What is CRM? How it can help your organization!

#Customer relationship management (CRM) is the process of monitoring, managing, and tracking customer interactions with your brand. It’s a system that helps companies manage their interactions with customers by storing information about them.?

We will explore what is CRM, the benefits of #crm for your business, how to choose the best CRM software for 9 Yards Technology, and much more!

What is CRM Strategy?

CRM is a very powerful tool that allows companies to better interact with customers, provided that it works within a coherent and customer-oriented strategy. The introduction of a CRM system should not be at the beginning, but at the end of the road, when a company is organizationally, institutionally and technologically ready for change, when there are a clear strategy and resources for its implementation.

Currently, most companies have already implemented basic CRM functions. The level of maturity and understanding has grown. But the methodology of customer relationship management requires constant review and adaptation. Consumer behavior patterns, customer requirements, and technological order are changing. We need to constantly review the strategy for its relevance and compliance with the objectives of the company.

There are a number of reasons why companies go to review their CRM strategies. Key drivers include:

• Standardization of decentralized processes that interfere with customer relationships. Replacing legacy systems and building “seamless” processes around consumers.
• Strengthen customer relationships with new technologies to personalize interactions and create relevant customer experiences.
• The use of new channels to improve customer service and introduce new multichannel and omnichannel consumption patterns.

How Do You Manage Customer Relationship Management?

Implementing a CRM strategy is a large-scale change affecting all aspects of a company's business related to customer interaction. Integrated CRM model covers:

• Customer business processes - marketing, sales, service, technical support.
• Information systems in which these business processes are implemented.
• Interaction channels, including call center, offline sales points, websites, online store, mobile apps, chatbots, self-service systems, etc.
• Partners of the company that interact with end-users.

As in the case of any strategy, it is very important the research be carried out previously and the tasks clearly stated from the very beginning, both in the short and in the long term.

First of all, you need to remember that a strategy should be built around customers, not products or services. Sometimes you need to completely change the thinking and working approaches with clients.

What are the Goals of Customer Relationship Management (CRM)?

• What are the main reasons for losing customers?
• What prevents to increase sales to existing customers?
• What customer interaction channels have the worst conversion and why?
• At what stage is the purchase process most often interrupted? What information do customers lack when interacting with the company?

1. Describe customer interaction scenarios.?For example, a consultation request, a product purchase, a problem report, etc. Then combine internal business processes with these scenarios. This will help to understand where there are bottlenecks and how to improve customer experience.
2. Develop a KPI,?form the conditions under which the use of CRM will be considered successful.
3. Identify important events and available resources.?

• Understand how events occurring in a company should or may affect the implementation of CRM.
• Do you plan to launch a new product?
• What is the current load of staff of the departments involved?
• What new channels of communication with customers are planned to be introduced in the coming year?

The preparatory stage will allow not only to formalize the initial requirements but also to evaluate the maturity of the processes, to understand the scope of work that must be performed before the start of CRM implementation. It will be clear whether external experts are needed to assist in the development of a strategy or the company will be able to cope on its own.

Sales History and Cross-selling for?Customer Relationship Management

The customer’s purchase history can give you a lot of opportunities to increase your sales. One of the most efficient methods is?cross-selling or cross-marketing. It works very simply. You analyze what the client has purchased?in the past and, according to this history, you make a special offer in which you propose related products.

Using CRM systems, you can identify the additional segments of your customers and suggest them really necessary products or services. The most typical approach which is used by merchants is offering related products when the client is visiting your online store.

?Example of cross-selling.

But it is possible to do the same after the purchase. In several weeks you can send a personal e-mail to your client thanking them for the purchase and offering them a discount on related products. Such approaches work?very efficiently.

Because of personalization, your email is not perceived as SPAM. Your e-mail should tell your clients: “We remember you and remember what you have bought and we offer you only needed products that may be of interest to you”.

The effectiveness of cross-selling depends on your creativity. Let’s review some ideas.

• Customers prefer to buy only the products of a certain brand – segment by brands;
• Customers prefer to buy only products with discounts;
• Customers make a purchase only during a certain period of time (only on holidays, at the same time of the year and so on).

CRM and Personal Approach to One-Time Clients

Some online stores can have only one-time clients. For example, on the B2C market, furniture online store that makes individual orders may only sell once to a specific customer because most people do not change the furniture more often than every several years. The probability of repurchase is very low here. So, the advisability of CRM and the necessity of personal approach can be questioned in such types of online stores.

How can one time clients help?

• They can recommend an online store to their friends.
• Loyal customers can give reviews and inform potential customers about their experience of using products. It helps if the online store specializes in very expensive and luxury products.
• Sometimes you can ask customers to show how they use a certain product they bought at home. For example, a customer who has been using a bed with a special mattress for about 5 years will be very valuable if they agree to show it at their house. A positive example from real life is the best way to prove the quality of the product.

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