CRM Business Intelligence

5 Important elements to build the right CRM strategy

The growth of customer relationship management (CRM) has become inevitable, compelling software development companies around the world to make the most out of it by putting customers first and driving a more customer-centric approach. The benefits of Customer Relationship Management (CRM) include storing relevant information about your prospects and customers to maintain effective communication, featuring a wide range of assorted tools for sales and marketing in order to increase profitability, to name a few. And that’s the reason why it is crucial to build your CRM strategy absolutely right.

Reaching any destination becomes easy when it’s done with the help of a map, right? All you require knowing is where to start from and where to end things. Creating a CRM strategy is quite similar to this. Here you need to identify your baseline performance (the starting point) your SMART destination (Specific, Measurable, Actionable, and Time bound) user, customer and business outcomes, and designs. The only challenge is that you require achieving these measurable objectives in the shortest way. Strategizing things in prior is very important in order to try and win the CRM journey. Great execution is out of the question if your strategy is wrong! Also, the right CRM strategy is nothing but something tackled with a clarity of focus, reduced guesswork, and measurable execution.

Below are 5 important elements to keep in mind when building a winning CRM strategy for your business.

1.  Set business objectives

One of the basic rules of building a CRM strategy is that it is always built keeping core business goals in mind. So before doing anything else, it is essential to analyze and identify the objectives you want your CRM to achieve. Whether you wish to improve your workforce efficiency, customer satisfaction, communication or you are trying to understand your customers better in general, with a better CRM strategy everything will start to fall in place. One of the best ways is to start is by breaking down your goals into smaller objectives, the ones which are easier to achieve. And then go with your plan of action. Know all the why, what and hows in prior. After this, you can begin your journey but be sure that the map you are using is flexible so that changes can be made easily whenever and wherever required.

2.  Know your customers

Many of us assume that businesses always end up treating their customers at an equal pace. However, in reality, this is not the case! To succeed as a business, one needs to delve into the details, categorize the customers based on values each one brings. Of course, each organization is of a kind and understands a different version of what makes a customer valuable. Whether you identify the main characteristics for a typical buyer or not that’s totally upon you.

Once the vision is clear and objectives are set, it’s time to head further to initiate a strategy. By using the customer data, you can easily understand how they interact with your business and maximize value. Make sure to keep the down below mentioned pointers into account:

  • The type of data required on our customer
  • Level of detail required to track
  • Plan on characterizing customers
  • The type of communication will work best for our customer profile

3.  Leverage your process wisely

Clarity is a must-have factor to take into consideration. You can even think of breaking the objectives into small achievable chunks and connect that to how CRM fits to achieve the composite goal. Let’s dig in a bit deeper here!

  1. Evaluate: Whether you are planning to implement a strategy for sales, marketing or even customer service make sure you understand your current procedures and review how CRM and automation both can be used to enhance the overall efficiency of your business.
  2. Identify: As I said before, the keyword is “efficiency”; so make sure you focus well on several aspects of your businesses. In comparison to evaluation, identifying is a bit granular, and it requires defining both where and how your venture needs to be enhanced.
  3. Align: In most cases, businesses are found struggling in some department or the other. Initially, you may feel pressured as in an effort to produce better results you may require implementing new procedures and technologies as quickly as possible which is definitely not an easy task.

However, this isn’t always the case. Making too many changes at once can also have a negative impact on your employee’s productivity and usage. This is the reason why you should considering a simple approach and implementing a CRM strategy gradually.

4.  Break down organizational silos

Once you begin collecting customer data, it becomes vital to come up with a culture of collaboration to enhance customer service. By breaking these organizational silos down, you can solve several issues. Now, do you really think marketing, sales and customer service departments can automatically be on the same page? Not necessarily. And organizations as a whole require to be working at cross-purposes. As soon as you start promoting cross-department collaboration, you will find yourself capable enough to deliver better than the best. Data collected by one department can also be fed to another department to improve overall business operations.

5.  Kickstart communication channels

One of the main objectives of having an effective CRM strategy is to increase the effectiveness of all your support channels. Doing so makes it easy for your end customers to reach out to support in the case if they encounter any problem. A good idea is to implement a live chat option on your website so that customers can get instant solutions for their queries. Live chat not only enhances the customer support experience but also helps boost conversions. Similarly, you can also consider using social media channels to solve customers’ problems.

Author: Kibo Hutchinson

Source: SAP