An interesting and very useful read on CRM, its meaning and the importance of keeping those same customers and of growing the depth of their relationship with you, written by Lionel Wijesiri. 

 

“The purpose of a business is to create customers.”

Customer relationship management (CRM) can be the single strongest weapon you have as a manager to ensure that the customers become and remain loyal. It is the single strongest weapon you have, even before your people.

Done right, CRM is both a strategy and a tool. In your hands and in the hands of your team members, CRM comes to life, keeping you and your team on course and able to anticipate the changing landscape of the marketplace.

How can CRM can give you these hands-ons?

CRM enables small business owners to tackle operational challenges, including sales decline, high client attrition, and misalignment between corporate revenue targets and salespeople’s commission policies.

The article closes with a couple of ways a client tracking tool can positively affect your bottom line.

  • Client Management – You can use a CRM tool to get more visibility into your client base, ponder the tactics needed for long-term profitability and formulate better plans that impel your staff to break new operational ground
  • Profitability tracking – This tool can also ease up the work of your accountant. They no longer need to worry about tracking every cent of revenue and focusing on shipping costs, product discounts and client returns. The software helps give a business a speedy bookkeeping system and more accurate financial reporting
  • Sales strategy – As a business owner, the last thing you want is to lose income by targeting the wrong customer segment. Client administration programmes can provide you valuable intelligence about long-term sales trends, helping you adjust the existing corporate sales strategy and results tactics.