According to the statistics listed by Forrester, there are boom times ahead for the savvy e-commerce merchants part of an industry that will max out at $500 Billion by 2020. Of course, these great rewards will be only for those who lay the game smart and maintain excellent customers relations.
There is no shortage of options for the fastidious modern consumer and the challenge for the modern merchant is not only increasing his customer base, but more importantly, fighting tooth and nail to hang on to those valuable clients they have gathered.
This brings us around to the value and importance of impeccable customer relations as the foundation on which you can grow a prosperous e-commerce business — and your chunk of the $500 Billion in 2020.
So where will the modern technophile go when they a need a super solution for customers relations? Customer Relationship Management software solutions is the ultimate toolbox for building a permanent relationship with your customers. But. you can’t just run around swinging this precision tool around like crazy, it takes finesse and panache to do the magic.
Following is a short compendium of high-value information on how to get the most from CRM software. By applying the important concepts laid out here, you will gain an important understanding of what the modern markets are looking for and how you can provide the presentations.
1. Are you collecting data or valuable insights?
CRM can be an important collection of all types of facts and figures on your customers. While it is important to keep a record of sales history and contact details, take a moment to consider what else you have. You have a neat collection of personal information on your valued customers and this can be used to cultivate a deeper relationship if you can properly apply what you learn.
By fully appreciating information like birthdays, social accounts and all other interests you can glean from the information provided, you can craft a highly personalized plan for providing them what they are looking for from you. This personalized approach to your customers and audience is what the online consumer is looking for and establishes you as an authority in your niche knowing what your customer’s need even better than they do.
2. Pampering the Golden Geese!
As per the principle of factor sparsity, more commonly known as the 80/20 Rule, roughly 80% of your profits will be coming from a vital 20% of your total customer population. If you can apply your CRM tools to identifying these “Golden Geese” and tracking them for all the clues they can provide, you can increase the populations and profits from the uber-valuable customers.
What you will really want to do is simply allocate the resources you have on hand to maximize the service applied to this valuable 20% – 30% of your customer base. Another term for this is “target-based allocation” and it can widen your profit margins.
3. Keep your audience Focused
You will need to apply a lot more publicity resources to building the bonds between your business and its existing customers. This must be done in an intimate and personal way as opposed to sending out an impersonal mailing list. Apply what you have learned about your clients through your CRM tools. This way you can send out timely reminders, just when they will be needing to restock, or even a birthday special or whatever would be appropriate and valuable under the circumstances. This doesn’t much to keep you in the mind of your customers and making them feel like part of the family, this is the ultimate bond and the one you want to cultivate.
4. Respond to Complaints Quickly and Decisively
Your customer’s complaints are a place where your CRM capacity can save you from any further issues and even make you look better to your customers. Everyone understands that eventually –once in a long while — something is going to disrupt the regular process and make someone complain. If you deliver an immediate response and as many possible solutions as you can pull from your CRM sleeve, you make yourself the hero of the hour.
It could be rightly said that the true enduring opinions your customers will have will be based on the type of customer service they are provided. Therefore, it pays to do your homework, be fully aware of the type of complaints that could appear and produce some personalized contingency plans.
5. Study Buying Patterns
Finally, the most important place you can put your CRM to good work in improving your valuable client relationships is in recognizing their buying patterns. You can use data tracking tools and even inventory management software to integrate into your CRM and this will give you a full analysis of you customers shopping habits and even the things they like and dislike in the inventory — talk about your conversation starters.
Then you can apply everything you have collected to produce some very impactful sales pitches and bespoke marketing strategies that can significantly increase your standing with your customers, and subsequently improve your profits as well.