For a business to succeed today, it must understand its customers and manage its relations with them effectively! Expanding product or service lines is no longer a sustainable way forward. Gone is the era when businesses had to incur exorbitant costs in recruiting teams (sales and marketing) to sell, promote or obtain customer feedback.
If you run a business, whether brick-and-mortar or online you must consider implementing CRM to better manage, utilize customer data, or even retain your customers. Today, CRM has a wide application, i.,e in healthcare, construction, technology, and retail. No matter your business size or type, CRM can help you offer a superior customer experience to your target audience. The latest CRM statistics can prove how CRM is becoming more powerful.
- The latest findings indicate that the CRM market will be valued at $113.5 billion by 2027. As per Fortune Business Insights, the 2020 pandemic increased the demand for CRM as businesses needed a way to connect with clients.
- Findings also show that CRM systems are beginning to integrate connections to IoT feeds and the number of connected devices will cross 41 billion by 2027 as per Business Insider.
- According to Grand View Research, 91% of companies with more than ten employees leverage CRM software to handle conversations with customers.
With these statistics, it’s evident how customer relationship management is essential for any business to thrive in the modern digital era. If you want to empower your business with the best CRM practices, here is what to consider in 2022
The Best Approaches to Customer Relationship Management
1. Levaraging CRM Tools
There is quite a wide range of CRM tools available today for all business types and sizes to run efficiently. Generally, these CRM tools help businesses to analyze customer interactions, gather customer data, and study it for effective decision-making. CRM tools collect data from the different customer-business interaction points such as websites, social media, live chat, and email among others.
These tools automate and simplify tasks that could at times be intricate or repetitive for sales and marketing teams. Today many businesses leverage CRM tools to understand buyer journeys and monitor customer habits. Businesses can access and store customer data. i.e purchase records, customer preferences, or even understanding a customer’s willingness to spend. The obtained data is then utilized for marketing efforts such as sending customers notifications about the product availability, and discounts. With the right tools, you can achieve your SMART goals in a more worthwhile way.
2. Driving Personalization
Personalization is a trend that conquered the business sphere a few years back. Tailoring customer experiences as per the information obtained from every point of interaction highly drives CRM efforts. Personalization in customer relationship management offers a seamless experience because customers today desire a genuine relationship with their brands.
They expect brands to understand and meet their needs. With that, a personalized recommendation would seem more convincing to a customer than a generalized one.
According to the latest statistics, 80% of buyers are more likely to purchase from a company that provides a tailored experience. In addition, 66% of consumers expect businesses and brands to understand their individual needs and how is that possible? Through effective customer relationship management.
With the help of CRM tools, businesses can collect customer data and personalize experiences better. We see many brands send personalized recommendations to consumers or notifications about the latest products. Apart from personalization, businesses can also offer support using chatbots or develop self-service experiences for better customer relationship management.
3. Promoting greater transparency
Modern businesses thrive more with loyal customers than one-time buyers and on the other hand, customers value authenticity. To pave way for a long-term relationship, businesses have become more upfront about their operations and service delivery.
They are also more transparent to their customers than before. They exhibit it in many ways like sending notifications about a possible delay with an order, or shipments or out-of-stock notices.
Businesses that are honest about their operations build trust in their customers more than those who are shaddy about their policies. Some of the best things to consider for greater trust include;
Understanding your customers: Always try to understand what your customers need or expect from you. You can leverage CRM apps to understand more about your customers in order to serve them better. With these CRM tools, you can know their preferences or how much they are willing to spend on your products and services. Chatbots are excellent in offering customer support.
Sticking to your promises: Always try to deliver whenever you make a promise to your customers. Whenever you promise and even fail to rectify the problem, you are simply discouraging your customers.
4. Maintaining Consistency
Consistency is the key to self-improvement for any business operation or priority. Retaining customers today goes beyond providing quality products on the shelves and services in the market. Customers long to feel that they are valued by their brands. Via social media, websites, or email, businesses can create and share information with their customers to keep them engaged.
Customers get thrilled whenever they get a notification from their brands about any constructive matter. They also feel empowered when you attend to their queries, act on their feedback, or appreciate them. All these work excellently to maintain good customer relationships.
5. Following the Latest Trends
CRM’s influence on business operations isn’t about to stop and annually, there are new insights that brands need to consider to optimize their customer relationship management activities. There are many CRM tools and software that businesses can leverage to offer the best-in-class experience to their consumers. Some of the latest trends we see today in CRM include:
Artificial Intelligence (AI): The modern world is already experiencing the effect of AI in many aspects. When it comes to customer relationship management, Artificial Intelligence manifests itself in the use of Chatbots, which are expected to handle more-complex customer queries with time. Today businesses can enjoy a range of benefits of AI when utilized in customer relationship management.
Omnichannel Strategies: To effectively collect, manage and utilize big data, businesses are now leveraging CRM tools to develop omnichannel strategies to connect with customers from every point. Omnichannel efforts help in creating a centralized platform that provides information about a customer’s life cycle.
Internet of Things (IoT): More businesses are leveraging IoT to improve customer relationships. IoT capabilities enable cheap and quick data acquisition and also help in running targeted campaigns. So as a business, it’s essential to keep upfront with the latest CRM insights to make the best business decisions.
The CRM market is expected to continue growing and won’t slow down. Whether you’re in retail, healthcare or manufacturing, you can leverage customer relationship management to understand customers and offer more meaningful experiences to them.
- 5 Approaches to Customer Relationship Management in 2022 - July 12, 2022