CRM, potentially your most valuable business asset
CRM, what is that I hear you ask?! Put simply, it stands for Customer Relationship Management. And it’s your most valuable business asset because it stores lots of relevant information about your customers. Those customers that mean you have a viable business, that mean you and your staff get paid and who hopefully do your promotion for you by telling everyone how wonderful you are. So, this CRM thing then. . .
CRM is a central system where you collect and manage all information stored about your customers. This should include records of all and every contact they have with your business. It will include the basic data such as name, contact details and some personal information such as their age and DOB. Additional data that you collect will depend on the type of business you have and the information about the customer that might be useful to reaching your business targets. This may be collected when someone creates an account or profile on your website, or it may be added at different points in the customer experience such as when placing an order, or sending enquiries to the business.
After collecting the information, the CRM then guides your communication and marketing to existing customers. For example, Very uses their customer data to personalise their homepage, in fact they have 1.2 million different homepage designs and they’re planning to expand this. These include differences in images, promotional messages and the sections of the website that it has key links to. You can also segment your email marketing. In a simple example, if you are a clothing company, you can target men and women in different ways and with different products.
Your CRM can also reveal potential sales points; people that have registered but never purchased, people who have purchased previously and may be due some marketing to push a repeat sale, very regular and loyal customers etc. All of these customer segments can be converted through different tactics, but you won’t know this unless you track your customers properly.
If you think you’re missing a trick and could do with some better understanding of your customers, get in touch to see how we can help: email@example.com