If you are a business owner, you know you are nothing without customers. You may be spending time and resources focusing on how to attract as many customers as possible. This is because you also know that gaining customers is key to growth. However, there is a metric that is just as—if not more—important than quantity of customers: customer retention. Basically, you want to build more than just a one-time transaction. Customers that keep coming back prove that you are doing something right.
And while every customer is valuable, it’s important to know which customer relationships will be most beneficial and drive sustainable revenue for your business. Luckily, in recent years there have been great strides in developing marketing software that helps keep track of this easily. It also helps businesses maximize their customer communications and relationships, which in turn creates more leads. This software has come to be known as CRM.
What is a CRM?
Customer Relationship Management, or CRM, is client management software that is built specifically to track, improve, and create new customer relationships. Before this software was developed, there was little to no central way for businesses to track this data all in one place, let alone use it in a meaningful way. CRM software is extremely useful in rapidly growing businesses that want to increase their customer retention.
CRM can store important pieces of customer data like how long they’ve been with your company, what their buying behavior is, and how often they come back. Having this information on hand allows your business to utilize it to optimize your sales and marketing processes.
There are several different CRM softwares, but they all basically use the same organizational method: connecting the data between sales leads and customers. Any communication associated with a client/customer (any messages in any form – call, email, text, etc) and their corresponding sale (documents, forms, purchases) is consolidated so everything is in one place. This is not only helpful for organizational purposes, but it also allows anyone on the company team easy access at any time. When anyone can access this information and help the customer, that means the ability to deliver excellent service no matter who is available is incredibly successful.
Research has proven that customers tend to trust companies that are able to offer personalized experiences. CRM strategies help businesses effectively achieve this, therefore creating more CRM leads.
The entire point of CRM service is to improve customer satisfaction and experience. CRM software is able to do this through scaling personalized interactions, creating consistent experience for every customer, offering detailed analytics/metrics, organized contacts, and the automation of key tasks. CRM implementation also helps give insight into your business practices, which is why companies are looking into CRM consulting more and more. Having all this information in one place allows you to look at your business from a bird’s eye view, and lets you know how you’re really doing.
This software is one of the most rapidly growing industries in marketing, because it can benefit businesses of all sizes. It’s also gaining a lot of traction as many companies are starting to shift to remote work. CRM data is especially important to track remotely to stay organized with your customers and other team members.
A CRM database can store a lot of information. It can be used in so many factions of your business. There’s CRM for startups, CRM project management, even CRM automation.
It also spans across many facets of the Internet, including one of the most important in marketing: social media. The best social media CRM software is able to incorporate social analytics and social selling features into contact management.
Effectively managing customer relationships significantly improves how your business is run. CRM has a number of verifiable benefits, which in turn creates more leads. When trying to gain customers, always remember to do everything you can to keep them coming back. Customer loyalty is everything!