In our 2nd CRM Whiteboard session we take a look at how Customer Relationship Management can be applied to acquiring, developing and retaining new business for your organisation.
We’re here today to talk about Customer Relationship Management (CRM) and the customer journey.
Most people believe that CRM is most effective when it’s aligned to the customer journey – the customer journey being defined as the way that you acquire new customers, develop a relationship with them (which may include multiple purchases, up-selling, cross-selling), retain those customers with a long-term relationship, and have high levels of customer satisfaction, which generate referrals which make new customer acquisition that much easier.
If we can define the customer journey for you and your organisation and the way that you operate in your chosen markets, this becomes the feed to a definition of best practice. The way that you have customer communications set up, the way that you handle customer relationships and the way that you generate customer satisfaction that delivers referrals back into your lead generation system.
Best practice defined in this way is the information that is required to configure an operational CRM system. In this context configuring it means defining what the profile of a prospective customer needs to contain, what the profile of a long term customer needs to contain. This will give you the segmentation and the definition that you need to help you deliver more and more effective communications and better customer retention with time.
If in the operational CRM system we also configure milestones, major changes in status and key performance indicators, these KPIs can be measured in an analytical way and be used to feedback on the effectiveness of the best practice model that we created in the first place. So, each of these diagrams on my whiteboard is a virtuous circle. The customer journey is a virtuous circle in its own right; where satisfied customers improve your effectiveness in new customer acquisition and the analytical feedback from your operational systems inform changes and improvements in best practice which then in turn feed changes and enhancements to operational CRM.
There’s a lot to say about CRM and the customer journey. You can find out more on our blog.
Thank you for watching this short video!