What is CRM (Customer Relationship Management) Marketing
CRM (Customer Relationship Management) marketing helps businesses develop multiple strategies designed to enhance and improve relationships with their customers. CRM can be a focus for companies in employee training, assessing customer brand loyalty, tracking customer data, building vendor relationships and creating policies around customer satisfaction.
What is CRM Marketing?
It builds brand loyalty
In the old days, businesses played to the idea that the customer is always right. CRM (Customer Relationship Management) methodology updates that philosophy by helping businesses use every opportunity to positively connect with their customers. CRM consists of multiple strategies for businesses to use that improve products, services and performance. The long-game goal for a business is to develop customer-centric business practices for lasting brand loyalty.
It helps customers feel valued
Businesses interact with customers in a variety of ways. CRM strategies involve keeping those interactions positive so that the customer feels highly valued. These strategies are implemented as part of employee training in call centers and during face to face customer meetings. In B2B relationships, CRM strengthens and builds bridges with vendors, distributors, lobbyists and trade associations. When customers are appreciated, a business reaps the benefit of long-term brand recognition.
It is data-driven
Customer data determines what kind of CRM strategy to use when assessing customer needs. Some companies rely on automated data systems like Sales Force to get more information on their customers. Other companies use surveys via phone or email to measure a company's impact on customer service and to analyze how they view the brand. Analytical data and metrics are always probing for ways to up sell or cross sell new goods and services. Additionally, CRM automation not only centralizes lots of critical information but the automation can actually be pretty cost effective.
Why CRM Marketing Matters
It is customer-centric
Every level of a business is committed to building and maintaining positive relationships with its customers. Airlines and banks regularly utilize CRM strategies. At the training level, employees understand the importance of keeping the customer happy. These strategies keep everyone tuned in to a company's goals and brand.
It relies on data-gathering
Compiling statistical data on its customers helps businesses develop policies, procedures and products. CRM depends on customer feedback to measure profitability and success. Metrics can also tell a story about what employees do well and where they need to improve. Surveys and automated systems provide much needed information that drives CRM strategies.
It strengthens the brand
Progressive companies know that customers keep coming back if a brand is reliable and well-recognized. With executives, managers, product developers, front line staff and sales all on board with a company's mission and messaging; customers will always do business when they understand its products and purpose. That's a key benefit to CRM marketing.