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White Paper: Entrepreneur
Purchasing Recommendations
Entrepreneur Purchasing Recommendations: CRM
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Entrepreneur Purchasing Recommendations: CRM
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5. Markets and Growth Possibilities with CRM
Generally speaking, CRM is a philosophy that a business should focus on the customer to deliver personalized, service-driven sales and support. No matter what type of company you run, the acquisition of customers is the real business. Many CRM projects are undertaken to help marketing and sales activities with efforts at improving customer satisfaction and/or retention.
Marketing and sales is a science not an art. It is precise and measurable. Online CRM Services, with the right mix of tools, scalability and customer support can improve marketing initiatives and grow sales revenue.
Many companies will discover, with a little digging, that the top 20% of their customers not only deliver 80% of their revenues they account for 100% of company profits. Many companies lose money on 80% of their customers because of the cost of acquisition for new customers. Using a CRM Solution would help in increasing revenues by identifying and differentiating profitable and unprofitable customers and to defray the costs of serving them.
CRM can improve customer profitability with services that:
- Reduce costs associated with acquiring new customers
- Identify customers with the greatest potential for spending
- Reduce the costs associated with serving existing customers
- Improve customer retention
6. Implementation Considerations
| Hard implementation of CRM | Soft implementation of CRM |
Focus on:
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Focus on:
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| This approach has a tendency to prioritize standard IT processes to derive strategic CRM guidelines which is not a successful business model for CRM implementations. | This approach takes a less technical approach and focuses on the business process and asks that the technology build around the business line and not vice-versa. |
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