Just Knowing Your Customers Is Not Enough!
How much do you know about your customers? Name, Age, Address and…
But major thing is not what you know – but – what are you doing with it?
It’s of no use to keep such information in data warehouses when companies spent so much money on gathering and storing it. Instead, picture this: An organization implements a comprehensive Business Intelligence Tool to analyze this data. Now, the Sales & Marketing Teams are utilizing the analysis generated from this BI tool to formulate future business decisions. Doesn’t this make more sense?
Organizations are spending millions of dollars on CRM tools in order to capture customer data and store it. But what about the action, how to use this?
Analysis of customer data, like: age, income, lifestyle, number of products purchased, spending power, what the spending was on, etc. can help answer the questions like: Who are the most valuable customers? What is the most lucrative segment? And more! Thus to maximize your business, ensure retention of highly valuable customers.
Retention of existing customers is crucial, especially during an economic downturn. Already there is less consumer money to be spent and as such customers are taking more care over where they want to spend it. But organizations also need to acquire new customers, for which it is a must to ensure that your organization is operating at maximum efficiency. By measuring the length of your sales cycle, forecast demand in advance. Thus, you can meet customer expectations and guarantee optimized resource deployment.
Now, the million $ Question! How to do it?
Yes! We have the solution.
CRM Applications: Obviously the starting point, but now it’s leveraged enough. A Complete and comprehensive CRM solution is one which is easy to use, has Industry-specific functionality, Web 2.0 features, effective analytics, possibility of integration, and expandable.
Business Intelligence: As the name suggests, BI technologies enable organizations to pull together and analyze operational data about their business. It will be a logical move for organizations to apply this.
So know your customers better and also capitalize on the same…