What is your CRM telling you about your business and your customers? If it’s not telling you a story then we can help
We all have a story to tell in life, and your Customer Relationship Management (CRM) system is no different. Now, before we go any further if you are looking a little sheepish because you don’t have a CRM system, that is quite alright, we are here to help!
So, let’s start with the basics. What is a CRM?
Well, think of it as the central nervous system of your business. No matter what industry you are operating in, a CRM should be central to everything you do. If you work in education and training, your Learner Management System (LMS) should integrate and speak to your CRM. If you sell a product, your Order Management System should be automatically updating your customer accounts on your CRM and track your customer journey. A CRM contains all of that juicy customer data that every business should know about. A treasure trove of information, a CRM helps you know who your customers are, how they heard about you when they last interacted with you, and what for. This priceless information not only gives you/your sales team a wealth of knowledge to help enhance your existing customer relationships but also takes a lot of guesswork out of finding new customers because you know what your ideal customer looks like (that’s also known as Customer Personas).
What story can it tell?
At this point, we need to give you a disclaimer in the form of an analogy. Think of a yummy piece of banana bread (a personal favourite of the team at Bourbon Street Marketing), packed full of all the right ingredients, and baked to perfection. Sounds delicious right? Well, it’s only so yummy because the right ingredients have been added, and the proper baking time followed. It’s the same with your CRM. If you or your team doesn’t add the right information (either accurately or at all) and doesn’t follow the processes for updating records, your CRM won’t flourish. So, disclaimer time, please note, it will only tell a story if it’s fed the information to enable it to do so…
Now, back to business. A fully functional CRM can tell you so much about your customer, but also about your marketing and sales activities. So, let’s break that down a little…
If your clever marketing team is running multi-channel campaigns, you want to know which channels and therefore tactics are giving the best results right?
Return On Investment
You’ll hear marketers talk a lot about Return On Investment. They also like to talk about Cost Per Lead (CPL) and Cost Per Conversion (CPC). Well, a CRM is their best friend for helping to understand all of this, as having this information makes them more informed for next time.
Some customers will only use you once, some will be repeat business. Some will recommend you to all of their friends and give you lots more business. And this intel is something else your CRM can tell you about.
Lead to Conversion
You may get 100 leads from various campaigns, but what’s next? How are your charismatic Sales team interacting with these leads? How quickly are they following up? How effective are they at converting these to business for you? You need to understand what is happening between the lead and conversion stage, because if your conversion rate is super small, something is wrong. If it’s incredibly high, great, but why! As the reason why is the intelligence you need for your next round of marketing and sales activities.
And all this lovely data can be wrapped up and fed to your customised dashboards and reports, which can be used for business reporting, business planning, KPI management and so much more.
So, there we have it. Just look at what you can get from a really intuitive CRM that is built around your business. They say that knowledge is power, so with a super slick CRM we suspect you will be very powerful indeed. It can be your central reporting system, and your greatest planning tool. It can help shape the markets you go into and perhaps most importantly, tell you what (where or who) the profits lie within your business. And one final shameless plug from us, if all this sounds right up your street and exactly what you have been searching for, it’s time to do something great with Bourbon Street Marketing