Though traditional marketing focusses on generating new customers, retaining only 5% of the customer base with a CRM system can increase profits by 25%.
Using a CRM – a tool that stores all types of customer data including contact information and transaction history – can help brands make informed marketing decisions. CRM systems like Salesforce and Microsoft Dynamic 365 can help marketers have accurate understanding of their customers – crucial for driving sales, resolving customer issues, improving customer satisfaction and increasing customer lifetime value.
By using a centralised database for customer data like CRM, companies can make sure that different teams are not working in silos. Apart from helping marketers save resources spent on recuring tasks by automating campaigns, CRM systems can also provide analytics to predict customer behaviour.
Integrating all sales and marketing channels with the CRM system can help brands align sales and marketing teams. In case the company’s marketing tools are not compatible with the CRM, consider using data integration tools like Zapier.
Brands can also use the lead scoring feature on a CRM system to differentiate between qualified leads and those that need more nurturing. Creating different customer segments on a CRM system can further help brands deliver personalised messages.
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[12 minute read]