Building Customer Relationships with Customer Data

Effective communication with recurring customers presents several opportunities for evolving a business model thanks to the current advancements in technology. From Social Media platforms to Customer Relationship Management (CRM) systems, data accessibility has become incredibly easy for organizations reviewing past performance to improve interactions and reduce churn within current customer lists. As technology improves market accessibility, organizations continue to adapt their model to stay ahead of competitors while considering how they can further improve the lives of customers through product and/or service offerings. Customer data creates synergy between a brand and the target user when a company can interpret the data and develop algorithmic models for testing and improving relationships.

When a potential buyer contacts an organization by subscribing to a newsletter, filling out a contact form or through other various actions, the interest generated in the product or service has already been established.  Understanding each activity as raw data will allow for the organization in question to create a meaningful experience for a new buyer. As processes are refined, stakeholders can present solutions based on similar actions, personas, and other information customers presented before making a purchasing decision.  Collecting data from pre-established customers allows for marketers and sales professionals to optimize their funnels as new users intercept a brand’s messaging.  Segmenting the data from lost-closed deals and won-closed deals will ensure the most effective content, communication channels and strategies are continuously adapted and implemented.

Surveying new users against recurring customers

Further analyzing previous strategies creates a basic guideline for content refinement and development. As new users become engaged, more data is collected. Collect all customer data in order to identify new trends, areas of improvement or growth.  If your organization has multiple revenue streams, it is important to assess what is most profitable and what is producing waste to eliminate or improve upon areas of the existing infrastructure.  Go beyond the data that is automatically collected and create variables in the way you survey customers – understand what they want, need, and how to expand the relationship.  Creating associative data and translating this into a conversation will ultimately improve customer engagement and streamline internal operations.

Building personalization into your business model

Personalization is the new black in today’s marketing and business development processes.  If users feel that an organization took the time out to differentiate them from a number within a CRM system, they are more than likely to continue engagement.  Personalization does not have to be a manual process, advanced tagging, field customization, artificial intelligence tools like Chatbots and other machine learning make it possible to have advanced computer-generated interactions with users while building the system for the buyer – no matter how much technology is integrated into the process.  A buyer is not just building rapport with a singular individual, they are building rapport with an entire culture.  The right tools and technologies will prepare any executive, marketer or sales personnel for interactions with quick access to historical data on a specific customer.

Using CRM Systems to Reduce Churn

CRM systems create ease for businesses utilizing data to improve systems and processes. Not only is it helpful with respect to nurturing new leads, but it also allows organizations to understand churn rates and how to keep churn at a minimum. So what is churn? The churn rate is the frequency at which subscribers, clients or customers discontinue use of services, products or regular interactions with an organization.  Collecting data within CRM systems allow for sales professionals and marketers to properly target the issues within the organization and create lasting relationships with the individuals interacting with their sales process.

Reducing churn rate can be easy when extracting data from an organization’s CRM, in this event, you can see why a CRM can easily be referred to as a “Customer Retention Management” software.

CRM Systems Can Highlight What Has Worked In The Past

CRM systems used to be about shuffling names and addresses into a computer and using the information to generate automated email blasts. Now it’s all about tracking. Using CRM systems, business owners can track the efficacy of their marketing campaigns down to the very last detail, allowing them to see which of their advertising strategies have generated leads in the past and why. This allows them to reuse the advertising strategies that did work and discard others with little to no return on investment (ROI).

Insight into Consumer Needs and Preferences

CRM systems afford business owners a number of ways to stay informed about consumer preferences regarding the bridge between their issues with a product and a means of communicating that. Through which media portal are they communicating their grievances most often? Many CRM applications scan social media for references to your business. The frequency with certain keywords are used–a statistic the CRM is designed to return–can alert you to the need for change in the way you field complaints. Is ‘customer service number’ a recurring theme? If you do not have one, it could be time to get one.

Constant Access to Consumer History

In addition, CRM systems give business owners access to a customer’s entire history with the company, from which emails they received to how many times they clicked on them. From complaints they might have had to the ways in which their complaints were fielded, a CRM system can show anyone on your staff the ways in which that consumer has interacted with the company in one location.

This affords you the opportunity to gauge exactly where that customer is in the conversion funnel presently, giving you key insight as to how to interact with them next. Additionally, since the CRM system has the ability to keep individual records, it gives you the opportunity to address the needs of these individuals personally based on their cumulative experience with the company, and not as a group.

Ultimately, CRM systems can help you keep the customers you have now by affording you key insight into their cumulative interaction with the company on a personal basis. It helps highlight consumers’ needs as a whole regarding any changes to your customer service infrastructure and can help you keep track of what works and what doesn’t.