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A Holistic Guide to Customer Relationship Management

What is customer relationship management?

Customer relationship management comprises strategies, practices, and technologies that companies use to manage and analyze customer interactions and data throughout the lifecycle of a customer, with the goal of improving customer retention,  enhancing customer service relationships, and driving sales growth. A CRM system aids companies stay connected to their customers, streamline processes, and increase profitability. Also, CRM systems help organizations in sales management, productivity, and contact management. Furthermore, a customer relationship management strategy focuses on the relationship of an organization with service users, suppliers, colleagues and customers throughout its lifecycle with them. CRM system assembles customer data across different channels, or points of contact between the customer and the company through telephone, company’s website, direct mail, live chat, social media, and marketing materials.

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Benefits of customer relationship management

Benefit #1: Enhances customer service

Customer relationship management process provides businesses with several strategic benefits. One of such is the capability to add personalization to existing relationships with the customers. For businesses, it is possible to serve each client individually rather than as a group, by maintaining a repository on each customer’s profiles. Customer relationship management tools allow each employee to analyze the specific needs of their customers as well as their transaction file. The organization can occasionally adjust the level of service offered to reflect the importance or status of the customer. This can result in better customer service and can decrease customer agitation and builds on their loyalty to the business.

Benefit #2: Encourages discovery of new customers

Customer relationship management tools help in identifying potential customers. They enable companies to keep a track of the existing clientele profiles and can use them to identify potential customers for maximum clientage returns. Addition of new customers to any business indicates the growth of that business. However, retaining customers is more than adding new prospects and a robust customer relationship management process helps here.

Benefit #3: Boosts customer revenues

Customer relationship management strategy ensures the effective coordination of marketing campaigns. It facilitates the filtering of the data and ensures the promotions target the right customers at the right time. Businesses can also use the data derived from customer relationship management tools to introduce loyalty programs that promote a higher customer retention ratio.

Benefit #4: Enhances effective cross-selling and up-selling of products

With customer relationship management, both cross and up-selling can be made easier. Apart from serving customers with the best offers quickly, these two forms of selling help employees in gaining a better understanding of their customer’s needs. With time, they can always anticipate related purchases from their customer.

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Benefit #5: Simplifies the sales and marketing processes

A CRM system facilitates the development of better and effective communication channels. Technological integrations like websites and interactive voice response systems can make work easier for the sales representatives as well as the organization. Consequently, businesses with a CRM have a chance to provide their customers with various ways of communication. Such strategies ensure appropriate delivery of communication and quick response to inquiries and feedback from customers.

Five Simple Steps to Get Better Results with CRM System

Step 1: Collect and store data

The first step in creating an effective customer relationship management system is to collect and store all the information you can get about every customer in your CRM system. So, you need to find out what industry they are in, their geographic data, why they chose your company, products, and services, demographic data. Eventually, you will have enough data to build better profiles of your customer. This will further help in creating targeted advertising to bring in more customers that meet your existing profile.

Step 2: Build a communication timeline

The second step is to determine the best frequency and order of communications with new prospects. Now you need to move on to hints on how to get the best from your product and service to begin building customer loyalty and relationships. Furthermore, you need to introduce your customers to complementary or add-on products they may have a need for. This cycle can be repeated so that most communications can add value to the customer and customer relationship.

Step 3: Analyze sales data

The next step in creating an effective customer relationship management strategy is to look at your most profitable and top spending customers. This way you can create more focused campaigns to reach out to them. Also, you need to speak to your existing customers and ask them to provide brief testimonials to draft a customer case study. This way you can show prospects how you have helped your customers facing similar predicaments.

Step 4: Make the data easily accessible in the field

Your salespeople need to know the status of issues, orders, and payments due so that they can act accordingly. Your engineering staff can use the data to create a history of issues and activities on customer sites that may aid them to fix current problems faster. If you provide links to field data, it makes you improve your customer responsiveness and help in building effective customer relationship management system.

Step 5: Personalize your communications

Personalization is the key to establish an effective customer relationship management. You can do this by using recent history collected in your customer relationship management database and showing your customers that you know what is happening to an individual customer. This can help you stay on the top of any issues proactively.

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4 Easy Ways to Turn Your Business into a Customer Centric Brand

Modern businesses are embracing customer centricity by forgoing traditional business-driven strategies and adopting more customer centric marketing strategies. For a customer-driven business, keeping the customers happy is only a part of the equation. For a long-term success strategy, companies must understand current customer needs and wants, and ensure that the right internal and customer-facing strategies, processes, and marketing initiatives are in place to satisfy them.

Today, one of the key challenges that organizations face is the difficulty involved in categorizing and segmenting the enormous amount of customer data available. While some companies lack systems and technology to segment and profile customers, others do not possess processes and operational capabilities to target them with personalized communications and experiences. But the most common, and perhaps the greatest barrier in implementing customer centric marketing strategy is the lack of a customer-centric culture in the organization. At most companies, the culture remains either sales-driven or product-focused. In many cases, customer centricity is considered a priority only for certain functions such as marketing. To successfully implement a customer centric marketing strategy, organizations must have a culture that aligns with it and leaders who deliberately cultivate the necessary mindset and values in their employees.

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Direct interaction with customers

Interacting with the customer, directly or indirectly, helps employees to gain a better understanding of their customer needs. This practice of customer centric marketing also facilitates learnings from the past periods and plans for the next. Most organizations’ business models probably don’t allow for direct employee-customer contact, but leaders can still facilitate interactions by letting employees observe focus group, sales, and support calls, and participate in customer events including industry conferences and advisory board meetings.

Link employee culture to customer outcomes

Managers will be motivated and equipped to cultivate a customer centric marketing culture if they know its’ impact on the results. So, companies must ensure that they establish and track the link between culture and customer impact. It is important for businesses to encourage employee engagement and satisfaction so that the employees are committed to improving the customer outcomes of the company.

Democratize customer insightsDemo

To encourage customer centric marketing or inculcate a customer centric culture in an organization, every employee must be made to understand the company’s customers. All employees must be given equal access to customer insight rather than restricting data to the sales and marketing teams. Businesses can start by creating a customer and employee experience team, to facilitate customer understanding. Employees must be encouraged to go to listening stations in the office where they can listen to customer calls and understand their feedback. And at every all-employee meeting, leaders must give an update on the company’s customer experience delivery. This is one of the key steps to promoting a customer centric marketing culture in the organization.

Promote customer orientation

It is vital for an organization to communicate customer centric practices and mindset as a clear priority to the employees. Not just in the case of existing employs, but even the new employee must be aligned to customer centric marketing strategies and practices.

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Leveraging Sales Force Effectiveness Study to Improve Sales for a BFSI Client

In today’s complex financial world, salesforce plays a pivotal role in maximizing revenue and systematically targeting new market segments. To achieve profitability and growth, financial services are relying on salesforce effectiveness to deepen customer relationships and reduce attrition of the customers. Large organizations across the financial services industry are also facing critical challenges while devising effective strategies to improve sales and target potential market segments. To combat such challenges, the financial services industry is leveraging the use of salesforce effectiveness. Salesforce effectiveness ensures the implementation of effective go-to-market strategies for businesses to identify and define potential buyer segments, in turn, increasing value proposition. In the financial services industry, businesses depend on salesforce effectiveness to drive performance improvements; thereby, increasing earnings and KPI’s around these target segments. Through robust salesforce effectiveness, organizations can further implement sales skills, improve sales call efficiency, and deliver bottom-line results.

Quantzig’s sales force effectiveness helps the client optimize sales performance and target specific market segments in the financial services industry. The client can analyze historical data to assess the existing market potential and carry out future growth projections. In addition, salesforce effectiveness can assist the client to understand and improve sales results; thereby, maximizing the ROI.QZ_DEMO

The Business Challenge

Improving sales is the ideal target for all the companies, especially in the financial sector. Keeping this specific challenge in mind, a leading financial services client approached Quantzig to improve their sales volume. The BFSI client was facing predicaments improving sales and increasing their market shares. As a result, they wanted to leverage the use of salesforce effectiveness to increase returns on the investment. The client further wanted to reach out to new markets and offer novel products and services in the financial services industry through an effective channel.

The primary objective of the engagement was to build strong domain competencies and identify best practices in retail banking, corporate banking, insurance, and capital markets to enhance their offerings and boost market revenue.

Our Approach

To improve sales and market shares in the financial services industry, the client approached Quantzig’s team of salesforce effectiveness experts. Quantzig’s team of experts carried out extensive research to identify the leading market stakeholders across the financial services industry. To identify the challenges hampering the growth of the financial services industry, the client further built a dashboard to compile data and information across leading financial services, financial institutions, and financial newsletters.

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Salesforce Effectiveness Solutions in the Financial Services Industry Benefits:

  • Improve operating effectiveness and retain profitable customers
  • Increase acquisition rates and revenues among the prevailing customers
  • Enhance cross-selling and up-selling opportunities, in turn improving sales and profitability
  • Gain customer insights and improve the sale performance
  • Optimize marketing spending and position products effectively

Salesforce Effectiveness Solutions in the Financial Services Industry Predictive Insights:

  • Devise a customer-centric approach to target potential customers
  • Devise effective go-to-market strategies and improve outcomes
  • Engage new customers, drive sales, and create accountability
  • Deliver value-added customer experience

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Analyzing the Shifting Market Dynamics Through Sales Force Effectiveness Analytics

The latest sales force effectiveness analytics by Quantzig for a leading pharmaceutical manufacturer identifies different metrics to measure the efficacy of their existing sales force.

Need for sales force optimization in the pharma industry

The implementation of an effective sales force is one of the most valuable channels to understand physicians and customers’ requirements in the pharma industry. The optimization techniques adopted by the companies in the industry will help them in developing and restructuring sales models around physician access and specifying channels. The adoption of sales analytics and other optimization tools by leading companies will support the sales force’s needs and find new opportunities to improve their productivity. These strategies are developed to align with the various strategic goals of the sales force and the business. This analytics further enhance the sales force decisions by supporting their ongoing sales needs and addressing all the issues of the business. Quantzig’s sales force effectiveness analytics helps pharmaceutical companies allocate more promotional efforts and target new types of customers. The study also improves the quality of decisions made by managers, salespeople, and industry leaders.

The increasing focus on promotions and R&D campaigns are raising the requirement for business to streamline their operations to align it with development goals and the customer preferences. The companies in the industry are also focusing on developing effective sales strategy, designing incentive compensation plans, sizing and structuring the sales force, setting goals, and managing sales performance to build stronger customer relationships and increase their sales revenue.

Adoption of CRM tools and analytics

Customer relationship management (CRM) is essential for sales force optimizations. Effective CRM models will help pharma companies to evaluate and assess their customer base, expand into a larger target group, and retain the maximum number of end-user. The introduction of digital selling platforms and smart direct marketing efforts will optimize the sales force and increase their productivity. CRM is important to build strong and long-lasting relations with the consumer and also to understand the buying preferences and demand trends in the market. Successful CRM models help the sales force deliver customized information to both the customer and physician, thereby increasing the interaction levels between the company and end-user segment.

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Multi-channel service models

The implementation of multi-channel service channels will help companies to optimize the allocation of the sales force and generate high ROI. These channels are designed to target the needs of the end-user segment and help sales force to provide effective services to the healthcare professionals and customers. The introductions of multi-channels help companies to implement service standards across different media and offer quality customer services through different platforms. These channels are also used for direct interaction with the customer and proactively offer solutions that may arise in the future.

Outcomes and solutions offered

The sales force effectiveness analytics by Quantzig for a leading pharmaceutical manufacturer provides a holistic profile of physician needs to foster different products and stay ahead of the shifting market dynamics. Some of the solutions offered are as follows:

  • Analyzed various sales data, physicians’ needs, and customers’ needs to develop new sales strategies
  • Evaluated the performance management of the sales force and helped the client develop a sales map for success
  • Designed new incentive plan to encourage and drive results among the existing sales force team
  • Optimized sales process for maximum purchase value and sales performance
  • Improved hiring and retention of sales staff to perform at their best

The complete case study on sales force effectiveness analytics for a leading pharma company is now available.

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Sales Force Optimization Engagement Guarantees Long-term Profitability for a Leading Insurance Provider

Quantzig’s recent study on sales force performance optimization for a leading insurance provider in the US assures three-fold improvement in agent satisfaction through retention and training programs.

Redefining retention strategies to manage sales force

Building a strong sales team is essential to promote healthier customer relationship and stay competitive in the global market. Insurance companies are adopting various retention strategies to motivate, empower, and recognize the performance of their sales staffs. Developing effective employee productivity and engagement activities will ensure better performance from the sales staff. A well-defined retention strategy improves the sales force productivity and ensures that the customers avail their products on a regular basis. At Quantzig, the sales force performance optimization team provide solutions to optimize sales force performance and agent performance on a real-time basis. The researchers offer actionable insights on sales growth opportunities and agent effectiveness by utilizing machine learning algorithms to examine the patterns that exist across internal and external data.

Many organizations are developing performance evaluation metrics that assesses and measures the effectiveness of the sales force. These methodologies help the companies understand the problem areas and address the issues at the source to increase the individual’s or team’s performance. By building strong metric systems monitoring performance, addressing training needs, analyzing agent’s behavior, and gathering information on sales volume becomes easier. Moreover, it helps organizations to deal with agents from different backgrounds and solve issues efficiently.

Focus on customer relationship management (CRM)

With the advent of Internet and growth of e-commerce models, it is pertinent for organizations to invest in the development of CRM strategies. Companies are implementing SaaS-based and cloud computing software to expand their relationship with the consumers. Innovative CRM tools will create a strong relationship with the supplier and consumer and will allow companies to understand the individual needs and requirements of each end-user. Additionally, a good CRM model ensures proper communication flow and enables suppliers to provide excellent customer services. By using mobile devices and Internet building, productive CRM models will become effortless.

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Creating a diverse sales force

Employing sales force from various backgrounds, culture, race, and gender will diversify the organizations and increase the flow of ideas and designs. The market is also stepping towards hiring millenniums, which results in a younger and more active staff team. Hiring employees from different backgrounds will promote the trend of shorter sale cycle and encourage more interactions with consumers.

Outcomes and solutions offered

Quantzig’s analytics team analyzed various historical data such as the date of joining, the size of the client organization, customer feedback, educational qualification, and average working hours per week and helped improve the client’s sales force productivity and strategy. Here are some of the solutions offered:

  • Performed merging and aggregation of collected data to create a single source for data analysis and reduced attrition rate by 51%
  • Designed machine learning algorithms to help the client study patterns that existed across internal and external data, resulting in 24% increase in conversion rates
  • Provided information on the impact of training and compensation levels of the sales force and identified factors that affected the growth, success, and tenure of candidates after training to certify maximum ROI from existing agents
  • Improved agent effectiveness based on actionable insights on sales growth opportunities
  • Developed a dashboard for real-time updates and insights on operational metrics, agent performance, call details, and training of new recruits

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The complete case study on sales force performance optimization engagement for a leading insurance player is now available.

Recent case studies that might interest you:

For any queries, reach us at – hello@quantzig.com

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