Customer Relation Management (CRM) denotes the practices and
the stratagems used by companies to manage, control and gain insights from
customer interfaces and data during the lifespan of the maintaining customer
relationship. Its main objective is to refine business rapport with the
customers, support in customer retention, and motivate the sales boost.
Conventionally, the data that can be availed by the companies
would have been narrow through the erstwhile dealings and interactions with the
company. However, with the advance of multiple social media channels, the data
that can be availed by the companies becomes enormous, and will have a vast effect on how you can provide better customer servicing.
Digital marketing and
Digital Marketing can be a potent tool to help segregate
customers based on their social media signals (likes, dislikes, preferences,
opinions). What this brings to the table is a clear strategy to reach out
common groups of customers with targeted marketing campaigns that not only
appeal to their sensibilities but also help in eventual conversion from a
casual prospect to a delighted customer.
The facts and figures received from the social media will be
integrated with the already existing statistics with the CRM tools. This linking
of data about the customers from the social media (Facebook, LinkedIn, Twitter,
Google+, Yahoo pages etc.) will provide better insights to the companies and
help them develop a more successful marketing messages that are targeted
towards their psychographics.
Think that these are mere theories? Here we present a few
startling numbers around CRM that denotes its criticality in the world of
experts Gartner predicts the global market for CRM will be worth $36.4 billion worldwide by 2017
CRM pays back$8.71 for every $1 spent (and this
was in 2014)
Adoption of CRM is better with bigger number of
employees (91% of 11+ employees vs. 50% of <10 employees)
The monetary value, massive adoption and awe-inspiring RoI
denotes the amount of confidence business owners have on CRM to deliver results
that help them grow beyond their aspirations
Precautions for the
organizations about the CRM digital marketing
Although CRM is very beneficial to the organizations, organizations
need to be vigilant while dealing with the mounting volume of data available of
their consumers and use them as per planned tactics.
Let’s take an actual instance of a US company which targeted
expecting mothers. This company provided unique ID to every consumer and
tracked down their transactions. Their employers tried understanding the
purchasing pattern of these women. After applying scores of tests, the team was
able to draw interesting insights on purchase behaviour and history. The
organization’s team was also able to give an estimated due date of the
pregnancy, with all the tests conducted. This company then started sending off
some vouchers to the woman based on their pregnancy period.
An interesting incident happened when a father of a sixteen
year old went complaining to the pharmacy that a voucher was given to her! The
manager of the store apologized for it. But later, the father called up the
head office and clarified that the pharmacy’s actions were legit because the
girl was actually pregnant for a few months – something that the father didn’t
knew but the pharmacy’s tests came to know!
Have any interesting anecdotes to share around the insights
output by your CRM system? Do leave in your comments and let us know.