Wednesday, October 28, 2009

Build Customer Loyalty with CRM

Loyal customers are the lifeblood of any business. It should be one of your goals to create as many fanatically loyal customers as possible. This strategy will always increase profitability.

An good customer relationship management (CRM) software can help you gather important information about your customer's and their shopping habits.

Analysis of this data can help you acquire, retain and develop new customers. According to Forrester Research, in 2005, companies all over the world spent over $3 billion on new CRM software licenses. That means you are 4 years behind the competition if you still haven't implemented CRM in your business.

What Your Customers Need
A CRM system will help you fulfill your customer's needs. You will be able to stay in touch with those needs and measure customer satisfaction with your products.

Loyal customers are committed to your company. The longer they are committed to you, the more they buy. They will buy a wider variety of products and they are less sensitive to price. In short, they buy because they like and trust your brand.

Customer Feedback
You must listen to your customers! Not just when they call you to complain but when they post negative comments about you on Twitter, Facebook or their blog.

Too many businesses see complaints as a nuisance. Instead they should be treated as valuable feedback that will help improve your products and services. Your CRM can help track how you solve complaints and offer that as valuable information for similar, future problems.

CRM Best Practices for the Long Haul
CRM is a long term strategy, not just a short term project. The longer you use it, the more information you collect about your customers and their habits. The more data you have about customer complaints, the better your chances of avoiding those problems with future products.

Information is knowledge and knowledge is power. How are you using your customer information?

R-Squared Computing - Business Technology Experts

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