When organizations implement their CRM, the concentration is often on demand generation and getting new customers. Attracting customers can be 10 times more costly than retaining your existing clients. How a company interacts with its customers across all touch points is important not just in terms of the customer experience, but also in tangible terms such as customer loyalty and retention. Customer loyalty is a tangible. If you doubt this, just calculate the average revenue each of your customers contributes to your profitability.
Opportunities coming from the internet, bricks and mortar, referrals, e-mail, lead generation efforts, customer service and support must all be engaged with a connected focus. CRM must bond all these touch points to provide clients a seamless experience. Moreover, having a CRM ecosystem that shares the right information at the right time also increases sales to existing customers.
Imagine customer service sharing with sales customers and profiles based on solid business rules that identify new cross-sell and up-sell opportunities. Effectively and proactively implementing such strategies will result in greater profits and customer satisfaction. Customer service can become a profit center launching many sales opportunities.
Implementing CRM that is specific to your company requires more than customizing some fields. You must engineer your instance to reflect a cohesive customer centric experience. Aligning with industry specific best practices and your ‘business model’ builds your brand and long-term success.