How CRM can be beneficial in Recessionary Times?
There is no denying the fact that the global economy around the world is facing the recessionary heat which is being felt by every Organization – small or big, global or local. In such difficult times, Enterprise Owners become impatient in acquiring new customers and improving their diminishing bottom-line. The need of the hour however, is to concentrate on “Business Basics”. Customer Relationship Management (CRM) can definitely help enterprises in achieving that!
Let us briefly visit some of the action areas from business perspective that can help Businesses to perform better during Economic Downturn.
Up-Sell and Cross-Sell Opportunities
During the recessionary times, the most effective way of getting the business is to do “Up-Sell” or “Cross-Sell” to the existing customers. The probability of succeeding in Up-Selling and Cross-Selling is directly related to how the customer relationship is maintained in the past. This is exactly where the benefits of CRM can be realized in such a tough time!
A Customer Relationship Management solution effectively and efficiently caters to the aspect of customer retention through functionalities such as Account Management, Contact Management, Case Management and Activity Management, among others. The automation of these functionalities helps in optimizing the related sales and marketing efforts.
The philosophy of customer segmentation is evergreen irrespective of economic conditions. But its value has increased many folds, when even a penny spent on marketing and sales effort means a lot! The CRM solution enables stakeholders to accurately analyze the data related to market segments, products, leads and campaigns. This results into better understanding of customer demography, product/brand loyalty and purchase behavior, among others. To summarize the point, CRM aids in formulating a “Sales Funnel” that provides information about the most profitable customer segments and helps devise appropriate methods (Personal campaign, Mass marketing) to target them.
Empowering Marketing and Sale Team
Enterprises tend to reduce the marketing and sales resources during the tough times. Such an approach is definitely not fruitful in the long run. The emphasis should be on empowering the marketing and sales team and thereby enhancing their productivity as well as efficiency.
The CRM solution offers automated functionalities such as lead management, order processing, product pricing, mobile notifications, system generated emails and other administrative tasks. The end result of such CRM initiatives is that the Marketing and Sales representatives can concentrate better on those activities that directly impact the company’s bottom-line and do away with the routine non-value adding tasks.
In conclusion, CRM solution enables Organization to focus on customer acquisition and retention even in the most demanding situations and that too with the most optimized approach.
Krawler CRM enables stakeholders to study customer’s needs and behavior in order to provide better customer experience. Krawler Business Intelligence 2.0 blended with its CRM offers a unique feature – Customer Intelligence that empowers managers at every level of the organization to gather and analyze information regarding customer details and activities.