In the UK, only 35% of businesses have fully integrated CRM systems. And yet, CRM is consistently rated as one of the most important tools for business development and growth. Every organisation sees the importance of understanding customer behaviour when it comes to driving growth and creating more positive customer relationships. But not all have yet made the link to quite how crucial CRM is to this process. For big global brands like Renault, CRM is “absolutely crucial.” The huge carmaker recently told Marketing Week that “understanding the customer journey and where people fit into the path to conversion and engagement with us is vital and that is why CRM is so important.” So how can your CRM give you more insight into customer behaviours?
Hearing your customers
According to the CRM Barometer, 85% of UK consumers will move on from a brand where their experience with it has been poor. So, customer experience is central to success for any business, whatever the industry. However, it’s often difficult to hear the customer voice without the kind of customer-centric, data-driven marketing strategy and contact management structure that CRM can provide. Customer data that is collected and organised via CRM can be used to tailor the experience that consumers have with the brand and personalise marketing. The insights provided by that data and its analysis offer brands a real opportunity to hear what customers are saying when it comes to the experiences they’ve had and what they want from a brand.
The trust issue
Many consumers struggle today to decide which brands to trust. Increasingly, a personal one-on-one approach to marketing is providing a solution to the trust issue. When it comes to building long-term loyalty with customers, trust is essential – in fact, it’s unlikely that consumers will return to a brand if that trust isn’t there. CRM gives brands an opportunity to understand where individual consumers fit into a sales funnel and how to engage them at various points within it to build trust. It ensures that the right message is delivered to the right person at the right time, establishing an authentic relationship and giving consumers a reason to be loyal.
Using data to craft more relevant communications with customers is something that many brands are already investing in. Whether this is achieved via existing CRM alone or in combination with machine learning, it has the potential to achieve significant growth – BrandAlley, for example, saw a 26% increase in revenue using machine learning in combination with CRM. The key to this is communication informed by CRM data, which helps to drive key factors such as engagement with emails and customers repeatedly returning to a brand’s website because there is something in it for them.
A CRM system can have a huge impact on how well a brand understands its customers and this, in turn, can influence everything, from loyalty to growth. If you’d like to find out more about what a CRM could do for your business, please get in touch.