Gartner, the IT research and advisory firm, has projected that by 2015 almost 85% of the fortune 500 companies would fail to bag benefits from the big data for achieving competitive advantage. The same report also stated that the executives hold responsible for variety and also volume of the data as two of the biggest problems that does not help in big data utilization.
It is believed that dark data, duplicate data and also incorrect data – none of these hindrances are big news to businesses. But there are plenty of firms that do not have the right kind of manpower to scan through their databases and also separate value from the waste.
Now let us take a close look at some of the time tested CRM tactics so that client efficiency levels can be improved.
- Employing analytics for making use of dark data
More than one third of the executives are of the opinion that their biggest growth opportunity comes to the forefront when data is concerned. One of the easiest ways of doing it is by making proper utilization of the unused data. Many CRMs provided integrated or add-on analytical tools that has the potential to find the missing items by going through hundreds of records, developing insight and also displaying results to managers in customizable dashboards.
- Making use of what is known about the clients to help personalize their approach
Review the customer requirements before he voices them to you. For instance, if a mobile firm added an automatic balance update to their payment receipt process after they found out clients were involving in frequent checks of their balances after it made a payment via the IVR.
Personalization can mean providing few products and services on the basis of the details available in CRM tool, or meeting the clients within their preferred contact medium. It also helps in raising the perceived value, which means improved levels of satisfaction.
- Developing multi-channel understanding
Never rest just on data related to transaction history, account balance (structured data) to inform the customers about the occurred interactions. It is essential and also relevant to incorporate 'unstructured’ data from varied channels such as email and social media. Many CRMs are currently providing beneficial features for developing a comprehensive view of the every client.
- Making use of CRM so that segmentation of clients can take place
Every business owner or organization that the same level of attention and same caliber if service is provided to all the contacts, but it has been found that there are always some clients who are given extra care and attention.
Using the CRM for measuring how tenuous or deep every relationship is essential. You are not required to offer a lengthy explanation of services to a client because he had been your customer from the past ten years. On the contrary, the new clients will need more guidance and help.
- Utilizing CRM data for evaluating the reasons of failure
CRM do not just inform you about the existing clients but at the same time, it offers you details about clients who cancelled or opted out of the service. An efficient strategist will prove helpful in carrying out comparison of the data between the ongoing and also the broken relationships between companies and clients. It is quite possible that the churned clients share a common demographic trait or even offer the same reason for the cancellation of service. This insight can be a great way to enhance the retention levels by several notches.
It is a proven fact that data is an important building block of CRM but it does not make the CRM just a database. The CRM can be a very powerful tool when it is equipped with the right sort of features and know-how. It can be used successfully for making proper use of the old, new and also enduring client relationships.
One of the time tested ways of keeping your clients happy is when you are able to maintain a high satisfaction level and to do that successfully, you will be needing lot of details about them.