Ravi Kumar, Director CRM Consulting at Cubastion Consulting, suggests how CRM can help moden-day marketing
October 7 2016: Customer Relationship Management is process that a company follows for proper execution of practices, strategies and technologies to manage customer interaction. The data is then analysed in order to improve business relationships. CRM systems compile information of customers which are used to derive sales targets.
The concept of CRM first began when marketers started recording their sales with the help of pen and paper. It was the era of 1990’s when first CRM software was introduced. CRM nowadays has become an essential marketing tool for any business. It has transformed almost every business communication techniques. It is said to be the smartest technique for staying ahead of the curve when it comes to unique source data. Here are 5 reasons why CRM is a necessary marketing tool.
CRM helps in Customer Retention:
According to VStacks Infotech, CRM can improve customer retention by 27%. Marketers has not realised the real importance of CRM. They still do not know what wonders CRM can do for them. By keeping their customer data online, marketers can first retain their customers by maintaining personal relationships with them. CRM can also help in maintaining relevant data on past purchases and behavior of customer.
CRM can maintain Cloud based data:
According to Microsoft almost 50% of all the CRM software will become cloud based by the end of 2016. It has also been estimated that the number is further expected to rise to 62% by 2018. Thus, CRM is quickly becoming cloud based in the next year. Cloud based CRM softwares are easy to access from anywhere as well as can be easily integrated with other software and technology solutions. This quality of cloud based CRM software is essential for marketers as it gives them opportunity to leverage their CRM data in more strategic ways to target customers.
Advent of Beacons has created opportunities for CRM’s:
The biggest challenge for marketers nowadays is to create seamless experience for their customers who are quickly changing devices and are moving from digital to in-store environment frequently throughout shopping journeys. Here comes the role of beacons, which helps in communication, collects data and sends push notifications to customers. They are a good source of information for brands as they can easily capture customer signals both in-store and online. According to some researches, Beacons were expected to generate $138 million in 2015 in retail sales. CRM systems provide opportunity to Marketers to integrate this data with CRM software for improved customer engagements.
CRM Predictive Analytics:
Advance CRM technology solutions are now equipped with predictive analysis qualities that helps the marketers to target real customers.This prediction is made on the basis of their past purchases and behaviors. Marketers can easily switch to these technology solutions which allow them to act on their customer data and predictive insights across channels through different mediums.
CRM a social-savvy Tool:
CRM software are now social friendly and it is an additional advantage for Marketers. They can now track customer interactions across various social media platforms. We are already aware of People based marketing techniques followed on Facebook. Integrated CRM software can make this strategy even better. This technique can prove to be a great help to study customer behavior for marketers.
CRM software has come a long way. CRM is no more limited to managing client relationships, it has now evolved into technology that enables Sales Automation, more effective customer engagement and people based marketing.
Ravi Kumar is one of the founders of Cubastion. H received both his bachelors and masters degree in Mechanical Engineering from IIT Bombay. A Seasoned CRM professional with Specialization in Oracle Siebel & its ancillaries, he worked as a Global Coordinator in Reckitt Benckiser in 2006 at its Slough office in UK. The responsibility was CRM deployment. He joined Inforte as CRM Consultant at Gurgaon in India. He has rich experience in CRM deployment for diverse industry verticals such as automobiles, travel and many others.