Customer relationship management (CRM) generally refers to specialized software systems that help manage, track and customize interactions between your company and its customers. The system can help automate contacts, allows your customer service team to personalize discussions with clients and can serve as the foundation for marketing campaigns. CRM systems can increase revenue by keeping your existing customers engaged and by helping market your products to the most receptive clients.
Leads
Your CRM system can be a lead generating machine. The system stores customer preferences, buying patterns and information that can be used to generate lists for marketing campaigns or direct sales opportunities. Customer service agents can also be trained to notate customers who may be receptive to new product offers. It can also be used to direct these leads to the best sales specialists based on the customer's demographic and product line. Higher sales productivity can equate to higher revenue.
Targeted Promotions
Product preferences, demographic information and budget availability are all key pieces of marketing information that can be stored in a CRM system. Your marketing managers can use stored information to target promotions to customers. For Web-based sales, a CRM system can be programmed to provide customized sales, promotions or product suggestions based on stored data. Targeted advertisements can also be sent through email or physical mail. Promotions that match a customer's needs or preferences with a target offer are more likely to result in a sale and higher revenue for your company.
Upsells
Selling more products, or higher value products, to your existing customers is a way to increase your company's revenue base. Customer service personnel, sales specialists and even your marketing department can use CRM systems to help up-sell existing customers to new products or additional offers. You can customize the CRM system to provide specific up-sell options that match each customer with an offer that ties to their prior purchases or preferences.
Customer Retention
Maintaining your customers and encouraging repeat business is a way to increase revenue as you grow your business. Providing superior, customized service to customers makes them feel more appreciated and more aligned with your company. This customization can occur through a CRM system. Additionally, the system can be used to track customer purchase patterns and to send marketing reminder messages when routine purchases are not made. Ensuring that customers keep buying your products or services can help grow your revenues as you continue to add new customers to your business base.
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