Customer Relationship Management (CRM) needs to be a high priority for any business owner. While the focus on product and service cannot be underestimated, CRM is seen as the lifeblood of what can grow your business. Your customers are an asset to your business, and retaining them should never take a back seat.
Every business owner should have a CRM program that provides customer data and analytics software to help identify customer habits and behaviour. With these insights, you will be able to personalise how you treat your customers and reward them accordingly for their loyalty.
The importance of CRM for your business
Using tactics for your business, you are able to develop a lasting relationship with your customers. CRM can generate an increase in profits for your business by increasing loyalty from your existing customers – who typically spend more than new customers and are cheaper to retain than it is acquiring new customers.
The data that is collected from CRM activity can also be used to develop loyalty and promotional programs, as well as establish databases for business insights and intelligence. By taking out a business loan to invest in CRM tools that can grow your business and keep your customers happy.
Use customer insights to your advantage
The insights gained from CRM can identify patterns and trends in your customer behaviour in real-time that will allow you to quickly jump on opportunities that could catch the attention of your customers. With the data received, you can develop customer profiles based ondemographic, geographic or other information and then send targeted messages to customers from a specific segment.
You will be able to gain a deeper understanding of your customers and tailor your services or product offerings to their needs – ultimately improving your customer satisfaction.
Creating a personalised experience
The great thing about CRM is that it can keep track of the essential dates, such as first purchase anniversary and the customer’s birthday, for you to create a personalised experience for the customer. When the event takes place, the customer can receive reminders or endearing messages to make them feel special. You may also reach out to customers with special offers or send them email notifications of events or discounts based on their preferences which you can capture.
A customised experience goes a long way in establishing customer loyalty. You can apply for business funding in Johannesburg, Durban or anywhere in South Africa to access much-needed funding to invest in CRM marketing tools. A cash boost, plus a steller personalised marketing campaign based on your CRM data, can generate customer loyalty and a lasting relationship.