Our CRM weekly update. Is your data enabling you?? Are you getting actionable data from
your CRM system?
In business, data is all over the place and can be an invaluable aspect
of business decision-making. However,
the problem is that not all data is created equal. In fact, some data is just plain useless for
some businesses, while other bits of information are like gold.
The trick to getting actionable data – data that is actually useful to
the company’s goals and productivity – is to use a good customer relationship
management (CRM) system. And ‘good’ is
the key word.
Not all CRM systems are created equal.
In fact, some of the most expensive programmes don’t collect the right
kind of data for some businesses.
Remember, collecting the wrong data is a costly investment (of both time
and money) that can lead to failure.
In order to yield actionable data, the first question any business
should ask is whether or not the data is relevant. If the data isn’t relevant to fulfilling the
needs of the customer, and ultimately the business, then it is not
relevant. A mistake that many businesses
make is to collect all sorts of data – both just and actionable – and sort it
out later. This can take a lot of time
and resources, which some companies just don’t have. So, it’s a good idea to start off right.
Gathering the right kind of data will not only help maintain and build
strong customer relationships, it will give the company a competitive
business models and CRM
The question of transitioning
from one business model to another without hurting productivity, revenue, or
customer relationships can be tricky and is something that a lot of businesses
In many cases, it might make
sense to change the existing business model, but the reality is that the
current model, as obsolete as it might be, still generates profit and
revenue. This leads many managers to
decide to just stick with it.
Shifting business models
When it comes to changing
business models, there is nothing more difficult than figuring out exactly how
to do it without hurting the bottom line.
Continuing on with normal business as usual isn’t always possible in
Remember, lots of business
models do not already have a CRM system in place, so the transition might be to
implement one in the first place. This
usually happens when managers realise that they simply cannot exist using
spreadsheets only and need a more robust billing and payment solution, better
databases, and stronger customer data acquisition.
The simplest answer to this
problem is that businesses need to have a good customer relationship management
(CRM) strategy in place to make the transition a little smoother. If the shift involves moving from one CRM
system to another or something more involved like switching to a
subscription-based business model, the existing CRM strategy should be able to
help the company maintain its current client base.
Is there any value to CRM-based
As most business managers already know, customer relationship management
(CRM) systems provide plenty of customer data, which can be a very valuable
commodity. A CRM system actually uses
the customer data to generate sales, but it can also add value to the company
in a number of other ways.
In essence, data is a hot commodity all on its own. Companies that make
the most of it can improve their bottom line.
data is not always a representation of the past. It can help business managers see the future
of their sales and repeat business. The
CRM system that works best should be functional beyond simply making cold calls
and selling. When considering a new CRM
system, business managers should ask which areas of the CRM system could be
better tailored to suit the needs of customers as well as what the likelihood
of repeated customers is.
principle value of CRM data is industry research. Most research analysis firms
today consider the customer data derived from CRM to be corporate
intelligence. Many companies actually
base their research on CRM data such as timeframe constraints, key performance
indicators, and more.
more and more businesses are starting to understand the importance of obtaining
and using CRM system data, analysis has become more important than ever
before. Such intelligence can help
businesses succeed or fail depending on how well they utilise the information.
ways to get real with your customers
of the hottest buzzwords in the customer relationship management (CRM) industry
these days is ‘real-time personalisation.’
Though the principle behind this theory is a no-brainer, many businesses
simply don’t know how to do it.
Real-time personalisation is a method of reaching customers immediately,
but it is harder than many managers realise.
are four ways to get real with customers that other businesses have had success
trustworthy. If a customer
doesn’t trust a business or the source of contact, there is no point. In order to be successful, organisations must
build a trustworthy reputation with its client base. Customer trust is a top factor in the success
or failure of a company. This means that
organisations should have solid privacy policies designed to protect the
customer and keep those policies readily available to the clients at all times.
get too far ahead of the customer. Though
it is a good idea to know what the customer wants right before he or she knows,
it is dangerous to get too far ahead of the client. Businesses want to remain relevant, not
become a nuisance. So apply common sense and logic to the real-time
personalisation efforts to ensure that messages are received at appropriate
the right emotional response. Part
of any CRM strategy is to elicit emotional responses from customers – but they
have to be the right kind! Keep
customers’ emotional responses in mind when reaching out for marketing
purposes. This goes with tip #2 above –
use data accurately and be sure that all campaigns are facilitated by that data
and properly timed.
typically only want relevant contact, but they also want it to demonstrate that
the organisation understands their needs.
This means that businesses should stay open-minded to alternatives –
keep traditional bias off the table.
Remember, sometimes customers will shop outside of their traditionally
Just remember, it is a
good idea – and very effective – to use all available data to create a solid
picture of each customer. A holistic
view can help business managers create compelling, relevant, and effective
content that will help maintain, and build, the customer relationship.
Here at my CRM
we offer our customers http://www.mycrmgroup.com/customers.aspx the best solutions to help them drive business forward and gain real
benefits from implementing Microsoft Dynamics CRM.
We are in our 5th
year of trading as a business and have seen incremental growth year on year in
profits, our team are based in the Isle of Wight, UK and we maintain
relationships with customers in 26 countries.
If you need
help, support or advice with your Microsoft CRM then we are waiting for your
Download Centre and App Store
You can also register with the MyCRM App
Store and Download Centre for Microsoft Dynamics CRM here http://downloads.mycrmgroup.com/