We all know that in any moment – if an unhappy customer inadvertently shares his/her negative opinion with the masses on social media –you are doomed!
Walt Disney in one of his quotes, said it best, “Do what you do so well that they will want to see it again and bring in friends.”
And to create that unending love between your company and your customers is why CRM is absolutely priceless.
While most people think of CRM as a system to capture information on customers; it is in fact a crucial part of growing and caring for your customers – and in creating a tremendous experience that develops your company’s relationship with them into love.
So, what are the ‘real’ CRM Building Blocks?
Any CRM or customer relationship management system is based on a solid foundation which helps resolve real-time customers’ issues efficiently, and in real-time.
The building blocks essential to any companies’ support system will include –
A Database That Collects Information About Your Customers
Online customers are like Rodeo parade participants in the famous Texas Livestock show; fueled by family tradition, swagger and often, beer and tequila, they take turns riding a horse. However, a clever competitor often tries to lasso the back leg of a horse to steer it away and flip over.
Stats say that an average annual value of each customer relationship lost to a competitor or abandoned can be as much as $289. Source: Genesys Report
In order to not lose your customers, you need to collect as much information about them so that no compe-rider can steer your valued customer away.
A Way To Analyze The Information In The Database
In order to analyze all the mammoth data collected about an enterprise’s customers and present them in a succinct manner, CRM analytics can be deployed using OLAP (online analytical processing) and data mining techniques to turn that data into useful, actionable information.
In addition, CRM can help provide customer segmentation, profitability analysis, personalization, event monitoring, predictive modeling and what-if scenarios as a continuous and iterative process based upon which business decisions can be made.
A Strategy For Application Of Analysis To Meet Your Customer/Clients’ Needs
At a time where customers are spoilt for choice, companies need to analyze their data well to address their most unique challenge – on how to build a long-term relationship with customers while also keeping salespersons productive.
Let’s take this example of how Amazon.com, a customer oriented company fulfilled its mission to become the biggest online bookstore and began to profit back in 2002. Because of it’s ability to attract repeat customers, Amazon today ranks high on the customer loyalty chart, with more than 68% customers coming back for more purchases.
Carefully analyzed situations lets business intelligently handle and deliver better customer experiences as they become more contextual and personalized. In addition, sales people also have all customer information accessible in one place.
Collecting Data To Ensure Your Strategy Is Effective
In this new age, when it’s easy to have a two-way dialogue, it’s essential that you truly listen to your customers. Some of the methods to gather feedback from customers include, surveys, focus groups, points of sale, social media channels, email, communities and more.
Each of your “customer groups” will have different needs to be managed, and the above CRM blocks are a good way to get started.