Due to mounting competition and increasing client acquisition costs, extending customer loyalty is extremely important in today’s business environment. Compared to trying to penetrate new markets and find brand new customers, it is much easier to cross-sell, upsell, and retain existing highly satisfied clients. Companies committed to earning and maintaining customer loyalty will definitely experience steady revenue growth, lower cost of sales, and higher profits, no matter what state the economy is in. Implementing a leading-edge CRM system, such as Microsoft Dynamics CRM 2011, can serve as the foundation of a firm’s transformation to becoming more customer-centric and focusing on customer service quality and loyalty.
The highly flexible, intuitive, and scalable Microsoft Dynamics CRM system enables firms to better measure customer satisfaction levels and to collect and analyze their needs. Having both good and bad customer feedback stored directly within CRM is an integral part of having customers feel that their product suggestions, complaints, or praise are taken seriously and always valued. Overall, companies that receive, document, classify, and act on client insights are better positioned not only to enhance service levels, but also to demonstrate that client feedback is valued and encouraged. For instance, with the help of CRM, companies can identify recurring root causes of customer service inquiries and react more quickly to prevent the situations from occurring again. Additionally, customer suggestions and likes or dislikes can be referenced to improve products and services and create new innovative, profitable ideas. Likewise, CRM can pinpoint competitors that consistently keep stealing business along with the main reasons the deals are lost. Therefore, sales and marketing departments can more effectively and efficiently adjust to modify their sales pitches and product development accordingly. Furthermore, repeat customer praise can be a huge clue for determining how to allocate and target future marketing campaign advertising dollars.
Firms that are committed to capturing client feedback, purchasing preferences, and interaction history directly within the centralized CRM repository are definitely able to forge stronger bonds with customers. Since companies are now more in tune with the needs of their customers, they can deliver more relevant and targeted proposals, particularly to their current most profitable segments and their future most profitable segments. Over time, customers will begin to see that the more regular communication and frequent offers they receive are useful and meaningful because they are more tailored and personalized to their unique needs. Thus, customers will feel more appreciated, buy more often, and become more loyal. Additionally, positive news about the firm will spread, referrals will pick up, and company revenues will further increase. Other advantages of this emerging newfound customer loyalty are that clients will be less sensitive to price increases and they will be more inclined to pay their invoices on time.
Customer Effective has helped hundreds of growing organizations implement Microsoft Dynamics CRM to foster stronger customer loyalty and ignite their sales figures. To receive a roadmap on how CRM can help you strengthen your existing client relationships and gain market share, please contact [email protected].
Post by: Kevin Wessels, Customer Effective,