In the business market, it is ideal to keep tabs on your most loyal clients. Being fully aware of the buying habits of big spenders can help you to understand the needs of the consumers and can help you appeal to their wallets more effectively.
The consumer market fluctuates at a vigorous pace as new products are constantly being developed and released. It’s therefore expected for customers to come and go.
Competition is rife and so it is important to remain fully aware of what is happening in your specific industry so you can meet the desires of your customers before they begin to look somewhere else.
What happens when your consumers stop playing ball?
No business wants their relationship with customers to dissolve after the honeymoon period. Those one hit wonder products that generate huge amounts of revenue for the first few months are exciting without a doubt. Business is booming and cash flow is steady, to say the least.
However, what happens when your product begins to become obsolete and you have no new products gracing the consumers’ platform? What happens when customers start to wander elsewhere for their products?
The answer is obvious, the expenditure/profit ratio will begin to alter, meaning profits will descend.
So, what do you do when a client or several clients change their spending habits or entirely disappear from the face of the earth?
The most sensible idea would be to investigate the market and find out what else is available to the same customers. What could be causing them to go elsewhere?
It’s important to note that, if you do not realise these client trends for weeks or even months, it may be too late to do anything about it at all. Being prepared is one of the keys to keeping a strong and loyal client base.
Making sure the pattern is always full
By utilising business activity monitoring, you can be made aware of the movements of all your customers. These notifications can be accessed through your email and with today’s technology, you can even have daily updates sent to your mobile phone.
Being just one step behind your customers will enable you to make relevant changes instantly. This means you can update your game the same day you see changes in your customers’ buying patterns, thus allowing you to tempt them with new ideas.
Business activity monitoring will place you in front of many of your competitors, so while they are scratching their heads wondering why their stock isn’t moving, you have already looked into the issue and made changes which can be implemented as quickly as the next working day.
This will give you the chance to generate special offers to persuade your customers to remain loyal to you and your products.
The world of CRM is large and complex; it can be difficult to navigate at the best of times. At Flowbird, we understand the kinds of CRM processes you need to put into place to keep your customers loyal. Get in touch today to find out more.