Heard about the CRM Mantra? It’s “If you serve them well, they will come,
and keep on coming…..and keep you in business.”
But to serve your customers well, you
have to understand them first. You need to know what they want and be ready to
give them what they want when they need it. Pretty simple premise, isn’t it?
Yet most businesses don’t fully realize how beneficial it is to understand
about the makeup of their customers. An understanding of things like purchase
and payment history as well as specific preferences and business needs can
significantly enhance their experience of doing business with you. Customer
satisfaction comes from great customer service, so being able to 'add value' by
having all the customer knowledge at your finger tips can only be a good thing.
But beyond this, there is a lot of
analysis that can be done to find out more about the profile of individual
customers. As a business owner, do you know who you most valuable customers
are?
In business, the Pareto principle, aka the 80/20 rule says that 20% of your customers
bring you 80% of your revenue. So knowing who they are is key to your business profitability
and success. You definitely need to know and cater to these customers. Also
once you’ve established this, you‘ll be
able to build “an ideal customer profile” and strive to attract more of this
type of customer.
So now you say” How do I go about doing
this?” Well, here’s where CRM comes in.
CRM is about anything you do in a
business to build relationships with customers and it involves all aspects of
the business.
Customer relationship management (CRM)
aims to help you manage the interactions with your customers more effectively,
with emphasis on identifying and nurturing your most valuable and profitable
customers. It promises to cut the cost of serving customers while increasing
their levels of satisfaction and loyalty. The net result should be increased
revenues and higher profits.
So remember the CRM Mantra and succeed in your
business.
