Discover how customer relationship management (CRM) systems can assist you in expanding your organization.
It doesn’t matter whether you’re running a brand new e-commerce startup, a well-established technology company that develops software, a brick-and-mortar clothing store with a single location, or anything in between; utilizing customer relationship management (CRM) tools can be extremely beneficial to your company. This article will discuss the key advantages of customer relationship management systems (CRM) and how they can assist you in organizing all of your sales and customer data, establishing long-term relationships with clients and customers, increasing your sales performance while increasing customer loyalty, and enhancing your overall business performance.
CRM Advantage No. 1: Identify and cultivate new clients while maintaining existing ones.
Each time someone purchases something from your online store, subscribes to your newsletter, or clicks on one of your advertisements, they are supplying you with crucial new information about your target demographic. And, once you’ve gathered all of your data on a CRM platform, you can begin using it to make informed judgments about who your target audience is and how to best approach them.
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Social media advertising is one of the most successful strategies a business can use to attract new clients, and it is becoming increasingly popular. When you have all of your client information in one place (such as Mailchimp’s all-in-one platform), you may take advantage of a powerful new social media advertising option.
Launch lookalike audiences of your largest fans and most loyal customers when you generate a Facebook or Instagram ad in Mailchimp, for example. You can utilize all of your existing customer data to create lookalike audiences of your biggest fans and most loyal customers. Afterwards, you can reach out to that new audience with an advertisement that promotes your products, services, or any component of your business that you believe may be of interest to them. Targeting people who are likely to be enthusiastic about your company is an excellent strategy to make your advertising budget go further—and to expand your audience at the same time.
Whenever new customers interact with your company, whether it’s through a purchase or signing up for your mailing list, they’ll be entered into your CRM database as well, allowing you to quickly identify them and send follow-up emails, thank you notes, or anything else that might be useful in starting to build an effective relationship with them. And, once they’ve established themselves as large fans and loyal customers, you’ll be able to use their information to assist you in creating the next lookalike social media audience to target with your advertising. Akin to the marketing life cycle, it serves as one of the most significant benefits of CRM software.
CRM Advantage #2: You will be able to strengthen your relationships with your current customers.
According to research, acquiring new consumers can be anywhere from 5 to 25 times more expensive than retaining existing customers. As a result, while it’s always crucial to reach new audiences, you should also strive to keep your existing customers active and engaged. And when you integrate all of your customer data into a CRM platform, it becomes much easier to keep track of who is purchasing your products, who is engaging with your marketing campaigns, and who may require a little shove to get back on track. It will be easier to build and send marketing campaigns that will make your existing consumers feel appreciated—and will encourage them to return to purchase more products from you in the future.
It is possible to use the information gathered in your CRM solution to develop unique and tailored marketing campaigns for your customers using the information gathered. Include their name, information that is suited to their interests, and a personal statement to express your gratitude for their support and patronage over the course of several years. Utilize Mailchimp’s Marketing CRM to include personalized product recommendations based on each customer’s purchase history. You can also use our send time optimization function to send your emails at times when people are most likely to interact with them.
Also consider using your sales data to target lapsed customers and inform them about your current products or provide them with an incentive (such as a discount or free delivery) to return to your store and complete a transaction with you. You’ll also get access to features like purchase likelihood and customer lifetime value with Mailchimp, which will allow you to discover the consumers who are most (or least) likely to repurchase from you, get a basic estimate of how much they’ll spend, and tailor your marketing efforts appropriately.
CRM Advantage #3: Take a comprehensive view of your target audience
Whatever type of business you run, a customer relationship management system (CRM) will allow you to view all of your contacts in a single audience dashboard and then organize them in a way that makes sense for your company. Perhaps you’d like to categorize people based on their past activity, such as their participation in your most recent campaign or their purchasing history with you. That is possible using a customer relationship management system (CRM). Alternatively, you might wish to categorize people according to their geographical area, birthdate, or demographic characteristics such as age and gender. You may achieve the same thing with a customer relationship management system (CRM). It’s simple to sort through all of your audience data at once and leverage the information you already have about them to forge closer relationships with them because a CRM gives you with an aggregated view of your audience information.
Many customer relationship management systems (CRMs) will also allow you to apply customized tags to your audience. The use of tags, which are unique identifiers, can assist you in providing additional insights for certain audience members who might not otherwise be present in your data. For example, if someone has made a purchase from your store and opted into your marketing, you will most likely already be aware of their buy history, shopping preferences, name, and, in some cases, their location and demographics as well as their purchase history and preferences.
Tags, on the other hand, can tell you things that your existing data cannot, such as whether or not they are a well-known social media influencer, whether or not they are a prospective client who you met at a trade show, or whether or not they volunteered at one of your recent events—and it is in this area that tags can be useful. The information you need is always at your fingertips when you utilize tags to add extra details to your contacts. In addition, if you use Mailchimp as your marketing CRM, you can segment and deliver targeted campaigns based on the tags you’ve established, including automated email campaigns that activate when a specific tag is added to a contact.
CRM Advantage #4: Show your appreciation to your most loyal customers (and grow your business)
However, you may not be familiar with the Pareto Principle in its formal term, but you are likely familiar with the principle it represents: in many occurrences, 80 percent of the consequences are caused by only 20 percent of the causes. According to this principle’s application in the business world, just 20 percent of your total revenue ultimately comes from the other 80 percent of your consumers.
Every customer is valuable, but the people that make up the top 20 percent of your customer base are your best and most loyal. They are the ones who spend the most money, make the most purchases on a consistent basis, and are the ones who have the most influence in recommending your product or service to others. The importance of maintaining a strong relationship with these individuals cannot be overstated, and by storing all of your customer data in a CRM, you will be able to quickly identify your biggest spenders (and most frequent buyers) or lead generators and reach out to them with special offers, exclusive discounts, and other incentives, allowing you to make more informed decisions to improve customer experience.
If you connect your store to Mailchimp, for example, you can create segments based on the purchasing behavior of your consumers and send them targeted emails. Afterwards, you can show your top customers how much you value their business by sending them a special coupon or promo code, an invitation to a special event, or even giving them first access to your newest products. ” Use our best customers automation to automatically reach out to consumers based on their shopping and spending habits. All of this will help you to improve your customer interaction while remaining within your current marketing software environment.
CRM Advantage #5: You can track and enhance the effectiveness of your marketing efforts.
A customer relationship management system (CRM) centralizes all of your audience data, allowing your entire team to keep an eye on customer behavior. As well as making sure everyone is on the same page, it also helps you to keep track of what’s working (as well as what isn’t) and identify clients who may require a little additional attention in the future.
For example, by simply keeping track of the total number of new prospects or customers, you may determine whether your acquisition efforts are productive or whether you need to make some changes to your tactics or overall spending. By tracking the status of your existing contacts (using Mailchimp’s detailed campaign reports or our purchase likelihood tool, for example) and keeping track of your overall churn, you’ll be able to determine whether your retention efforts are effective or whether you need to step up your game in terms of customer service and satisfaction.
Using a customer relationship management system, you may also collect and track sales and marketing data on a large scale as well as on an individual level. You’ll be able to track down exactly who is spending money, what they’re purchasing, and how they’re interacting with your marketing campaigns in this manner. Over time, you’ll begin to find trends in the data that will not only assist you in developing more realistic goals for your company, but will also assist you in learning what your consumers want and communicating with them in a more intelligent and relevant manner. If you use Mailchimp’s Marketing CRM for example, you’ll also have access to aggregated data and insights, which you can act on right away, all in one place on your audience dashboard, which you can access from any device.
CRM Advantage #6: Save time by automating processes.
As a business owner, you’re likely to be overwhelmed by the number of tasks at hand. It may feel as though there is never enough time to get everything done, especially when it comes to closing sales. In most cases, however, a customer relationship management system (CRM) makes it simple to consolidate all of your customer data and insights into a single convenient location, allowing you to save time by not having to search through multiple databases – possibly across multiple departments within your organization – every time you need to pull information, look through sales reports, or work on marketing campaigns.
Following the organization of your client data in a manner that is appropriate for your company, you can use it to automate many of your daily marketing duties, including welcome emails, purchase follow-ups, order notification messages, and other similar communications with your customers.
If you’re using Mailchimp for example, you can set up automatic messages to trigger and send depending on specified segments or tags, ensuring that the right message is always being sent to the right people at the right time, every time. In the event that you sell products online, you may want to consider creating abandoned cart emails, which are sent when individuals add items to their shopping carts but do not complete the transaction. (Remember that abandoned cart emails are just as powerful as they are simple to create.) The average number of orders per recipient increases by 34 times when using abandoned cart email series as opposed to simply sending out bulk emails.
Alternatively, if you have a popular blog on your website, you might set up an RSS campaign that allows people to subscribe and receive an email whenever you publish a new article, ensuring that they never miss any significant announcements.
CRM Advantage #7: Gain insights into your business to help you better understand it.
If a customer relationship management system (CRM) did nothing more than help you organize and track your customer data, save time, and make it easier to create and nurture relationships, it would be an extremely beneficial solution for your company. Nonetheless, when you combine all of these factors, a CRM begins to perform an even more significant function: it aids you in developing a deeper understanding of your audience and, thus, your company’s operations.
The use of a customer relationship management system (CRM) enables you to go deep into your data and discover exactly who your present clients are and how they engage with your company. Because of this knowledge, you’ll be able to make improvements to your marketing and communication strategy and begin connecting with people in a more efficient, relevant, and cost-effective manner.. You may even use the information gathered in a CRM to make key decisions regarding your company’s product or service offerings based on the information gathered.
Suppose you discover that one product outperforms all others in terms of performance. You might opt to showcase that particular product more prominently in your advertising coming ahead. Alternatively, if something isn’t functioning as well as you had hoped, it may be time to reach out to your customers—perhaps through a survey—and ask them how you might better meet their requirements in the future.
When you work with Mailchimp, you’ll have everything you need to organize your audience data, spot patterns in it, and put your findings into practice. To obtain a quick overview of your audience, check out our audience dashboard. From there, you can use metrics like customer lifetime value and purchase likelihood to figure out who your most valuable customers are—and who might require further attention to keep them from leaving. The tools we provide make it simple to discover (and communicate to) the precise right people, and we have the automation and personalization options you need to send the appropriate message at exactly the right moment, all while making every campaign feel like a one-on-one discussion.