must keep this in mind. One way you can start creating a unique and individualistic relationship with a customer is through personalizing your communication.
You need to make it easier for customers to be able to contact your company through a variety of channels, including email, phone and website. Contact options must be open and there should be a lot of options. They should be able to also contact you through different departments, such as sales, marketing and customer service.
CRM software captures all of these conversations over time, irrespective of the channel or department they occur in. These conversations can be the most valuable information for your brand. You can use this information to give the customer a unique experience by addressing him by his name, knowing exactly what the issue is without having to ask him to repeat himself, making the process hassle-free. By personalizing your communication, your customers’ perception of your company will begin to improve and enable brand loyalty.
4. Providing customers with what they really want
CRM gives plenty of choices. In order to win your customers’ heart and wallet you need to proactively offer them a relevant product or service that they need and want.
A CRM system gives you knowledge of what your customers are interested in and have asked for or have already purchased. You know what issues they have had before and whether they were happy with the solutions you offered them. CRM system helps you offer your customers what they really want, not what you think they want.
5. Providing customer support
A unique customer experience also means that you offer help and support to your customers whenever they need it. The Customer 2.0 is a very useful tool when it comes to solving their problems and handling their complaints.
With Customer service software you make sure that no customer inquiry is lost. Each request is logged into a central system that is operated online.
Once a customer sends in a request, you send an email to inform the customer that you received their request. This email can include a tracking number, information about the received inquiry and even suggest helpful FAQs and where other self-help resources, to improve the experience of the customer. This way, all customer requests receive attention and none remain unattended.
In today’s technology dominated world, customers demand a whole new level of attention and satisfaction .. Customized CRM Application Development Services are easily available in the present day. Customer 2.0 helps you to understand customer needs and provide quick and attentive support. With CRM, you can create a full 360-degree view of your customer. Therefore, you get the chance to ensure that no question goes unanswered. Giving them a great customer experience.
We at HIPL develop a comprehensive range of enterprise-class custom software solutions like Accounts Management System, Inventory Management System, Employee Management System, Project Management System, School Management System, Logistics Management Software, Insurance, Medical & Healthcare.
Get in touch with us for any custom CRM software requirement!
Our team of experts can provide best CRM solutions, tailored to meet your unique business needs!Tags: CRM, CRM development company, CRM services, CRM software, Custom CRM Software, Customer Relationship Management
Categorised in: CRM
This post was written by HIPL