13 Dec CRM: Your Key To Achieve Win-Win
Customer Relationship Management (AKA CRM) can be said to be the buzzword of the century as many businesses adopt them into their strategy in retaining customers. However, beyond just retaining customers, CRM can actually benefit businesses as much as it benefits customers! Over 70% of Businesses became more efficient after implementing CRM, and about 50% of businesses actually saw an increase in revenue! So what’s so magical about CRM that leads to such a change? Let’s explore some of the hidden benefits of CRM for your customers and business!
CRM: Your Key To Achieve Win-Win
1. A Better Experience For BOTH!
2. Seamless And Simple Process!
3. Identifies Both Trends And Potentials!
A Better Experience For BOTH!
As a frequent user of SHOPEE, I am proud to say that I have contributed quite an amount of sales to a few stores. The reason? Upon purchasing products once, the seller would follow up by sending offers or recommendations such as ergonomic accessories (which I do enjoy most of the time thanks to the CRM algorithm). As a customer, I may not have known they offer such products, but through this simple gesture thanks to CRM, I was able to gain the one-stop solution experience! Instead of frequenting a few shops, I could buy all my items here. From the business perspective, Probability to selling to a returning customer is 60 – 70% compared to the probability of 5 – 20% when it comes to selling to new customers. Instead of struggling to target both new customers and retaining customers, CRM makes the process easier by identifying trends from returning customers. This potentially saves both time and resources spent on targeting returning customers. Our first win-win where customers have a one-stop shop solution while the business saves half their resources and cuts down half the headache to target returning customers!
Seamless And Simple Process!
Ever receive those warm little messages such as “Happy Birthday, we have a specially prepared gift just for you!” or “Looking for a Christmas Eve reservation! Reserve now for 50% off!” ? Well, I recently received one after registering for a cafe’s loyalty program. All I need to do now is to press the link attached in the message, send a message and immediately I’ve booked a seat for my Christmas Eve Dinner! It was both a nice touch especially for a procrastinator, but more importantly a simple and hassle-free way for me to reach the business! On the other hand, it is extremely easy to follow up or know what to upsell and cross sell a customer with their data at hand. I can recall a previous experience of mine where I took an hour to convince a customer to buy a product because I had to manually explore their interests, needs and concerns. Compare that to my experience of using 10 minutes to upsell a new model to a customer because I knew the model series they preferred and their previous experience of purchasing similar model series thanks to CRM. Not only will it create a hassle-free way for customers to reach us, it also saves up a ton of time in the sales process as we already know our customers’ purchasing behavior! That is the second win-win in the bag!
Identifies Both Trends And Potentials!
The third win-win comes in the form of identifying consumer trends. When it comes to CRM, it is undeniable that CRM can collect a large amount of customer data. This data can then be processed to find out which of our products is our top seller and which product is doing well during which period of time. As a business, this helps us to not only identify popular products, but it can give us a foresight to predict what our consumers might be looking for next or when they would need to restock. Besides making the whole business process more efficient, CRM actually collects data in terms of customer spending behavior and customer purchase volume. From here, we can identify VIP customers and even identify customers that have the potential to become our VIP customers. From the customers perspective, it feels great to be recognized by a business as a VIP customer! My recent experience with kickstarter and backing projects actually earned me the title of a superbacker (AKA a recognized customer). Essentially, I would support more projects because of this recognition and Kickstarter would understand my preferences more and provide me accurate recommendations which in turn makes me interested to support more. As we can see, it becomes a cycle where a customer gets the recognition they want and suggestions they want while the business could learn about a customer’s value and in turn secure them by providing rewards. If that’s not a win-win, I don’t know what is!
Beyond a tool for just maintaining customer relationships and retaining customers, CRM has a huge potential and ability to boost your business efficiency and revenue. However, many businesses are still unaware of the benefits CRM can bring or may be lost when it comes to implementing the right CRM software for their business. Interested in looking for a better CRM software or looking to learn more about the type of CRM software suitable for your business? Look no further, we’re here to help you cut costs in your company’s operations and suggest the most suitable software for you. Don’t hesitate to reach out to Senwave, for the solutions to all your problems.