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Build and Deepen Customer Relationships
Your customers are the lifeblood of your business. And to stay competitive in the market, it is important to build customer relationships that increase customer loyalty and drive business. Build a customer engagement strategy with Customer Relationship Management (CRM) tools that capture customers’ information and helps you better connect with them.
It is important to create a plan to optimize your customer engagement strategy. Learn how to navigate the complex customer journey and boost your bottom line with The Guide To Developing Profitable Customer Relationships.
A simple Google search about customer relationship data could put you in a frenzy. But the trick is to set simple, focused, and importantly measurable goals. Focus on these three goals: since deploying CRM tools how has customer retention been impacted, how much revenue are returning customers generating for your business, and how has this impacted your operational costs. It is important to understand that the most powerful goals follow the SMART goal setting method. Your goals should be:
Document your goals and move on to step two.
CRM gives an average of $8.71 for every $1 spent.
Identify what customer data to capture; this data should be driven by your business goals.
KEY INFORMATION TO COLLECT:
ADDITIONAL INFORMATION TO COLLECT:
CREATING CUSTOMER GROUPS
Once you have created a customer profile with this information, you can build out larger customer groups that segment your customer base. For example, you can create a customer group based on of an age demographic, say Millennials. You can easily offer discounts, reward programs, and personalized marketing to a whole segment of Millennials.
82% of consumers are spending more with companies that invested in customer experience
Train your team on your customer relationship management tools. Spend time reviewing what the tools track, how to prompt the tool, and how to read and understand the data. Be sure to train your team on how to personalize your offerings based off of the tracked customer data.
It costs five times as much to attract a new customer than to keep an existing one
Use your CRM tools to personalize your marketing and reach customers wherever they are. One of the most valuable benefits of CRM is to build on your existing marketing strategies.
DRIVE CUSTOMER ENGAGEMENT
Track the results of your business’ investment in CRM technology. Analyze the metrics set out in Step One and detail the successes and where you need to remediate. Monthly and year over year evaluation is important to keep you on track to achieving your goals.
Keep track with a chart to clearly measure your goals and achieved numbers.
|Goal||Actual – January||Actual – February||Actual – March|
|Increase repeat customers by 15%||10%||16%||21%|
|Achieve $3000 in repeat customer revenue||$1700||$2100||$3500|
If you are having trouble meeting your numbers, be sure that you are making the most of your CRM tool. Connect with your CRM vendor to ensure that you have optimized your customer engagement strategy across all channels and that you are collecting the necessary data to boost your bottom line.
With so much out there competing for your customers’ attention, it’s important to develop an understanding of who they are, what their shopping habits are, and what excites them. That’s why today’s businesses large and small should be deploying CRM.
TECHNICAL SETUP RESOURCES