Be Different or be dead

June 22, 2020

3 simple things I did as CMO to build a powerful marketing machine

Source: Unsplash

3 simple things I did as CMO to build a powerful marketing machine.

In my experience as a CMO for a number of years, a marketing organization that has a strategy with these three elements is miles ahead of other organizations, and becomes the best practice for the herd to follow.

The strategy they follow involves a unique approach to:
▪️ The process used to understand what people want and desire.
▪️ The information selected on people that makes a difference on whether or not someone chooses you as their provider.
▪️ How to transform the information into something that people will pay for over and over again.

The process to follow…

The old adage that knowledge is power has a specific application in an environment where competition is fierce, economic shifts are dramatic and unpredictable and where customer wants and desires are changing almost every hour on the hour.

Most organizations employ market research as the tool for discovering the mood and needs of customer groups; the studies are typically performed by an external firm and are done periodically.

Market research has limitations.

— First and foremost, as the name suggests, it deals with ‘markets’; aggregations of people who express similar needs. The problem is that no two people are identical in any way, so when you look at market data you are looking at a blend of individuals where no one specifically is like the data gathered.

— Second, the fact that it is done periodically means that the rapid pace of changing needs could put organizations out of touch with what the current priorities are for the customer.
What people desire in this moment are likely different from what they yearned for a moment ago.

— Third, being outsourced to 3rd party contractors puts the management of customer knowledge outside the organization, and the understanding and application of it in the hands of a few employees.
Marketing receives the customer data and decides what it means to their marketing programs.

A new research model is needed; one that leverages the gathering of customer insights on the run to be a core competency of an organization that is unmatched by others.

Source: Unsplash

A core competency that applies the continuous stream of changing customer needs discovered to create opportunities and solutions for the customer that others simply are unable to do.

Customer learning is the answer.

Customer learning is the continuous process of capturing customer needs, wants and desires real time in the moment they touch the organization.

The idea is that every time a customer ‘touches’ the organization, it represents an opportunity to learn something about them.
My approach was to define all touch points in the organization and focus on the ones that represented 80% of the action.

Any customer touch point can yield productive learning if you consider it as a strategic learning opportunity rather than just a customer contact.

The challenge is to engineer the contact to produce the maximum amount of learning. Structure the engagement to allow you to easily gather their information you seek; ask the right questions, be unobtrusive and let the magic begin.

Obviously one of the engineering issues organizations need to get over is the amount of time an employee is allowed to spend with a customer. If they are managed by how long the engagement takes, the amount of quality information on the customer will be reduced.

And, for online applications, the engagement process must be structured to encourage people to provide information on the website. This has limitations, of course, because it’s not a conversation where the dialogue opens up opportunities to obtain more information from a person.

Source: Unsplash

A touch point that paid off handsomely for me was the customer complaint; when a customer called in with a complaint about something.
Dealing with complaining customers may not rank #1 on the rewarding experience scale for employees, but the complaint can, if listened to closely, produce useful information on how you can better serve your customers.

As an aside, I’m not a fan of being pointed to a FAQ web page as the organization’s way of handling my complaint. The questions are rarely relevant — because they’ve been prepared by employees from encounters with other people — and the moment leaves me frustrated and annoyed. On the other hand, I’ve had some terrific experiences with the Chat function; more resources should be deployed here.

What to do with all the information gathered from customer moments? Store them in a repository that is used by marketers to develop meaningful solutions to the problems and opportunities buried in the data.

The scope of customer learning is to look at the customer holistically; what their needs and wants are at the highest and broadest level.
The idea is to look laterally across their persona to discover their integrated needs rather than to look vertically to define a narrow — slice — need.

A holistic need for a consumer could be to travel every 6 months with their family; a slice need could be to have faster internet speed.
For a business a holistic need could be to leverage technology into a competitive advantage; a slice need could be to increase inventory turns by twofold.

To be able to use your marketing machine to standout from your competitors, it starts with institutionalizing a process to continually learn about your customers.

The information to gather…

The challenge in a world where virtually everyone has their basic needs satisfied is determining how an organization can stand out and be noticed. How does it get tagged with being remarkable and indispensable by their customers?

Today people are looking beyond their basic needs to feed their cravings, wants and desires. They are driven to a higher level to seek happiness; basic needs satisfaction may give people a lift for a period of time but the lustre soon fades — a new SUV soon becomes a used car.

As marketers, if we continue to focus on what people need we will miss the opportunities that lead to market leadership and enhanced profitability. The source of this huge untapped potential are the untapped secrets hidden in the deepest nooks and crannies of every individual that define who they are and how they want to express themselves.

A customer secret is what someone craves, aches and hungers for.

A customer secret has little to do with what someone needs. They need food, shelter, water and dependable communications — they expect to get them and pay as little as possible when they do; they might crave to see a Liverpool game played at Anfield in England and are willing to pay more for the opportunity to have their dream come true.
In a business setting, they might need power to run their manufacturing facility, but would be delighted to have a consultant recommend how alternative technologies could be employed to drive costs down and efficiency up.

Source: Unsplash

Exactly how does one gather secrets? People divulge their secrets only to others they trust, have confidence in, and have a strong relationship with.
If you are an outsider, they won’t tell you anything (other than perhaps what they need) and you won’t discover the gold that will enable you to have a profitable long-term relationship with them.

So, focus on relationship building with people you choose to serve. And don’t expect results overnight. It’s a long term investment; you can’t earn someone’s trust in a 60-minute interaction with them.

Secret gathering is a personal affair. Commit to informally meeting face-to-face with customers every week as a personal priority; you can’t discover secrets from your office. And have a casual conversation with the person you’re meeting; it’s not a formal market research interview — and don’t try and sell them on anything.

Avoid prying into personal matters unless it is a natural lead-in based on the conversation you are having. After the ice-breaker question, be guided by what they say.
And take lots of notes if it’s ok with them. It shows you’re interested in what they have to say.

How to use the information you gather…

Marketing with the focus on products and services is the way most companies engage with the market and compete today.

Nothing wrong with this, but it’s hard to find a unique niche where your competitors won’t find you.
Product competition is always challenged with how to provide features others don’t.

Rather than the traditional product-centric approach, unforgettable marketing is moving to offering packages of value that reflect the broad holistic view of the target customer in terms of their needs, wants and desires.

The key question is, of course, how do you move to the package creation mode when you have been stuck in the product-only gear for so long?
Here are the 5 steps to follow to create packages around your products and services.

Define the core product — start with your core product. It will be the anchor for your package and generally represents the key product or service that you want to offer.

Add elements to your core product — Identify additional components that can be ‘wrapped around’, or added to, your core product.
The choice of what value to add is based on what you have learned — through the customer learning process — about your target customers. The more you know about the customer the easier it is to choose what added elements are appropriate.

Your end game is to create a package that addresses a relevant want or desire in the most compelling way possible.

Resist the temptation to add too many value elements; don’t complicate the package.
Try to add just three additional value components that present a consistent and seamless value proposition to the customer and a natural add-on to your core product.
You can always add more elements later if you discover there are unsatisfied wants evident or if your competition does something creative and you need to respond.

Source: Unsplash

Choose synergistic value components to create your package in order to present a cohesive theme to the customer.
If the value components don’t work well together, your target customer group won’t understand the overall benefits your package provides.

If you are in the financial business, for example, with an anchor product of financial advice, you might consider additional value elements such as on-line self management investment tracking tools and quarterly financial management seminars which all play well together.

Or you might consider wrapping these elements around a four seasons resort hotel room:
— spa services
— yoga classes
— resort activities such as zip lining and water rafting
— a bottle of the customer’s favourite wine with a meal
— day care services

Create the value proposition — Define the value proposition for your package — what is the collective benefit the package provides to the customer?
This is not a statement that simply adds together the benefits of each package component rather it’s a declaration of the overall benefits of all package elements working seamlessly together.

In my example above, how might you define the collective benefits of financial advice, on-line tracking tools and regular seminars? You need to express the theme they collectively express. How about something like “investment self-management”?

Brand the package — Brand your package reflecting the value proposition you’ve created.There is no sense creating something new and not taking credit for your innovation. Too many organizations are into the bundling where product elements are simply added together and a discounted price is applied.

That’s not what I advocate.
Packaging is all about creating something new; bundling is merely slapping currents products together with reduced prices being offered with the volume increase.

Your new brand should reflect the collection of benefits provided. In the example that we have been using how about branding the package ‘The self-management Investment Plan?

Price your package — Price your package in terms of the market value provided.

Think premium pricing. Avoid the bundling mentality — and commodity thinking — of discounting the package based on the number of components in it.

If you have hit the mark with relevant, compelling value you should be able to command a premium price and realize healthy margins.
If you learn that you can’t price your package at a premium level, you have not defined it well enough — your package doesn’t contain the right combination of elements that result in a value proposition people are willing to pay more for.

Go back to the drawing board. Start over.

If you love your marketing craft and want to excel in it, do it the right way. Do it in a way no one else does.

Practise the process I’ve given you here and I guarantee success will be waiting.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 6.22.20 at 03:41 am by Roy Osing
• Permalink

May 18, 2020

How marketer’s can easily create amazing value packages for people

Source: Pexels

How marketer’s can easily create amazing value packages for people.

In my experience as a CMO for a number of years, a marketing organization that has a strategy with these three elements is miles ahead of other organizations, and becomes the best practice for the herd to follow.

The strategy they follow involves a unique approach to:
▪️ The process used to understand what people want and desire.
▪️ The information selected on people that makes a difference on whether or not someone chooses you as their provider.
▪️ How to transform the information into something that people will pay for over and over again.

The process to follow…

The old adage that knowledge is power has a specific application in an environment where competition is fierce, economic shifts are dramatic and unpredictable and where customer wants and desires are changing almost every hour on the hour.

Most organizations employ market research as the tool for discovering the mood and needs of customer groups; the studies are typically performed by an external firm and are done periodically.

Market research has limitations.

— First and foremost, as the name suggests, it deals with ‘markets’; aggregations of people who express similar needs. The problem is that no two people are identical in any way, so when you look at market data you are looking at a blend of individuals where no one specifically is like the data gathered.

— Second, the fact that it is done periodically means that the rapid pace of changing needs could put organizations out of touch with what the current priorities are for the customer.
What people desire in this moment are likely different from what they yearned for a moment ago.

— Third, being outsourced to 3rd party contractors puts the management of customer knowledge outside the organization, and the understanding and application of it in the hands of a few employees.
Marketing receives the customer data and decides what it means to their marketing programs.

A new research model is needed; one that leverages the gathering of customer insights on the run to be a core competency of an organization that is unmatched by others.

Source: Unsplash

A core competency that applies the continuous stream of changing customer needs discovered to create opportunities and solutions for the customer that others simply are unable to do.

Customer learning is the answer.

Customer learning is the continuous process of capturing customer needs, wants and desires real time in the moment they touch the organization.

The idea is that every time a customer ‘touches’ the organization, it represents an opportunity to learn something about them.
My approach was to define all touch points in the organization and focus on the ones that represented 80% of the action.

Any customer touch point can yield productive learning if you consider it as a strategic learning opportunity rather than just a customer contact.

The challenge is to engineer the contact to produce the maximum amount of learning. Structure the engagement to allow you to easily gather their information you seek; ask the right questions, be unobtrusive and let the magic begin.

Obviously one of the engineering issues organizations need to get over is the amount of time an employee is allowed to spend with a customer. If they are managed by how long the engagement takes, the amount of quality information on the customer will be reduced.

And, for online applications, the engagement process must be structured to encourage people to provide information on the website. This has limitations, of course, because it’s not a conversation where the dialogue opens up opportunities to obtain more information from a person.

Source: Unsplash

A touch point that paid off handsomely for me was the customer complaint; when a customer called in with a complaint about something.
Dealing with complaining customers may not rank #1 on the rewarding experience scale for employees, but the complaint can, if listened to closely, produce useful information on how you can better serve your customers.

As an aside, I’m not a fan of being pointed to a FAQ web page as the organization’s way of handling my complaint. The questions are rarely relevant — because they’ve been prepared by employees from encounters with other people — and the moment leaves me frustrated and annoyed. On the other hand, I’ve had some terrific experiences with the Chat function; more resources should be deployed here.

What to do with all the information gathered from customer moments? Store them in a repository that is used by marketers to develop meaningful solutions to the problems and opportunities buried in the data.

The scope of customer learning is to look at the customer holistically; what their needs and wants are at the highest and broadest level.
The idea is to look laterally across their persona to discover their integrated needs rather than to look vertically to define a narrow — slice — need.

A holistic need for a consumer could be to travel every 6 months with their family; a slice need could be to have faster internet speed.
For a business a holistic need could be to leverage technology into a competitive advantage; a slice need could be to increase inventory turns by twofold.

To be able to use your marketing machine to standout from your competitors, it starts with institutionalizing a process to continually learn about your customers.

The information to gather…

The challenge in a world where virtually everyone has their basic needs satisfied is determining how an organization can stand out and be noticed. How does it get tagged with being remarkable and indispensable by their customers?

Today people are looking beyond their basic needs to feed their cravings, wants and desires. They are driven to a higher level to seek happiness; basic needs satisfaction may give people a lift for a period of time but the lustre soon fades — a new SUV soon becomes a used car.

As marketers, if we continue to focus on what people need we will miss the opportunities that lead to market leadership and enhanced profitability. The source of this huge untapped potential are the untapped secrets hidden in the deepest nooks and crannies of every individual that define who they are and how they want to express themselves.

A customer secret is what someone craves, aches and hungers for.

A customer secret has little to do with what someone needs. They need food, shelter, water and dependable communications — they expect to get them and pay as little as possible when they do; they might crave to see a Liverpool game played at Anfield in England and are willing to pay more for the opportunity to have their dream come true.
In a business setting, they might need power to run their manufacturing facility, but would be delighted to have a consultant recommend how alternative technologies could be employed to drive costs down and efficiency up.

Source: Unsplash

Exactly how does one gather secrets? People divulge their secrets only to others they trust, have confidence in, and have a strong relationship with.
If you are an outsider, they won’t tell you anything (other than perhaps what they need) and you won’t discover the gold that will enable you to have a profitable long-term relationship with them.

So, focus on relationship building with people you choose to serve. And don’t expect results overnight. It’s a long term investment; you can’t earn someone’s trust in a 60-minute interaction with them.

Secret gathering is a personal affair. Commit to informally meeting face-to-face with customers every week as a personal priority; you can’t discover secrets from your office. And have a casual conversation with the person you’re meeting; it’s not a formal market research interview — and don’t try and sell them on anything.

Avoid prying into personal matters unless it is a natural lead-in based on the conversation you are having. After the ice-breaker question, be guided by what they say.
And take lots of notes if it’s ok with them. It shows you’re interested in what they have to say.

How to use the information you gather…

Marketing with the focus on products and services is the way most companies engage with the market and compete today.

Nothing wrong with this, but it’s hard to find a unique niche where your competitors won’t find you.
Product competition is always challenged with how to provide features others don’t.

Rather than the traditional product-centric approach, unforgettable marketing is moving to offering packages of value that reflect the broad holistic view of the target customer in terms of their needs, wants and desires.

The key question is, of course, how do you move to the package creation mode when you have been stuck in the product-only gear for so long?
Here are the 5 steps to follow to create packages around your products and services.

Define the core product — start with your core product. It will be the anchor for your package and generally represents the key product or service that you want to offer.

Add elements to your core product — Identify additional components that can be ‘wrapped around’, or added to, your core product.
The choice of what value to add is based on what you have learned — through the customer learning process — about your target customers. The more you know about the customer the easier it is to choose what added elements are appropriate.

Your end game is to create a package that addresses a relevant want or desire in the most compelling way possible.

Resist the temptation to add too many value elements; don’t complicate the package.
Try to add just three additional value components that present a consistent and seamless value proposition to the customer and a natural add-on to your core product.
You can always add more elements later if you discover there are unsatisfied wants evident or if your competition does something creative and you need to respond.

Source: Unsplash

Choose synergistic value components to create your package in order to present a cohesive theme to the customer.
If the value components don’t work well together, your target customer group won’t understand the overall benefits your package provides.

If you are in the financial business, for example, with an anchor product of financial advice, you might consider additional value elements such as on-line self management investment tracking tools and quarterly financial management seminars which all play well together.

Or you might consider wrapping these elements around a four seasons resort hotel room:
— spa services
— yoga classes
— resort activities such as zip lining and water rafting
— a bottle of the customer’s favourite wine with a meal
— day care services

Create the value proposition — Define the value proposition for your package — what is the collective benefit the package provides to the customer?
This is not a statement that simply adds together the benefits of each package component rather it’s a declaration of the overall benefits of all package elements working seamlessly together.

In my example above, how might you define the collective benefits of financial advice, on-line tracking tools and regular seminars? You need to express the theme they collectively express. How about something like “investment self-management”?

Brand the package — Brand your package reflecting the value proposition you’ve created.There is no sense creating something new and not taking credit for your innovation. Too many organizations are into the bundling where product elements are simply added together and a discounted price is applied.

That’s not what I advocate.
Packaging is all about creating something new; bundling is merely slapping currents products together with reduced prices being offered with the volume increase.

Your new brand should reflect the collection of benefits provided. In the example that we have been using how about branding the package ‘The self-management Investment Plan?

Price your package — Price your package in terms of the market value provided.

Think premium pricing. Avoid the bundling mentality — and commodity thinking — of discounting the package based on the number of components in it.

If you have hit the mark with relevant, compelling value you should be able to command a premium price and realize healthy margins.
If you learn that you can’t price your package at a premium level, you have not defined it well enough — your package doesn’t contain the right combination of elements that result in a value proposition people are willing to pay more for.

Go back to the drawing board. Start over.

If you love your marketing craft and want to excel in it, do it the right way. Do it in a way no one else does.

Practise the process I’ve given you here and I guarantee success will be waiting.

Cheers,
Roy
Check out my BE DiFFERENT or be dead Book Series

• Posted 5.18.20 at 02:18 am by Roy Osing
• Permalink

April 18, 2020

How to use the principles of influence in online marketing

Source: Pexels

In 1984, psychologist Robert Cialdini wrote a groundbreaking book called Influence: The Psychology of Persuasion.

It was based on years of studying the sales strategies used in car dealerships, telemarketing firms and fund-raising organizations to identify six key principles that influenced people to make buying decisions.
His work has helped many business over many decades, and the same principles also apply to online businesses.

Let’s take a look at each of the six principles and give you an idea of how they can be used in online marketing:

1. Scarcity

People are always driven to take action when things are scarce. If you want your offers to really entice them to make a purchase, you need to give them a strong reason. There are many ways to use scarcity in your online marketing.
This can be anything from offering a time sensitive discount, providing exclusive bonuses for the first buyers, to only selling a limited number of products for acting on your offer.

2. Commitment

People are more inclined to take action once they’ve committed to a previous action. The idea here is to get people to act on small commitments and lead them forward with bigger ones throughout the process. You can think of it as an ascending ladder.
A great way to use this principle in online marketing is to start with lead generation. Give new subscribers a valuable gift for signing up to your email list. You can then follow up with a low cost offer and follow that up later with a higher priced offer.

3. Consensus and social proof

It’s human nature to look to others for proof. People want to follow the crowd because they want to belong and make the right decisions. Social proof is a form of consensus where things like customer testimonials can help convince prospects that your product or service has great value.

A great way to use this in online marketing is to use case studies and personal video testimonials on your sales pages and content. In the eCommerce industry, reviews are one of the most powerful forms of social proof. If you want to go for consensus, you can focus on building a community and create stories involving your customers.

4. Reciprocity

When we are given something of value, it’s normal to return the favor. This principle of reciprocity is a simple buy powerful way to get prospects and customers to take action. A great way to use reciprocity is to offer something that is appealing and relevant to your audience.
This can be anything from free samples, free products, informative content, and free trials. This not only makes people want to return the favor, it gives them a glimpse of the value your business offers.

5. Liking

At the end of the day, people prefer to do business with people they like. This principle is simple but not easy to pull off. How can you get people to like you with online marketing?
You can create a strong personality, tell emotional stories, engage your audience, provide valuable content, and establish clear brand values. The whole process will build a relationship with your audience and also communicate all the ways your business is distinct from the competition.

6. Authority

People want a way to distinguish an average person from an expert. By positioning yourself as an authority, you will be able to do a better job in selling your product or service online.
How do you establish authority? You can mention recommendations from well known figures in your industry, use authority badges (As Seen on TV, Featured on Fox News, Mentioned on the Morning Show, etc.). Other authoritative elements like certifications, degrees, and licenses will also help.

Have you come up with any ideas on how to use these six principles in your online marketing yet? These examples should give you a lot to work off. Make sure you integrate as many of these principles as you can for your next marketing campaign.

— Ted Chong is from Ice Cube Marketing, a digital marketing agency in Singapore that helps local small businesses acquire leads from channels such as Facebook and Google.

• Posted 4.18.20 at 05:07 am by Roy Osing
• Permalink

February 8, 2020

How to use CRM to achieve a competitive advantage

How to use CRM to achieve a competitive advantage.

Today’s business landscape is fast-changing, and companies are looking for ways to stand out from their competitors.

Product quality and pricing may help your customers differentiate you from other companies. However, you can’t ignore the importance of customer interaction or the relationship you build with your audiences.

That’s why you need a CRM software.

Customer relationship management, is a set of technology that helps manage customer data. It supports lead management and helps deliver actionable insights that help salespeople to maintain a healthy relationship with customers.

In fact, the stats show that 91% of businesses with more than 11 employees have started using CRM.

Every company is slowly recognizing the value CRM has to add to their business. For instance, it easily integrates with almost any other software, including ERP, legacy databases, social media, and more.

Earlier, CRM was a tool reserved for the elite only, but now it is accessible to the smallest of companies. So if most organizations use it, how do I achieve a competitive advantage?

The fact is that although CRM may be readily available, not everyone chooses to reap its benefits.

Why is CRM software becoming so popular?

▪️Streamlines and automates the sales process

CRM automation refers to the system’s ability to streamline and simplify complex processes and automate repetitive and manual tasks. It improves productivity and customer satisfaction by ensuring consistent service delivery.

And, automation can free up time to focus more on meaningful and strategic work.

CRM automates a wide range of work across sales, marketing, and service activities. For example, it can save you time from creating a contract every time you sign a deal.
It will keep the customized templates and automatically generate it, when requested. Thus, you waste no time in closing the deal.

▪️Acts as a centralized database

CRM does more than just contact management. By integrating with other systems, it acts as a centralized database where all the information relating to customers, deals, orders, and deliveries made is stored and maintained. It then enables you to generate and track automatic billing, invoices, and more.

And it significantly reduces double-entry with two-way communication, minimizing the chance of human errors by always displaying accurate and up-to-date information.

▪️Provides the sales team with necessary tools

The most significant advantage of CRM is that it enables the sales team to streamline every process. It helps in closing deals faster by converting quotes into an order, and then to invoices to generate revenue.

It helps everyone to reach targets more quickly since order processing and preparing quotes is automated.

It also streamlines communication and syncs information in real-time so that the sales team stay updated all the time. The sales manager can also view all planned activity for the reps within the CRM, and keep an eye on their progress.

▪️Enables faster service to customers

With the use of smartphones, consumers have instant access to everything within a second. They expect fast replies when they call up customer service to know about the status of their order or in case they have any queries.

CRM can be of great use as it enables your customer reps to have instant access to the database and provide quick assistance. It doesn’t matter whether you are working from home or a cafe,  you can have real-time access to company information whenever required.

In addition, CRM ties all the departments together. Thus, regardless of who receives the calls from a prospect, they will know exactly how to respond by viewing the past interactions.

CRM enables you to both grow your business and protect it from competitive attack. Here’s how…

1. CRM creates new business opportunities

A CRM software helps you create opportunities by providing great insights into your business activities.

It can help assess a lead and use effective tactics to convert them into opportunities. For instance, CRM provides the complete lead profile that contains the added information that can be useful to assess a company’s background, their interaction with your brand, and their competitors.

So if you see a client is buying a product X from you but not Y, you may be able to create a personalized offer by combining the product X and Y that will enable the client to achieve cost savings. Thus, it provides you an opportunity to cross-sell.

2. CRM enhances the customer experience

In today’s time, businesses usually operate on multi-channels to expand their reach.

However, the main concern is whether they can provide quality customer experience across all channels. A study revealed that 89% of customers were not satisfied due to the inconsistency among channels.

This problem can be avoided by using CRM to manage the customer data flow from different channels from a single platform. It gathers and collects all the required information into a single database, which enables you to align customer experiences across different touchpoints.

One example is how restaurateurs can gather information on their customer’s food and beverage preferences. So that when they come next time, waiters can immediately open up their profile and improve their experience.

3. CRM increases customer retention

The primary purpose of CRM software is to improve customer retention. And only by increasing customer retention by 5%, you can increase profits by up to 75%.

There are various ways in which CRM can help retain customers. For starters, it can help map customer’s experience from the point of initial contact to the process of engagement, and how the engagement process turned into a long-term customer relationship.

CRM tools help in providing insight across the strengths and weaknesses of your marketing strategy. It provides guidelines as to how to re-engage your customers.

In short, CRM aligns marketing and sales goals and activities. This helps the whole team in delivering a complete experience while making the customers feel that they are valued.

4. CRM lowers overhead costs

Profitability can be achieved by decreasing overhead costs and allowing more investments to be made in enhancing the customer’s experience.

CRM automates tasks and saves time on manual procedures, which again can be used to focus on more critical tasks. It increases the productivity of every employee.

Training Magazine’s 2017 Training Industry Report stated that companies spent an average of $1,075 per trainee in 2017, and the cost keeps rising.

Training employees on different systems takes time and also increases the training overhead. So instead of investing time towards completing project goals, they are stuck with learning multiple systems.

Thus, integration of CRM with other systems helps reduce the time required to get teams working together. Plus, CRM’s operate on standard procedures that are easy-to-use and also help avoid doubling of tasks.

Final Words

CRM empowers the sales management team. It helps them do a better job of lead management — nurturing leads into opportunities, and into customers.

In fact, you gain the most by integrating the CRM function with your company’s ERP solution. It allows you to see the company’s sales activity and forecast its demand based on past insights. It shortens lead capturing times and, thus, helps you outperform your competitors.

So are you ready to use CRM and gain more revenue for your business?

— Himanshu Singh is a marketing specialist at SoftwareSuggest, He is well versed in software platforms like eCommerce platforms, project management, invoicing software. He is also interested in domains like Machine Learning and Semiconductors. In his spare time he enjoys guitar, badminton, and photography. He can be reached on LinkedIn here.

• Posted 2.8.20 at 05:32 am by Roy Osing
• Permalink