The Best Kept Customer Management Secret
In order to become focused on your customers’ wants, needs and experiences, you need to ask and answer some difficult questions.
Asking targeted questions gains more customers, more word-of-mouth referrals, a better brand image and, ultimately, a better bottom line.
Consequently, you need to listen to your customers and tailor your services or products to suit their unique needs. This is the fastest track to small and medium business success.
Studies show that companies which intensively focus on the customer experience may obtain as much as 66% of its profits from repeat business. On the other hand, companies who haven’t focused on customer feedback may only obtain 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. It monitors how the average customer evaluates a company. Three key points stood out as the main way in which customers judge a company. These were: how much the customer enjoys their experience, the ease of business interactions and whether their needs are being met.
Effective Customer Management
CRM and ERP software increases customer satisfaction through its alerting capability and integrated systems. Both management and customers are notified of updates, information and issues.
Integrated sales management enables businesses and customers to keep updated all the way 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 by money spent on repairing brand image.
It’s therefore important to pay correct attention to your customers to help maintain profits and minimise time, effort and money spent.
The ability to monitor manufacturing and sales data means that a company can keep track of its manufacturing processes in real time. Using the built-in alerts and notifications of CRM and ERP software, the manufacturing and sales performance is intensively monitored.
This gives managers the chance to assess ongoing sales activities so they can take quick action e.g. targeted coaching sessions. This results in quicker sales and faster cycles. Information includes lists of the Top 10 customers, new accounts, prospective customers and customer activities.
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 simply not prepared to pay for a negative experience.
The business world is very competitive, with numerous companies offering similar products at a range of prices. Therefore, any perceived negative experience will quickly see your customers going elsewhere. If you haven’t provided a high enough level of customer service, your customers won’t think twice about going elsewhere.
Effective customer management is essential for retaining customers. Speak to us today to find out how to optimise your customer management strategy.