Every company boasts of having the most exclusive, detailed and unique database. But ask them how they are going to make use of it and they are clueless. There are limitless advantages of CRM system that can prove to be a new tool for business turnover:
- They can be valuable tool to understand your customers.
- Better meet their needs.
- Improve your service performance.
- Expand to other undeserved customer segments.
CRM – The Savior:
Let’s do a case study…
Let’s say if you are involved with a big client who underscores the importance of mining customer data at a minutest level to create profitable growth. They have abundance of customer and market data but very little insight of how to use them better. The management team had a view of performance only at the business unit-level, so it was impossible to identify individual segments that were strong or weak.
Now that sound like an everyday issue with agencies. However they always come out with the best of solution only because of the rich database at their hands. So we found a need to shift from high-level financial view to a more granular view of profitability and growth by customer, market, product and geography. To do this we need to:
- Clearly define the problem.
- Important questions to answer to get there.
- Finding the underlying data
By collating the various aspects of information to receive clearer picture of the customer, we found number of trends buried under them:
- Significant pools of profitability were attached to only some few segments but not properly aligned with the profit centers like Sales who were not incentivized enough to attract and maintain happy/loyal customers.
- The clients also had large customer segments that were highly unprofitable and incurred high maintenance costs from them.
By updating these customers’ outdated systems and renegotiating contracts the company was able to save millions of dollars serving them. Armed with business insights drawn through CRM system businesses were able to make better, wiser and susceptible decisions for customers, product or market.
Stop making uninformed business decisions, by wisely adopting CRM system. Do not forget to follow the pre-requisites of implementing such decision through CRM and receive insider’s view of business situation.