CRM isn’t difficult if you follow three simple rules. A – Acquire, B – better, and C – Capitalise.
Customer Relationship Management (CRM for short) sounds complicated but, with the right software platform and company ethos, is actually as easy as ABC. Or at least it should be.
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A = Acquire
To grow your business, you need customers. The perfect CRM system will help you log contact details for leads and record every single operation from incoming lead to customer.
“Over 80% of generated leads are never followed up on or are dropped or mishandled” – Aberdeen Group
“50-70% of the buying journey is being completed before a prospect engages with a sales representative” – Bob Thompson, CustomerThink.com
B = Better
As you interact with your customers, make sales and resolve problems, your CRM system allows you to record the details. Use this information to become better. Better at service. Better at selling. Better at all the steps in your sales and service pipelines. If you do everything better than before, and better than your competitors, your clients will become repeat customers.
C = Capitalise
Acquiring a new customer costs between 6 and 7 times as much as retaining an existing one. The data stored in your CRM system is a goldmine of useful information which will help you identify new opportunities with existing customers. Capitalise on existing customer relationships for a better return on your time and effort.
“It is 6 to 7 times more costly to acquire a new customer than retain an existing one” – Frederick Reichel, Bain & Company
“In cases we have reviewed, sales increases arising from advanced marketing and sales information technology have ranged from 10% to more than 30% and investment returns have often exceeded 100%.” – ‘Automation to Boost Sales and Marketing’ (Harvard Business Review)