3 Customer Relationship Management – Tips to Keep Modern Businesses Competitive

New business models and technologies have made it easier than ever for companies to connect directly with customers, partners, and suppliers. In these new digital environments, businesses have the opportunity to transform their internal processes and cost structures in order to build a more agile company that’s better positioned to succeed. Resilient business processes are the cornerstone of any successful organization, but they become even more important when your company operates in dynamic markets that undergo frequent change. Businesses that don’t keep up with these changes risk falling behind their competition as newer companies grow faster by adopting methods and practices that older organizations cannot or will not implement. To remain competitive, modern businesses need an effective Customer Relationship Management (CRM) strategy built on an integrated technology platform.

Fully Customizable CRM without the Frustration

The first step in a CRM strategy is to choose the right platform. Many older CRM systems are difficult to customize, forcing companies to use their software in ways that do not fully support their specific business processes. In the modern business environment, it’s especially important to ensure that your CRM works for your company, not the other way around. Newer CRM platforms have been specifically designed to facilitate fully customizable business processes. They offer a variety of design and workflow options that facilitate easy communication with customers, employees, and business partners. A fully customizable CRM is the first step towards building an end-to-end business process that supports your company’s unique needs at every stage of the customer lifecycle.

Support All Customer Lifecycle Stages: Conversion, Retention, Loyalty

Every CRM is designed with a specific lifecycle stage in mind such as lead management, customer relationship management, or sales. While these stages all support one another to a certain extent, CRMs that focus on just one lifecycle stage may not provide the full range of tools required to support all three customer lifecycle stages. The customer lifecycle stages are: – Conversion – The process of acquiring new customers through marketing efforts such as advertising or word of mouth. – Retention – The process of keeping customers through ongoing customer service and support. – Loyalty – The process of encouraging repeat business by offering superior product quality and value. The best CRM will support all three customer lifecycle stages with the same level of functionality.

End-to-end customer experience

Businesses must not only manage their customers’ lifecycle stages but also their complete end-to-end experience. – Lead generation – The process of identifying and converting prospective customers into leads. – Lead management – The process of maintaining customer information and managing customer relationships. – Lead conversion – The process of converting leads into customers. – Customer service – The process of providing ongoing customer support. – Revenue management – The process of tracking customer purchases, product returns, and other business transactions. – Customer retention – The process of ensuring that customers remain satisfied with their purchase and continue to do business with your company. – Referral marketing – The process of encouraging customers to share their positive experiences with others and bring new customers to your business. – Customer data management – The process of organizing and analyzing customer information to identify future trends and provide valuable insights to improve your business. The best CRM platforms support all of these different aspects of an end-to-end customer experience.

Google Ads Growth Formula

A growing number of businesses are now using Google Ads (formerly known as the Google AdWords platform) as the primary marketing channel for their online sales. This is especially true for smaller companies that don’t have the internal resources or expertise required to develop their own digital marketing strategy. To succeed with Google Ads, businesses must first identify the customer segments most likely to purchase their products. Then they must create a digital campaign that targets these customers with relevant ads that generate interest and encourage potential customers to click through to their website. In a well-designed Google Ads campaign, every aspect of the digital marketing strategy supports these two primary objectives. Every digital marketing tactic such as website content, ad copy, and targeting options must support the overall goals of the Google Ads campaign. This is why a tightly integrated CRM is so important for managing the customer lifecycle with a single platform.

Conclusion

Businesses that wish to thrive in the modern business environment must adopt a CRM strategy that supports fully customizable business processes. The best CRM platforms foster an end-to-end customer experience that spans multiple lifecycle stages from lead generation to customer retention.