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There is no doubt that Customer Relationship Management helps in improving overall customer experience throughout all the phases of a business cycle right from the initial phase of acquiring the customer until successful conversion. Customer experience is all about the interaction between you and your customers.
However, it is not always necessary for all your customers to be revenue generating or say, ‘Perfect Customers’. Simply examining the customer’s behavior or demographic information does not help in identifying whether the Customer can be termed as Perfect (Revenue Generating) customer or not. In today’s cutthroat business ecosystem, it is imperative to identify and segregate your customers.
Read also: Customer Intelligence – Do You Really Know Your Customers?
One of the major aspects of running a successful business is to identify these false revenue generators which take up a lot from the company and do not give back much in return. Fortunately, a good CRM software like Sage CRM provides you with the necessary tools to let you separate the revenue generating customers from the ones who just look good.
One of the most important aspects that can be used to segment your customers is the amount of sales and the amount of actual profit gained out of it over a specific period of time. In other words, profitability must be measured not just by sales, but on the net profit earned.
Another way to segment your customers is to identify their actual potential. This will help you segregate the High – value customers from the Low – value customers.
There always has to be one special group of non-performing customers. These customers cost more trouble than business especially for a B2B organization. It may involve business processes such as conducting on-site meetings, constant requests for demos or POC, negotiation to a deliberately less amount and so on. Such customers may force to invest more efforts at the initial phase however, move out at the time of product finalization. One way to handle this class of customers is to impose special conditions or terms on them to compensate for the trouble.
Through the capabilities of your CRM system, you can easily identify and differentiate unprofitable customers from the profitable ones. This will in turn help to apply appropriate measures to deal with them effectively. It actually takes little effort to recognize these problems, which is another reason why CRM software is a fantastic tool for running a modern business.
Here’s how CRM can be the Cornerstone for Top-notch Customer Experience
Reflecting on Pareto’s principle where 20% customers give 80% business, the company may want to identify these top 20% customers and invest more on them. A CRM software should not only be used to analyze the performance of your sales person or your product, but also your customers that form the crux of everything. In today’s neck-breaking competition, do not miss the golden goose by chasing after the others.
Sage CRM is one such customer relationship management tool that can be a catalyst in your growth story by bringing all your processes on one platform and giving you a 360° view of your operations. For more information on Sage CRM software, SMS SAGE to 56767 or write to us at firstname.lastname@example.org for a free demo.