Wednesday, October 1, 2014

How to Maximize Wallet Share in Media Companies through CRM?

In this digital world, media houses occupy a prime position, albeit a competitive one. If you are in charge of guiding a media house with consistent growth and increasing accounts volume, you need to be aware of customer relationship management (CRM) to fuel your account management success. A cloud CRM can help you attract new brands and thus increase your wallet share. To ensure this happens, you need to ensure that you follow the best media CRM practises.

How to Maximize Wallet Share in Media Companies through CRM?
Five steps to maximize wallet share in media companies:
1.  Link strategic measures
Media growth strategy works best when they are interlinked. This approach will help you take advantage of overlapping goals and maximize resource utilization. One of your media strategies can include global expansion and targeting brands in the Middle East. Pursuant to that, you can approach the best cloud CRM vendor in UAE and other countries. Keeping track of your strategic vision through CRM can benefit you in the long run. This may even involve day to day decisions.

2. Agency engagement
When a company effectively engages customers, its goodwill and business soars. In the same way, media agencies will get maximum traction by actively engaging third party agencies. With effective engagement, you can go on to build a good rapport with them, which will guarantee you prime slots for your preferred brands.

3. Profitable pricing development
With a stable cloud CRM solution, it is possible to develop a profitable pricing strategy. For this to happen, it is important to have meaningful engagement with agencies. When you have created a rapport with the agencies, they will give you preference over others while allocating time slots. This in turn, translates better brand relations and higher profit margins.  Your wallet share will continue to rise automatically.

4. Workforce training
Investing in media workforce training is actually investing in your company. With proper workforce enhancement, you can increase accountability and develop, deploy best work environment practises. With confident and eager employees, you can envision a much larger market share. Effective training will also enhance inter departmental coordination. A dedicated team is central to any organizations expansion plans.

5. Deadline tracking
Media industry depends on fast and punctual deadline management. With deadline tracking and notifications offered by CRM, employees will be able to enhance client satisfaction and goodwill. This will aid in customer retention and you don’t need to invest a penny extra for marketing. Your credibility as a media organization will skyrocket and more clients will flock to you, thus expanding your wallet share.

With the above five steps, you can be assured of your media company’s success for capturing more wallet share and staying ahead of your competition. 

Related Articles:
1. 5 Ways to Empower Customer Service Teams with a CRM Solution
2. How Making Employees More Sensitive to Customer Needs Improves Customer Retention
3. 3 Worst Social Media Mistakes Made by CRM Systems

Tuesday, September 23, 2014

5 Effective Ways to Boost Cross Sell in Banks Using CRM Solution

As a marketing manager in a major bank, you are going aggressive in selling related banking products to increase margins and assets under management (AUM). However, the cross-selling strategy devised should be careful so as not to seem too pushy. With the right sales strategy you can create an approach that is win-win for both the customers and you. Many banks have taken the advantage of CRM in boosting their revenues and assets. What are their secrets?

5 Effective Ways to Boost Cross Sell in Banks Using CRM Solution

Five effective ways to boost cross selling in banks through CRM:
1. High margin focus
Always try to sell products that have high margins for your bank. Usually, customers prefer banking products that are lighter on their pockets. You will have higher degree of conversion when you pitch such products to them. Some good examples include insurance and guaranties.

2. Focus on customer needs
It is very important to solely focus on customer needs while approaching cross selling strategy. Latest cloud CRM solutions presents latest customer need information through a holistic 360° view. This view gives you real time alerts about the current customer needs and requirements.  The information is captured with a combination of social CRM and customer purchase history.

3. Pitch at the right time
It is not necessary to pitch right at the moment of purchase. You can schedule regular follow-up mails and reminders as well. With the information provided by the 360° customer view, spend some time analyzing and deriving the statistics. Accordingly you can plan cross selling offers. Always remember to follow the age old adage of ‘Strike while the iron is hot’. This means that there should not be too much time lag between a customer’s purchase and your offer pitch.

4. Use correct segmentation
A high risk-averse customer will not be interested in products which promise high returns at a very high premium. Vice-verse, a risk taking investor will scoff at a banking product which offers low returns. A good CRM solution will help you devise the right marketing segmentation strategy. With the right package, you can position yourself in such a way, the customer actually feels honored to purchase the products which you offer.

5. Train front-line
Cross selling has been one of the most talked about points lately, but companies have not been able cash in on the technique. Age old myths and sales apprehensions hold even the best sales people at the brim. The best way to tackle them is train banking sales representatives and front line executives with the right approach to cross-selling. Encourage them and remove any fears they might have about this proven sales technique.

The above five ways along with sales force automation in Banking CRM will help you get the most from cross selling deals.

Related Articles:
1. 3 Ways to Efficiently Cross-sell and Up-sell while Resolving Customer Complaints
2. 10 Tips to Enhance Cross-Selling
3. 7 Key Areas to Drive for Boosting Cross-selling

Tuesday, September 16, 2014

Looking to Boost Customer Engagement in Financial Services? 5 Reasons Why CRM Is Your Best Bet!

The two crucial factors for the survivability and growth of financial services industry are clients and money. Both are interlinked, your financial services company cannot be dominant without either. Thus, it is no wonder that such firms were one of the first industry verticals to adopt customer relationship management (CRM). CRM for financial services have been successful in increasing assets under management, despite the stormy recession phase over the past years.
5 Ways CRM Can Make a Difference in Your Financial Service Company
Five ways CRM can make a difference in your financial service company:
1. Service planning
The element of planning is vital for financial services and CRM prods the management to undertake this activity. Without planning, financial services can be haphazard and without vision or road-map, a perfect recipe for disaster. If you have decided to implement a cloud CRM solution for your company, you need to plan for infrastructure, the budget, the scale, scope and timelines for a successful project delivery. These habits can be taken forward while providing remarkable customer service.

2. Right priority
Your financial company will have to prioritize processes or infrastructure in order to maximize earnings and reduce costs. It is the aim of every financial firm to be the largest player in the market. Thus, they tend to concentrate of scale rather than scope. Best CRM softwares will help you make the right choice based on your current needs, goals and future vision. With your finger on the right priority, increasing stakeholder value will not be a problem.

3. Cost efficiency
For maximum profits, you need to control your costs. While some cost incidences are out your hands, with proper cloud CRM utilization, you can greatly reduce your overall overheads. This translates into greater margins, thus increasing your profits. Who benefits the most? You and your clients! Your client will witness maximum returns than your competition and new ones will flock to you based on your excellent customer service, powered by CRM.

4. Unlock new value
CRM helps you to unlock new value offerings that can be given by your financial firm. With an effective CRM implementation, you can cross sell or up sell your financial services, then increasing your portfolio size, without appearing too pushy. Customers will come to value your offerings, instead of feeling suspicious of your intentions.

5. Create inclusive vision
Many have a wrong impression of financial services, that they are only concerned with profits. You can make a difference to this wrong perception by designing an all inclusive growth vision that has the best interests of stakeholders, employees, clients and society. A good cloud CRM platform will assist you in giving directions for maximum all inclusive financial growth.

The above five reasons will make you realize how important CRM is for your financial services company. No matter your size, partner with the right CRM vendor for maximum and tangible results!

About the Author:
Ranjit George is part of Marketing & Strategy Group with CRMnext.

Related Articles:
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  2. 5 Point Strategy to Increase Footfall Conversion in BFSI Industry
  3. Using CRM Analytics to Gain a Competitive Advantage

Wednesday, September 10, 2014

Follow These 6 Must Have Techniques to Retain Customers through CRM

Sales always occupy a primary position in a company’s scheme of things. They spend massive amounts of investment to boost sales numbers in the hope to garner the maximum market share. However, in the midst of hectic marketing campaign, vital task ‘customer retention’ is left unattended. In this business era, where customer loyalty is fickle, it is very important to retain and nurture existing customers. This will help you to save you on significant customer acquisition cost. 

Follow These 6 Must Have Techniques to Retain Customers through CRM

Six must have techniques for customer retention:
1. Exceed expectations in the first try
A sure fire way to retain customers is to create a great impression in the first instance itself. A company can demonstrate its commitment to service quality and customers with a good first impression. This will increase the customer’s confidence in your ability to deliver products or services in the best quality possible.

2. Points of difference
With the plethora of brand options available, customers are spoilt for choice. Thus, it is very important for you to regularly stress the points of service differences over your competitors. Customers are always on the lookout for key differentiators that a product or service has over the crowd. A good CRM platform can also be a competitive advantage over your peers. There are many CRM vendors in South Africa and other emerging economies that will fulfil your objectives of customer retention.

3. Value addition

A good business focuses on creating value for the customers in their chosen field. For example, a banking giant will focus on innovating new areas where they can service the customers and not just focus on simple banking. The effort you put in exploring new avenues for value addition will translate into reduced customer churn.

4. Competitor benchmark
Benchmarking against competitors is a good way for motivate yourself for constant innovation and improvement is products and services. When you bench against competition, you create new ways by which you can always stay ahead. This leaves the customers little choice for switch.

5. Active listening
Listening is actually a two way process, if done correctly. When you actively listen to your customers, you develop a rapport and the customer is confident that his/her grievances and suggestions will be given due attention. They will be unsure of their compatibility with other providers and will think twice before switching loyalties.

6. Identify ‘At risk’ customers
Use your CRM solution to identify customers who are on the verge of abandoning your company. Good marketing automation CRM software will send you real time notification and alerts about customer escalations. In this way, you can approach risky customers and turn on your charm offensive. You have a great chance to turn them into your proponents with the help of high-impact cloud CRM solution.

The above six must have techniques will allow you to safeguard your customer share against every increasing competition.