CRM or Customer Relationship Management is a strategy for managing an organisation’s relationships and interactions with customers and potential customers. A CRM system helps companies stay connected to customers, streamline processes, and improve profitability.
When people talk about CRM, they are usually referring to a CRM system, a tool that is used for contact management, sales management, productivity, and more. The goal of a ERP system is simple: Improve business relationships.
Examples of Businesses Leveraging CRM to Improve Productivity and Efficiency.
Research indicates that customers that are emotionally connected to a brand are twice as likely to purchase a product or service, and are four-times as likely to defend their purchase decisions. This shouldn’t be too surprising. After all, customers are the mortar that keep businesses from falling apart, so it only makes sense that happy, invested customers are the underlying foundation for success.
Customer relationship management (CRM) is a technology that allows businesses both large and small to organize, automate, and synchronize every facet of customer interaction. CRM system examples include marketing, sales, customer service, and support. Most CRM platforms involve businesses analyzing customer interactions and improving the customer relationship.
Of course, if you’re considering investing in ERPNext, you’re probably less interested in the big numbers, and more concerned with how companies such as yours can use CRM to improve their business. Let’s take a look at four case studies of CRM success stories, so that you can see for yourself exactly how CRM has helped businesses of all sizes perfect the art of customer satisfaction.
When your organization is responsible for keeping track of the money and property of approximately 70 million individuals, you can be sure that customer service is going to be one of your most pressing concerns. Such is the case with Well’s Fargo, one of the “Big Four” banks in the United States.
Wells Fargo realizes that many of their customers use multiple banks, so they know that they need to go above and beyond when it comes to connecting with clients. They do this by taking advantage of CRM social media connectivity, so that they can always remain in touch and accessible to those who need them. They also use CRM to ensure that those who come to them with concerns are quickly connected with someone who can provide a solution. In the words of Steve Ellis, head of the Wells Fargo Wholesale Service Group, “We see the cloud as a way to help people connect around customers, to connect around building products, and to connect around risk management practices.”
Bespoke is a smaller organization that offers fine wines, top-tier memberships, and elegant art experiences. They’ve been able to attract the right clients by building deeply involved relationships via their loyalty programs and memberships, and by understanding their customers’ behavior—specifically, those associated with buying-habits.
As the Bespoke Collection’s consumer base grew, managing customer data became a real challenge. By embracing CRM solutions, they were able to continue to show their customers the kind of personal attention that had defined their organization from the beginning. In the words of company president Paul Leary, “When someone makes a purchase with us, the next morning at ten o’clock, they get an automated, personalized email… By placing emphasis on relationship-based sales instead of transaction based, we’re able to increase customer retention and satisfaction, referrals, and order value.” Bespoke identified the right CRM tools it needed to make this kind of direct customer connection happen.
Activision has been a leading publisher in the American video game market for over three decades. The company’s 2011 release of Modern Warfare 3 was at the time the largest and most successful entertainment launch in history, bringing in over $400 million in the first 24 hours. However, when you’re providing entertainment, the amount of money that you bring in is only one measure of success.
Activision prides itself on providing a continued service to its gamers, so that they can remain satisfied and enthralled long after they’ve made their purchase. By using Marketing Cloud, Activision is able to monitor social media conversations that are relevant to their products. Service Cloud then allows Activision to follow up on those conversations. And, given that social media customer service is significantly less expensive than conventional methods, Activision found that it was able to decrease its annual customer service operating expenses by 25%. As explained by Tim Rondeau, Activision’s Senior Director of Customer Care, “We’re reducing costs and increasing satisfaction at the same time.”
Munchery is a small business that provides a delicious alternative to standard food delivery. High-quality meals created by talented chefs are delivered directly to a customer’s home, office, or any other location.
By supplying customers with food that was ready to eat, whenever and wherever a customer was in the mood, Munchery soon discovered that managing their growing number of repeat customers while also catering to new ones was becoming overwhelming. A accounting system that involved an integrated proprietary app used by their drivers made it possible for last minute order changes to be implemented at a moment’s notice, resulting in happier customers and better returns. As CTO and Cofounder of Munchery, Conrad Chu, explains, “Our goal is to go above and beyond, so that ultimately we can turn someone from a frustrated customer into an evangelist.” Additionally, Munchery uses CRM to monitor performance, measure customer satisfaction. track the ordering process, and share feedback with their chefs.
As with the above examples, manufacturing software has helped businesses around the globe enhance their customer relationships, perfect their own internal processes, optimize communication and collaboration, and improve lead conversion rates by by up to 300%.
Speak with your employees, listen to consumer feedback, and determine exactly what kind of CRM solutions are best for your organization. Whether large or small, your business depends on keeping its customers happy. Do so by investing in an effective CRM, and you might just be the next CRM success story.