The Best Kept Customer Management Secret
To become focused on your customers’ wants, needs and experiences, you need to ask and answer some difficult questions.
Asking targeted questions attracts more customers, generates more word-of-mouth referrals, improves the brand image, and improves the bottom line.
Consequently, you must listen to your customers and tailor your services or products to suit their needs. This is the fastest track to small and medium business success.
Customer Retention
Studies show that companies that intensively focus on the customer experience may obtain as much as 66% of their profits from repeat business. On the other hand, companies that haven’t focused on customer feedback may only get 22% or lower.
As a result, ignoring the inherent needs of potential and existing customers is the quickest way to see your customers gravitate away.
Customer Experience Index
Forrester Research runs the Customer Experience Index, which monitors how the average customer evaluates a company. Three key points stood out as the primary way customers judge a company: how much the customer enjoyed their experience, the ease of business interactions, and whether their needs were being met.
Effective Customer Management
CRM and ERP software increase customer satisfaction by alerting capability and integrated systems. Both management and customers are notified of updates, information and issues.
Integrated sales management keeps businesses and customers updated across the supply chain. The cost of attaining a new customer is far greater than retaining an existing one; obtaining a new customer via word-of-mouth costs less than money spent on repairing brand image.
Therefore, proper attention to your customers is essential to helping maintain profits and minimising time, effort, and money spent.
Customer Information
The ability to monitor manufacturing and sales data means that a company can keep track of its manufacturing processes in real time. Manufacturing and sales performance is intensively monitored using CRM software's built-in alerts and notifications.
Information includes lists of the Top 10 customers, new accounts, prospective customers, and customer activities. This allows managers to assess ongoing sales activities and take quick action, e.g., targeted coaching sessions. This results in more immediate sales and faster cycles.
Staying Ahead of the Pack!
Ongoing customer involvement is the key to improved relations and increased sales, and any company that does not focus on this truth will see it in their profits over time. Customers are not prepared to pay for a negative experience.
The business world is very competitive, with numerous companies offering similar products at various prices. Therefore, any perceived negative experience will quickly cause your customers to go elsewhere. If you haven’t provided enough customer service, your customers won’t think twice about going elsewhere.
Effective customer management is essential for retaining customers. Contact us today to optimise your customer management strategy.