When you first begin to pursue your passion as a career, it can be daunting to learn all the business jargon and tools. When looking at how to manage your customer experience best, one Google search will send you into a frenzy of confusion with terms like “Best CRM tools” and “How to handle CRM.” Here is a quick breakdown of what exactly CRM is, how it works, and how it can benefit your business.
CRM stands for Customer Resource Management. It’s a term meant to encompass increasing customer satisfaction and gaining new customers. The term is usually applied to software or an entire business strategy.
How Does It Work
CRM is handled best when you gather and analyze information on your consumer base. Take your Costco or Regal Rewards cards, for instance. When your card is scanned, the company is gathering information on what you purchased. From that point, the company can tailor their marketing strategies to promote and offer discounts on popular products.
When a business can tailor its marketing strategy, it can provide the best possible service to its customers. Collecting consumer data also lets you pinpoint when those needs change. This strategy ensures that the business can consistently meet those needs, whether it’s a seasonal or external change in consumer behavior. After a company shows a promising track record of meeting those needs, it will generate more positive word of mouth and increased revenue.
If you feel your company needs an emphasis on CRM, start with a simple Excel sheet to gain a baseline before looking into CRM tools. If you think that you need further assistance, consider an AFEUSA membership. AFEUSA members have access to discounts on business coaching services like GoSmallBiz.com. GoSmallBiz offers AFEUSA members coaching for as little as $29 per month and can get you on track with your CRM strategy.
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