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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
3 Industries Where CRM Programs Are Invaluable
Customer relationship management (CRM) has been evolving steadily since its early roots in the 1970s. But the concept really started to take hold in the 1990s as software and computer systems took over. Many of today's top CRM providers have now been operating for more than 25 years.
Simply put, tracking and leveraging the data surrounding customers is a gold mine of intelligence that companies can no longer afford to ignore. The era of guesswork is long gone, and nobody can get far by trying to give the customer what they want on gut instinct alone.
Honestly, there are very few areas, industries, and business functions that won't benefit from CRM software. CRM is vital to maximizing customer experience, business development, and targeted marketing. The following list represents three of the most critical ways that top-level CRM strategies can help companies grow their bottom line.
1. Sales
Customer relationships are the lifeblood of any sales operation. This has been the case since long before any systems or software existed to organize the whole process. Even a century ago, creating person-to-person connections and building rapport were the primary differentiators between sales superstars and the hacks who couldn’t close a deal. Modern CRM systems have systemized and formalized the entire process, adding an analytical and Big Data mentality to an ancient art.
2. Financial Services
Few industries have as much riding on client relations as the financial services sector. Investment banks, in particular, have always worked hard to understand who the whales are so they don't waste resources on customers who are unlikely to move the needle. And this has only been elevated through leading-edge CRM systems that allow for a 360, real-time view of all client accounts, transactions, and preferences. Not only does this allow representatives to instantly know who they’re talking to when servicing an account, but the extra visibility helps identify obvious cross-selling opportunities that otherwise may be missed. These benefits also extend to areas like insurance, credit products, and even typical banking relationships.
3. Marketing
Everyone in the marketing world knows the industry’s most insightful saying: Half the money you spend on advertising is wasted — the trouble is that nobody knows which half. Understanding campaign effectiveness has always been something of a black box. The strategy to overcome this problem traditionally meant blanketing radio, television, and newspapers with ads. Even today, uncertainty remains, but digital analytics and data insights now help clarify which investments prove worthwhile. And the more you know about the customers you want to target, the better you can direct your spending. Using CRMs can be incredibly effective in terms of knowing your history with every customer, and tracking all this info provides actionable intelligence that only becomes more valuable the longer you collect it.
Finding CRM Success
There are so many great applications for customer relationship management (CRM) systems. Sales, financial services, and marketing top the list, but other excellent options can be found through Infor CRM consulting, sales force automation, and cross-department collaboration.
Anyone who understands the power of the customer should also be able to recognize the power of CRM. Insight is becoming more and more valuable by the day, and every company needs to put the customer first, front, and center if they hope to find success in today's marketplace.
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