CRM, which stands for Customer Relationship Management is the latest greatest thing to take the business world by storm. Proponents of CRM wonder how they ever got anything done before its inception! In brief, CRM is a technology designed to manage every aspect of a company’s interactions and relationships with customers as well as potential customers, but it can do much more than that.
The use of CRM tech in marketing is proving to be game-changing, offering personalisation, testing opportunities, and powerful insights that are proven to lead to increased sales, and that means increased profits.
With the relevant data consolidated by CRM software, companies are able to analyse patterns and discover insights that pave the way to greater profitability. For example, a company can evaluate what characteristics their ideal customers have in common with the greatest lifetime value.
This allows a company to more efficiently spend advertising dollars, thus preventing their budget from being wasted on leads that the CRM data identifies as being unlikely to be interested in the offered products or services.
Any insights gleaned from the collected data can also contribute to increased revenue. For example, if CRM identifies common patterns in purchase combinations, it’s possible to create bundles or packages that are likely to increase sales- “People who buy this often by that, too!”
This is proving to be an excellent marketing strategy! Similarly, the data can discern when customers are most likely to return for another purchase, making it possible to plan follow-up messages containing offers that align with the expected repurchase timing.
The use of CRM software technology makes sending the right message to the right person at the right time a guaranteed thing. Connecting CRM to a sales and marketing automation tool makes it easy to send personalised emails and text messages that are based on the customer’s recent purchasing choices and other actions they take in relation to the company.
Suppose that an identified lead who hasn’t engaged recently clicks a link in an email announcing a special promotion, all of which is recorded in real-time. This action can be automatically tagged as a lead who has re-engaged, resulting in an immediate follow-up with an email containing a compelling customer story at the same time as it schedules a task for the sales team to give them a call!
The use of personalization offers a tremendous advantage when it comes to winning more business. A recent study showed that a large majority of consumers felt that personalization prompted more consideration of a brand and that personalised content greatly increased their likelihood of repurchasing.
The data in your CRM database is essential to building deeper customer relationships through personalised communications. Messages can automatically be personalized with insights pulled from info stored in the CRM, as well as emails that are triggered automatically by specific actions like signing up for a consultation.
Business is booming in Australia thanks to cutting-edge technologies like CRM, so don’t get left behind!