Do you ever know, why Price Waterhouse Coopers has said: “Customer retention obviously has profound implications for all businesses: Finding new customer costs from three to seven times more than keeping an existing one, and for many large companies, up to 95% of profits come from long-term customers?”
Any business whether it small or big in size, does not completely depend upon the products or the services you sell. There many other small factors which need to be taken care of. Some of them which you need to be taken into consideration are – Type of Asset, Your Future Performance, Deal Structure of the Business, Financial Leverage, Cash Flow – do not get confused, they are counted as Profits, Expectation of your Financial Return. It could be some more too.
But in the era of digital marketing, you need to work smartly. Only hard work will not pay you back in your business. Digital marketing, online business has become important for a successful business. These digital methods may include search engine optimization (SEO), e-Commerce marketing, search engine marketing (SEM) and many more.
In short, your business is depending on how wonderfully you can manage the relationship with your customers. One of the leading tools for this is Customer Relationship Management (CRM) software. It not only identifies but also connects the customer data across the system very accurately.
The companies who are into software and internet solutions and who want to manage their customer relation systematically can certainly use CRM. You get a wide range of options right from very basics, contact management to the customer service management and sales tracking.
If you get the correct CRM for your business, you will not only be able to increase the sales but also improve the customer relationship. Which will ultimately affect your business to increase? When you are choosing the software for your business, you need to decide about choosing the software which is housed by your own server or by the cloud base. You have your own advantages for both.
Advantages of choosing CRM on your server –
You get a higher level of security.
You have control over your data.
The integration is much easier with other applications.
There is much more capacity for customization.
Advantages of choosing CRM, clouds based –
The initial cost is very low.
There is no requirement of hardware.
Much quicker and easier to set up.
Up gradation is done automatically.
There is no need to have an IT staff.
CRM is one of the important tools for making your business successful. The more you work on your customer relations, much easier for you to hold your business and earn good amount of revenue.
There are some specific ways to use CRM, to get the most of out it.
1. Choose wisely your vendors.
2. CRM tools are always enhancing and modifying, keep your business updated.
3. Mobile being the important device, and everyone is connected through mobiles, make sure your CRM vendor provides the interaction with your customers on mobile too.
4. The data about your present and prospective customers will be provided by CRM, make the most of it.
5. All users should get the adequate training of using CRM. For which more than one training sessions are required. So, make sure of training sessions before buying the CRM system.
6. Make sure, all the users in your business are adopting the CRM system.
7. Make a use of CRM to connect with your customers on their favorite social sites.