What is Relationship Marketing?
- A strategy to build longer-term connections with customers
- Shift focuses on short-term sales to Customer Lifetime Value
- The goal is to understand the customer’s interests and priorities. Earn their trust and influence their buying decisions
- The goals aren’t sales
What is CRM?
(Customer Relationship Management)
- CRM is a technology used to manage and track interactions with customers and potential customers.
- When you’re storing data it must be stored in compliance with the law.
- A Customer Relationship Management system can help organisations build customer relationships and streamline the processes so that they can increase sales and improve customer service.
Looking for CRM softwares?
We recommend…
The best CRM Softwares we recommend are:
HubSpot, Salesforce, Act-On, Insightly and Zoho.
There are many more companies out there that can solve your Customer Relationship Management systems, these are just our recommendations.
Benefits of CRM
- Perception of trust drives business and loyalty, referrals
- Loyal Customers = Brand advocates
- Word of Mouth Marketing (Buzz Marketing)
- Quality Products and Customers experience
- Lowers your costs by targeting marketing activity to high-value customers who are likely to spend in the medium to long-term
- Identifies trends and opportunities to cross-sell (bundles) and up-sell (Higher costs for what you get)
- Help match your audience engagements with appropriate channels and content.
Limitations
- Word of Mouth
- If customers detect they are being profiled and targeted with soft-selling techniques
- Your resources are not unlimited! Tracking customer details is time-consuming
- CRM databases drift out of date, that can be worse than having no data at all
- If your data is high quality, you can’t be sure what customers will deliver high value in the long term
- CRM makes it easy to contact people, so you need to be careful that you don’t spam them or break data protection laws.
Summary
By implementing a Customer Relationship Management system, we hope that as a business you can see the benefits and see your customers grow with your company.
To find out more about CRM here are some useful links we have found:
