According to Search Business Analytics, 41% of businesses are currently struggling to tie customer data to business actions. Since there is little use of the information in CRM database if you do not make it work for you.
If you are aware of what is CRM, you must be knowing that Customer Relationship Management is all about making the best use of CRM database to discover valuable customer insights about your leads, prospects, and customers and then turn those insights into successful business decisions.
This is why CRM software is important for all businesses.15% of a business’s annual profits are misspent owing to bad data residing in their CRM database as CRM data degrades at a rate of 30% per annum. - Gartner Click To Tweet
According to Software Advice, more than 74% of business organizations state that an easy to use CRM software solution allows them to have greater access to customer data. While Accenture confirms that high-yielding businesses (those that greatly outperform over long-term) are 5 times more likely to use the information stored in their CRM’s customer database pitted against low performing businesses.
However, the big question is, what you need to look at to know who your customers are, or what they want, and lastly how do your business benefits from that information?
In this article, we will look into some of the ways you can use CRM database to unveil your customer secrets.
As every customer is a different individual, hence they all have different preferences when it relates to their communication and their buying habits.
According to Digital Trends, more than 73% of consumers choose to do business with organizations that use their personal information to enhance their shopping experiences.
Additionally, according to a report published by Infosys, it has been established that 86% of consumers support the role that personalization plays in their purchasing decisions.
This is exactly where you can use the information stored in your easy to use CRM software, since this platform does not only stores names, addresses, emails, and phone numbers of your customers, but all your other interactions with the customers are also stored in the CRM database.
Therefore, take the advantage of using the customer information in your CRM database, which helps to address your customer by their names and incorporate the information that you know about them to show them that you are interested in treating them individually.
Personalize and shape your communications with your customers in such a manner that it suits the need of each customer individually and see how your customer’s perception of your brand starts to improve over time.
Discover Your Top Customers
As your customers are far from being equal, therefore, some of your customers earn you more profits than others, while there are also many that even waste your time.
According to the Pareto Principle – “80% of your profits come from 20% of your customers”
Hence, if you need to focus on this 20 % of your customers that brings you most of your revenue, your easy to use CRM software provides the analytical tools that can help you to spot your top purchasers by analyzing your CRM database.
Similarly, the CRM software can also identify the customers who are taking up most of your time and are top time wasters- customers that are not vital for your company.
Once you find this information, you can focus and treat your top hassle-free customers, provide them with more attention and uncover more business opportunities with this ever-growing selected few.
Become Trained To Win and Close More Deals
Have you ever thought- actually how you sell?
What are the steps that you unconsciously follow all the way to closing a deal?
More importantly, what are the things that you do to win a sale, and if they are really working?
Now if you start digging deeper, you will certainly start to understand which sales strategies are really helping you to advance the deals and which are those that do not.
However, to do this you need to look into the CRM database.
When every action that you take and every document that you send to the prospect is logged into the easy to use CRM system, you can view the major steps that you have taken in the sales process and the touch points that you have registered with the prospective customer. Data in the CRM platform also lets you understand how long the entire procedure takes, and how much time elapsed between each step in the buying process.
If you find some of the tactics that you have used generated higher closing ratio, or have made the sales cycles shorter, you can make that as a part of your every sales process, and stop doing things that did not.
So CRM database helps in making your sales reps follow successful sales processes ever time they are trying to close a deal.
Discover Upselling Opportunities
We all want to increase our revenue, and the best way to do it is to persuade your customers with products and services that they like instead of just bombarding them with random offerings.
CRM data helps us to anticipate the customer’s interests and needs and offer them opportunities to enhance their buying experiences. This is where an easy to use CRM earns its keep.
Converged CRM software like ConvergeHub (the best small business CRM software) provides a 360-degree view of the customers, whereby it helps you to analyze all customer information in the CRM database and pinpoint what the customer is likely to purchase as per their existing requirements.
For service-oriented businesses, information stored about your customers in the CRM database can also help you to send reminders to your customers before their contract is up for renewal so that you can upsell your customer at the right time.
Although there is always a lot of focus on increasing sales, however keeping the customer that you already have from leaving, is less talked about in the business world.
Nevertheless, the loss of customers, or customer churn, can crush your business goals.
According to a study done by Kini Group, it has been found that by just reducing customer churn by 5% businesses can increase their profits by 25-95 percent.
Now, if you evaluate the data in the CRM database between steadfast and broken relations with your customers, you can find valuable insights which can help you to evaluate what is working and what you should avoid in your customer relationship management to keep away from higher churn rates in the future days to come.
Moreover, access to these insights can also help you to resolve customer-facing issues faster and make your customers have a great experience with your brand, just by feeling that their pain-points have been understood.
Therefore, use your CRM database to develop an all-around customer experience strategy.
Always remember, that the main benefit of having an easy to use CRM in place is to manage the relationship with your customers using information hidden in the CRM database, for now, and forever, in order to increase your sales and grow your business’s revenue.