|CRM empowers C-Level executives |
with a critical asset – information
The focus on 'customer experience' has added a whole new dimension to business operations. C-level executives are taking a harder look at customer feedback and data their companies receive and how these can help enhance their product offering. Customer data is not only crucial for maximizing customer satisfaction, but can also help uncover new opportunities and potential risks for a business. Top level executives need information which can drive decision-making to enhance the performance of a business across the various functions and departments.
CRM software can equip decision-makers with all the vital information to realize the true potential of their business and market. However, to collate useful customer data, the following is vital:
- High user adoption.
- Constant uptime.
- User friendly interfaces with uniformity in terms, terminologies and customer related fields.
- Removal of dead leads from data.
- A single interface for customer facing teams to capture information.
- The CRM solution should be flexible and customizable.
CRM systems can provide C-level executives with information to make key strategic decisions as follows:
- Customer needs - Even in its simplest form, CRM offers information on what customers want. From new features or changes in a product to new products or modifications across the areas of product delivery, customer service, etc. Every aspect of a company’s product offering is vital – including customer-facing employees, packaging, post-sales and much more. Hence, information to back decisions regarding each of these aspects is important to sustain the business and help it grow.
- Customer perception - CRM applications can offer an all-encompassing knowledge of what the customers think of the brand, company, product, service, etc. Users can access this information across various metrics and in the words of the customers themselves. Hence, top level executives have real world information of how their product is being perceived in the market, which further aids decision making.
- Pinpoint critical issues - One of the main advantages of CRM is its ability to highlight common grievances and complaints by the customer. This is customer information which must be tackled at the highest levels, especially if it is a grave area of concern across the market. It is crucial to handle customer issues from the c-levels to prevent them from turning into a crisis.
- Marketing effectiveness - CRM can also help understand the impact of a brand’s marketing on customers. A major chunk of any organization’s budget is allocated to marketing and branding activities. It is essential for CEOs and CFOs to understand how efficiently this money is being spent and its ROI. By studying marketing effectiveness, they can take decisions on how to optimize these activities.
- Identify reasons for churn - Every business aims to retain customers as well as attain new ones. But, customer churn is a constant challenge. Top level executives appreciate the importance of understanding why their business retains some customers and loses others. This information is not easy to come by, but a comprehensive CRM solution can offer the required insights to ensure appropriate strategic as well as tactical decisions to bring back lost customers.
- Competitor analysis - Executives can further find out how much their product is selling versus the competition. An efficient CRM system will also provide insights on why the product may be losing out to competition, facilitating redesign of business strategies.
- Ensure readiness - CRM can analyse external forces as well, which may be influencing customer opinions and hence impacting the business or sales. By identifying such threats quickly, c-level executives can focus on mitigating these through proactive strategies.
- Real-time updates - social CRM offers a unique insight through its ability to highlight new trends and ideas around a brand or sector. It can identify the emerging opinions and developments within particular customer segments. C-level executives can analyse this information to optimize existing strategies and customize campaigns.
CRM solutions are a critical tool to facilitate a company’s long-term strategy. Executives at the highest level take decisions to pave the direction of a business, these will impact the business not just today but even a decade or more later. From business policies to work philosophy, it is the C-level executives who form the core for a company’s development over the years. Hence, accurate and relevant information is crucial to aid decision-making at this level to ensure consistent and positive transformation over the years. CRM applications equip decision-makers with information to facilitate transformation.