Customer Relationship Management, otherwise known as CRM, is the management of customer interactions with a company. It involves the gathering of data regarding customer profiles, interactions, and general relationship patterns between customers and companies. CRM involves all aspects of a company’s customer interactions, from the basic contact level (the first contact made by a lead-time customer with a sales representative) to the highly specific sales, after-sales, and support interactions. By understanding what your target market or individual customers need, you can design and implement an effective CRM strategy that will enhance your overall customer satisfaction and increase profit margins.
When your company connects with your customer at every point of the sale, it strengthens your business. You become a part of their lives. They come to know who you are, what you do, where you are, what you represent. And, as part of that connection, you begin to understand what motivates them. This is why CRM should be comprehensive, integrated, and predictive-based.
One of the most successful examples of a comprehensive and predictive CRM includes McDonald’s Customer Loyalty program. Under this program, McDonald’s can predict how many of their customer segments will be motivated to return to the restaurant. They are also able to predict which customer segments they will least likely get back, based on factors such as location, income, and their spending habits.
A comprehensive and predictive loyalty program like this one can result in extraordinary results. But if you don’t have a clear vision of how you want to see things, it won’t matter how much revenue you generate or how well the sales are doing. You will still be in the same place you are now, without a single customer service intervention to change that. And that’s not what you want.
To make your CRM more productive for your business, you need a focus and a mission. Without these things in place, it is like trying to drive your car without a roadmap. You won’t get anywhere. A comprehensive loyalty program doesn’t just track the relationships that are established with customers; it extends those relationships to every part of the operation. It should be able to measure all of those actions and accomplishments, and provide the means for managers to take those results and measure them, as well.
In order to do this, a program needs to give managers access to real-time reports on all elements of customer service. These reports should be customized for each individual customer, to reflect the unique characteristics of each customer and the unique things they like or dislike. For example, a common complaint from customers is that they feel they are being treated like robots, or like simple machines whose only function is to sell food to people who aren’t interested in it.
With this information, managers can proactively change aspects of their business in order to better benefit these customers. For example, by training their employees to specifically encourage customers to leave feedback early–after they’ve left the store–a manager can actually turn one of the toughest customers into a loyal customer. This process can even be automated, by using CRM software to gather specific information about each customer. By taking the best qualities from each customer and combining them, the manager can create a system that gives every customer exceptional customer service.
Also Read- Customer Review System
When running a store, management needs to have the tools to turn one person into ten. Having an omnichannel loyalty program helps you do just that. While a CRM will be responsible for collecting and organizing the information on each of your customers, the loyalty program will reward that employee with a bonus at the end of each quarter.