CRM stands for Customer Relationship Management. CRM refers to the practices, strategies, and technologies used by companies to manage and analyse interactions and data throughout the customer lifecycle. This is the source of any customer information and it helps to manage all data from leads to business partners.
CRM systems also gather information about customers from various sources like the company’s website, phone calls, live chat, emails, ads, and social media. They help employees interact with customers by providing details about their personal info, past purchases, preferences, and any concerns they may have.
Why is CRM so powerful for marketing channels?
Personalised Marketing
Because CRM systems store info about customers’ preferences, purchase history, and interactions with your business, you can tailor your marketing efforts to suit their specific needs and interests. It can be personal and thoughtful. According to a McKinsey study, it has been found that companies that excel at personalization generate 40% more revenue from those activities than average players.
Better Customer Insights
CRM helps you understand your customers better. You get to see trends, like what they’re buying or which emails they’re opening. These data can provide you insights into what your customers want.
Streamlined Communication
It keeps all your customer communication in one place. Whether it’s emails, phone calls, or social media messages, you’ve got it all stored neatly. This means you can communicate more efficiently and consistently.
Targeted Campaigns
With all this data, you can create more targeted marketing campaigns. If you know a group of customers love a particular product, you can target them specifically with related offers.
Tracking Customer Journey
CRM lets you see where each customer is in the buying process. You can then nudge them along with the right kind of marketing messages, whether that’s educational content for newbies or special offers for those who are close to purchasing.
Improved Customer Service
Happy customers often lead to repeat business and referrals. CRM systems help you provide top-notch service by keeping track of past issues, preferences, and conversations.
CRM helps you send the right message, to the right people, at the right time, making your marketing efforts more efficient and effective.
Examples of how a CRM works
Alright, let’s walk through some examples of how a CRM system works in real life.
- Storing Customer Information
Imagine you run a little bookshop. Every time someone buys a book or even just pops in to browse, your CRM system keeps track of it. It will be jotting down notes about each customer – what books they like, their name, email, and maybe even their birthday.
- Tracking Customer Interactions
Say a customer, let’s call her Emily, emailed you asking for book recommendations. You respond with a few suggestions. Later, Emily comes into the shop to buy one of those books. All these interactions – the email, the purchase – are logged in the CRM. Next time, you know exactly what Emily likes.
- Personalised Marketing
Your CRM tells you that a bunch of customers, including Emily, really like sci-fi novels. So, when a new sci-fi book comes in, you can send an email just to those sci-fi fans. It’s like sending a personal invitation to check out something you know they’ll like.
Here’s an example of a personalised marketing email:
Sender: Cosmic Reads
Subject: Emily, Dive into a New Sci-Fi Adventure!
Hi Emily,
We hope this email finds you well! As one of our cherished sci-fi enthusiasts, we thought you’d be thrilled to hear about the latest arrival on our shelves that’s creating a buzz across the galaxy.
Introducing “Stars Beyond Reach” – a novel that promises to transport you to new worlds of wonder. This latest epic from bestselling author J.R. Maxwell is a thrilling ride through space and time, perfect for fans of deep space adventures and intricate plots.
We remember how much you enjoyed “Galactic Chronicles,” and we’re confident “Stars Beyond Reach” will be right up your alley. Its captivating narrative and rich, detailed universe make it a must-read for any sci-fi aficionado.
As a token of our appreciation for your continued support, we’d like to offer you an exclusive 10% discount on your copy of “Stars Beyond Reach.” Simply use the code SCI-FILOVE at checkout on our website, or mention this email in-store to redeem your discount.
Don’t miss out on this interstellar journey. Grab your copy while stocks last!
Happy reading and safe travels through the cosmos,
The Team at Cosmic Reads
P.S. We’d love to hear your thoughts on the book once you’ve delved into it. Your reviews always light up our world!
- Customer Service
One day, Emily has an issue with a book order. She calls your shop, and even though you didn’t take her original order, you quickly pull up her details on the CRM. You see her entire history with your shop, which helps you sort out the problem quickly. Emily’s chuffed with how well you handled it.
- Sales Forecasting
Your CRM is also a bit of a fortune teller. Based on past sales data, it can predict trends – like if you’re likely to sell more thrillers in October or romance novels in February. This helps you plan what stock to get in
- Customer Retention
The CRM reminds you when it’s been a while since certain customers have visited the shop. You can send them a ‘We miss you’ email with a little discount code. It’s a friendly nudge to come back and see what’s new.
These examples demonstrate how a CRM system supports and enhances every stage of customer interaction, ultimately fostering strong, lasting relationships. It’s all about building strong relationships and making each customer feel special.
CRM Makes Sales and Marketing Easier! How Is It Possible?
Of course, it makes things a whole lot easier and more streamlined. Here’s how:
Imagine having all your customer details – from contact info to purchase history – neatly organised in one place. That’s what CRM does. It centralised customer information for you. No more rummaging through heaps of files or different systems to find what you need. Because you have detailed info on your customers, you can tailor your marketing efforts.
It gives you more targeted and specific marketing campaigns! You know exactly what to give based on what you know they like. Plus if you have a team, everyone can access the same up-to-date info. This means less confusion, fewer mistakes, and a more cohesive approach to sales and marketing.
CRM systems often come with tools that remind you when to follow up with leads or customers and sort your prioritisation. Aside from that, you can track all of the customer interactions within your sites or apps. You can see the full history of your interactions with a customer, which is brilliant for providing personalised service and making them feel valued.
Not only that, you can track your customer journey from finding your products to actually considering the purchase. You have all the access to what they like, what they are looking for, what they are most interested in, and which pages or products in your site/app they always go back to.
With all the data in one place, you can streamline the sales process. It’s easier to move a potential customer through the sales funnel when you know exactly where they are and what they need. Most CRM systems can generate reports on sales trends, customer behaviour, and campaign effectiveness. By analyzing all of these insightful reports, you can have a more efficient sales process.
CRM gives you a better customer retention strategy by understanding your customers better and responding to their needs, you’re more likely to keep them coming back. Happy customers often mean repeat business and great word-of-mouth.
So, there you have it – CRM really is a bit of a game-changer in the marketing world, giving you the smarts and insights to connect with customers like never before. Leverage your personalized marketing even more with us, The Digital Cellar. We’re a bunch of digital marketing buffs who can help you get the most out of your CRM, streamlining your sales and marketing and making sure you’re hitting all the right notes with your customers. Whether it’s setting up the system, analysing data, or crafting those spot-on marketing strategies, we’ve got your back. Let’s team up and make your CRM journey a breeze!
