One look at studies on the Internet would make it amply clear that the cost of acquiring a new customer is exponentially higher than the cost of retaining an existent one. So, when it comes to prioritizing, attracting prospects, converting and nurturing qualified sales leads, and Customer Relationship Management (CRM) deserve the same spot on the priority list for customer satisfaction.
In the Era of Digital, How Does CRM Evolve to Fit in?
In this era of digital, the Internet is the backbone of every communication. In this context, CRM is typically defined as the use of Internet communications channels and technologies to deliver an improved customer experience, as well as customer experience management (CEM) initiatives. CRM does not just aim to provide an organization with a clear and detailed analysis of each customer's habits and preferences but also helps make personalization and automated messaging smoother and efficient.
The association of CRM with the Internet of Things (IoT) is common. IoT gives rise to situations where the customer might not always be human, and might as well be an object instead. A digitally-equipped CRM is able to deal with such situations easily and passes on the required information to the right customer effortlessly and in a short span of time.
As a Business in the Digital Era, Here's How CRM is Your Game-Changer
Traditionally, CRM is software-based but the involvement of manual processes can make it tedious. Most of the details and minute actions which are part of the CRM process often need manual intervention, and this is where its Digital cousin makes things easier.
Simplified Customer On-Boarding: CRM can help the customers understand the products and services of a company better. It helps ensure there is readily available material, in terms of information related to the products and services which can be accessed as and when needed. This help customers feel more empowered and independent.
With a CRM system in tow, the customer no more needs to undergo training or read the thick manual before using a new product. The same purpose is served by the digital tools and details available on the internet, as well as by helpful videos, which makes understanding the usage of the product a lot easier. This, in turn, makes it easier for businesses to sell their products and explain the benefits to the customer.
Omni-Channel Experience: Reaching out to your customers with the help of multi-channel interaction helps forward the key goals of targeting, acquiring, retaining, understanding and collaborating with your customers. The channels businesses use to communicate with customers have changed over time. Before the advent of digital, businesses counted on face-to-face interactions and written communications. Modern businesses are largely dependent on electronic communications, including telephone, email, live chat, and social media.
When integrated with Interactive Voice Response (IVR), the CRM system would help ensure customer service is more engaging. IVR helps to use the already available user data, which is collected and stored in the CRM system, and this, in turn, helps deliver more personalized customer experience. Thus, the IVR when integrated with a CRM system can help organizations render better services by delivering a customer experience which is smooth and effective.
Visibility, Accountability, and Faster Resolution: A CRM system which helps track all activities related to a case in terms of progress and resolution, and in turn provides a complete view of all interactions and customer relationships, can help bring down the turnaround time massively.
Improve internal collaboration within stakeholders and strong workflow support for backend processes helps ensure resolutions are more efficient.
A CRM eliminates the complexities associated with customer management and helps to create personal connections with customers making it possible to reach out and connect with customers at all the times, without any manual intervention. All of this makes it an apt partner in your business' aim to retain customers while also acquiring new ones.
Oryginaly published by Virender Jeet @ entrepreneur.com on Mar 3, 2019.