Managing Relationships: CRMs
CRM stands for ‘Customer Relationship Management’. These software systems allow you to manage and grow the relationships that you have with your customers.
But how do you effectively use CRM? And how do you understand what type of CRM is correct for your business? There are many CRM platforms available. Many can do the same basic things, but some offer unique features.
Before selecting which platform to use, you must decide what it is you want to know in your business and know the size of your business. You need to understand what you want to get out of your customer database. Is it to understand how your customer’s behaviors converts to a purchase? Or is it that you just want to be able to regularly reach out and create client retention?
At the bare minimum, a CRM program should automatically be able to categorize your customer base, securely store their information, and give you reporting on their behaviors, whether it’s by spin decile or regional decile. Depending on the CRM program, you can go deeper and wider from there.
Ecommerce industry companies have started to use gaming industry CRM platforms. The reason for this is because in the gaming industry, the CRM platforms look at the behavior that a customer is doing on a website. This website interaction behavior can be useful information for ecommerce to convert more sales.
We are moving into a space where customers want to feel like they are in control. This is the concept of CMR, or ‘Customer Managed Relationship’. Businesses are now asking how they can give tools to the customers so that the customers feel like they are choosing how they engage with the brand, rather than forcing them into the way the brand wants them to engage. This can be hard, especially for luxury companies that are used to managing the whole customer experience.
