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Total Cost of Ownership: What does it mean and how can you avoid costly, unsuccessful implementations.
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How to Build a Data-Driven CRM Strategy in 6 Steps
According to studies, 91% of companies with 10 or more employees use a CRM, and 64% of companies say CRM tools are impactful, or very impactful. If these statistics are anything to go by, it's right to say that CRM software is a critical component to building, maintaining, and processing your data.
But, the only way to enjoy the full potential of CRM is using its analytics features. It is the best way you can identify and solve problems before they affect your revenues, as well as create a perfect experience for your customers and prospects.
Here is how you can build a data-driven CRM strategy to enjoy its full potential.
1. Invest in a CRM That Your Entire Team Can Use
From sales, through marketing, to customer support, CRM is a team-wide initiative. The entire team needs to know the customers and have easy access to all their details to provide a great customer experience.
Reasons Why Every Organization Should Invest in a CRM
2. Create a Solid Business Process Management (BPM) Strategy
A solid BPM strategy allows you to achieve consistent results in line with the strategic objectives of the business. It does so by ensuring all the individual processes of the business work well and blend seamlessly as a whole. It increases the efficiency of the business by perfecting the individual processes.
A CRM like GreenRope that supports your entire team requires perfect coordination between departments and processes. There should be no silos in your organization for it to run efficiently.
Define and design your processes, model them using a CRM system, execute them, monitor, and optimize them for better results.
Click here to read more about developing a business process management strategy.
3. Have an Established Data Structure Strategy
A data structure strategy is how the business collects, stores, manages, shares and uses data. A business's data structure strategy sets the foundation for everything it does related to data.
That is why as part of your BPM, you need to have a proper way to handle data. It needs to be collected and managed consistently across all departments. Every responsible party should understand how to input, review, and use data consistently.
4. Use CRM to Personalize Customer Journeys
During the customer journey, there are various interactions they will have with your business. These interactions are an opportunity for you to improve their overall experience with your organization by personalizing the interactions you have with each lead and client.
CRM allows you to personalize the customer experience across all departments since everyone has access to customer data when needed. For instance, if the customer contacts the sales team, they can use data such as the previous interactions, purchase history, where they are in the customer journey, income level, interests, and/or what factors are likely to push them to make the purchase.
With this data, the sales team will be able to connect with them at a deeper level and meet their expectations, increasing the likelihood of closing the sale.
5. Automate Manual Tasks
There are various tasks you can automate for a more data-driven CRM strategy. Automating tasks increases productivity and streamlines your process. For instance, use workflows to trigger specific actions for your internal team, such as follow ups, emails, tasks, and more. You can also automate lead nurturing emails, text messages, contracts, invoices, and more.
Another way to automate manual tasks is by using an AI-driven chatbot that can respond to any questions the customer has depending on their interaction with your website.
Other tasks you can automate include data collection via forms/surveys, follow up emails, and pipeline management, reporting, among others.
6. Review and Optimize Often
A good data-driven CRM strategy has a feedback loop. It has several features that eliminate the hassle of collecting useful data and analyzing it. If its performance is not as expected, you can collect information in an instant and make the necessary changes and optimizations then test to see how they affect the results. Doing this over and over will lead to a perfect strategy.
For instance, if you are having a low email conversion or website bounce rate, you can further personalize your emails and website and find what efforts increase your conversions across these channels.
Another option is to A/B test your emails and landing pages. A/B testing allows you to find what content, visuals, messaging, layouts, etc. resonate with your target market. Testing your campaigns using the Campaign Optimizer or the A/B Tester is an automated process that automatically sends your contacts to specific pages based on your criteria. Once you have enough performance data, you can further optimize your campaigns to increase conversions.
Consider a CRM Platform that Offers an Omnichannel Customer experience
In today's data-driven world, better data management is crucial to the growth of every business. And, there is no better way to collect, manage, analyze, and present data than using a complete CRM.
If you are having trouble managing your data or leveraging it for growth, GreenRope is everything your business needs. It is the world's only fully integrated sales, marketing, and operations platform that can save you over 90% of the total cost of ownership.
Get a live demo and start growing your business today.
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