Using CRM technologies, organizations will gain valuable insight on how to manage enterprise data and capitalize on lead to sales conversions. Technology provides Key Performance Indicators (KPIs) that can be used to identify client behavior and deliver accordingly. Customer service can be transformed from a mere back-office function into a more proactive revenue-building initiative. As the March 2015 Aberdeen report suggests, it’s all about taking good advantage of customer data. Behavior changes are a constant. Organizations can do two things to bring business, either they follow existing client behavior and deliver the goods accordingly, or draw customers towards them through social media marketing.
Today, customers are empowered with a wealth of information on competitive products available in the marketplace. Engaging an informed customer requires considerable study and resources. CRM tools help organizations capture buyer needs and have a single view of all customer-interaction data. Optimization techniques in CRM help firms reduce their annual marketing budget while at the same time improve client retention rates. Sales reps especially are in need of this technology to adopt strategic actions and connect with buyers on a large scale. Better buyer connections enable stronger sales and this fact is adequately demonstrated in the February 2015 Aberdeen report.
Information assimilation around customer behavior helps organizations expand the channels through which the targeted customers can engage. This was the case for 32% of the respondents who adopted personalization strategies to improve their marketing and sales performance. Another 29% were able to leverage prospective client data and use that to provide ‘deal specific’ coaching to their sales reps. It’s the empowered customer who will dictate the sales for an organization, but businesses can dictate customer engagement through increased channel adoption. The frequency with which organizations converse with their customers will determine sales. It is this consistency in messaging that improves year over year performance in sales. Of the 108 companies surveyed (Aberdeen 2014-‘State of CEM Market’), 16% could improve cross-sell and up-sell revenues through better use of customer data.
With real-time inputs on consumer demographics and behaviors, organizations can build a formidable customer base. The amalgamation of social media with CRM technology helps firms captivate and capture prospective clients, and turn them into lifelong customers. In effect, technology is the enabler and CRM software will help organizations cater to the growing consumerism and deliver the right products to the right demographic, at the right time.