Why Connected CRM is the answer?

“We’ve spent the last 30 years focusing on the T in IT, and we’ll spend the next 30 years focusing on the I.”

-Peter Drucker

Introduction:

The pulsating beat within the heart of every business will always be its customers. Gone are the days when certain products and services had the luxury of monopoly leaving customers little or no options to choose from. Today, customers are flooded with a multitude of options to choose from. In this era, warm nurturing with prompt and sincere customer service is emerging as a key differentiator for sustained competitive advantage. Research shows that it is anywhere between 5 to 25 times more expensive to sign a new customer rather than retaining an old one.

Tools of the Trade:

Since the humble beginning of web analytics in 1993, data analytics has grown leaps and bounds. From a prosaic counter ticking with every website visit to the ability to predict customer’s action, the power of analytics has completely transformed the business arena.

There is no paucity in the availability of options for data sources, CRMs, Analytical tools, etc. However, the appropriate and optimal usage of the available tools is what is likely to make all the difference.

So, what is a Connected CRM?

Connected CRM is the ability to build and operate a 360º view of a customer database. It additionally identifies, segments and maintains high value customer profiles. It’s agility in organization of data facilitates swift response to changes in customer, competitor, or marketplace behaviours rendering a sustainable competitive advantage.

With Connected CRM, the disciplines of data driven analytics, market-driven analytics, measurement, and implementing methodologies can now be more tightly woven together across all media and channels and optimized at the consumer level.

Let’s say Tyler has been your customer for over a decade and a half now. Despite being exposed to a myriad of exciting deals and offers, he has chosen to remain loyal. Today, he calls up your customer service to resolve a minor glitch. There are two possible ways the scenario can play out: You either treat him as just another one of the thousand other callers or make him feel valued and special appreciating the years of business. Which of these scenarios is likely to renew his commitment to your company? And how can you consistently ensure this – Connected CRM!

Connected CRM can also be leveraged to nurture new leads along the buyer’s cycle. With the powerful intel of Connected CRM, custom made content can be created to guide the prospects from the stage of awareness to the stage of decision making.

Conclusion

Today, Salesforce is synonymous to CRM, companies today, sweat as much in the retention wings they do in the sales departments. Connected CRM helps recognize, relate (appropriately) and retain high value customers, driving and delivering a sustained competitive advantage.