CRM+ Consulting Blog

Customer-focused initiatives are all about results. While this should be a pretty obvious statement, for many companies, it doesn't always work that way.

One of the main reasons businesses implement a CRM system is to gain a complete, 360-degree view of their customers. However, large companies in particular often have difficulty achieving this full customer view. Many businesses grapple with how best to provide a holistic view of all the activities of an enterprise customer and how to implement a one-stop shop for analytics and actionable data. In part, this stems from the fact that companies usually need something more complex than an out-of-the-box CRM account screen.

Keys to Developing New Customer Dynamics to Drive Growth

We are operating in a new environment with respect to interacting with customers and prospects. And this environment will be different tomorrow than it is today—literally. That's how fast things are changing; as new technology is created at accelerated rates, the only thing moving faster is consumer adoption of the "latest and greatest" app or gadget.

No matter how big or small your company may be, pleasing your customers should still be high on your priority list. Even a massive corporation like Google or General Electric should be just as focused on keeping customers happy, satisfied and loyal as the little bakery down the street or the local used bookstore. For all the millions of different sizes and types of businesses, one thing unites them all: customers.

CRM software - like any software - needs to be updated or switched to a completely new system every once in a while. As companies grow, their software needs change, requiring updates to the software or the need to transition to a new CRM system. For companies transitioning to a new CRM system, the process could appear daunting. Many companies hear horror stories about transitioning from an existing system to a new CRM system. While the process is not as easy as a simple click of a button, the transition does not have to be a stressful and complicated process.

According to recent surveys, current acquisition, loyalty and retentions strategies are no longer working. This year, Accenture found that the percentage of consumers who switch companies is rising. While some churn is inevitable, this year’s research uncovered a disconcerting fact: A staggering 85% of the survey respondents said the companies they walked away from could have prevented the switch.

The success of any company depends on its ability to engage and interact with customers in new and innovative ways. The average company loses between 10 and 30 percent of its customers annually, proving that interaction is a critical component to securing meaningful customer relationships and driving deeper levels of engagement and service.

Traditionally, CRM has been associated with lead tracking, contact management, and post-sales customer service support. However, there seems to be a missing element in this definition—professional service delivery and the customer relationship management that happens after the sale, via project management and financial tracking through to payment and reporting.

More and more businesses are investing in the collection of customer data through their customer relationship management (CRM) systems. However, many companies are not getting the most out of their investments. In order to get the most out of their CRM system, companies need to connect the information they collate into a single master record. A singular view of a customer will allow companies to up-sell and cross-sell more effectively, thus realizing a greater return on their investment.