What is Customer Relationship Management?
Customer Relationship Management (CRM) is the relationship between a business and its customers. Customers are the lifeblood of any busines whether they are large corporate entity or a sole trader with a handful of regular customers.
The key factors of CRM
Successful busiensses use four key steps to build customer relationships:
- Determine mutually satisfying goals between the business and its customers
- Establish and maintain customer rapport
- Produce positive feelings in the organization and the customers
- Encourage frequent communication with the customer in an appropriate manner
Benefits of good CRM
Obviously a happy customer is more inclined to do repeat business with you and introduce new customers to you which will be better for your bottom line. Unlike advertising where you try to attract NEW customers, CRM is about maintaining and impoving relationships with your EXISTING customers which is not only easier, but more cost effective.
It is a well proven fact of marketing that it will cost you 3 times as much to attract a new customer as it will to keep and retain an existing customer, so it makes good financial sense too.
Do you know who your top 10 customers are?
Do you know what your top 10 customers are worth?
Do you know the lifetime value of 1 of your customers?
Do you receive regular feedback from your customers?
Did you know that as much as 80% of your business comes from 20% of your customers?
If you answered "no" to any of these questions then you should be looking into CRM for your business.
So where do you start?
It start with us casting a fresh set of eyes over your business. There is an old saying which says "If you want what you already have, then just keep doing what you are already doing." Of course most people are looking for something better than what they have, so if you are looking to improve your business, you will probably need to change something. That is where we can help.
We willl sit down with you and look at what CRM strategies you are already have in place and ask you a series of questions which willl help us determine were there is room for improvement. We will also look at other forms of CRM which you may not currently be taking advantage of including
- Customer Databases
- Valuing each customer
- Lifetime value of customers
- Data mining
- Feedback and surveys
- CRM Software
The process only takes about 2 hours of your time. Once we have had a look at your business, we will provide you with a written plan documenting a list of options that you can consider and talk to you about how to implement them.
So what are you waiting for? Contact us now to arrange a discussion about CRM for your business.