Today all of us can observe a visible shift in purchasing habits of a customer from traditional brick and mortar stores to online markets. Nearly anything can be bought online. It’s remarkable how swiftly this change has happened. The same can be said for the companies that enter this digital market. The ones who maintain themselves well, keeping their customers happy, flourish like Amazon or Alibaba. While the others find it hard to keep its ground
By taking your business online, you increase your visibility which eventually attracts more traffic. This certainly increases the net income but does that necessarily lead to more profit? With more and more businesses going online, there comes a bigger threat of commoditisation. This leads to price competition and hence lesser profits
Few ways to fight commoditisation are :
1. Product Differentiation
2. Target identification
3. Customer Satisfaction
4. Personalised Service
While Product Differentiation requires a lot of R&D and money to be poured in, effective targeting and customer satisfaction can be achieved with the help of a good CRM software. With activities such as Customer targeting, acquisition and retention made easy, CRM has been very effective in scaling up a business even in such markets.
Integrating a CRM with your online business has many advantages, as stated below
A CRM software can help you segment your customers on the basis of their recent activities, products purchased or even pages visited on your website. You can use this data to analyse the common trends in the market and target your customers through customised emails. It is a perfect tool to keep track of customers’ buying patterns and behaviour.
Once your segments are decided you can send focused emails to them. Now with the help of CRM, you can automate emails/SMS on the basis of actions taken by the customer on your website. You can set various triggers on e-mail, so that customer receives a custom message based on his activity.
Customer Life-Time Value
Focusing on the right customer is the most important thing when it comes to competing in a commoditised market. CRM software can help you understand their purchasing behaviour and preferences. Measuring CLV can help you forecast their future value. This can help you to make future strategies for serving that customer.
Once the CLV is calculated and the buying behaviour of the customers are measured, you can provide various promotions. Promotions are one of the ways to earn customer loyalty. But giving away too much is not good for the company either. The actionable insights gathered with the help of CRM software you can give away promotions and offers that serve the customers in the best way possible.
The role of CRM is not only limited to customer acquisition. With CRM the quick resolution of any problem is now possible. For customers to stay loyal to you, having a good support wing is very important. With the help of a CRM software, you can quickly access the data of your customer and take prompt actions on that. This will help you to make policies which can provide exceptional customer experience and are also in the interest of the company.
All in all, Online markets can leverage the abilities of CRM software to grow their businesses in an efficient way. Not only by helping you in your marketing campaign, but also in connecting with your customer at the right time and the best way possible.
Bulbul CRM offers seamless integration with your website, which allows you to gather more information and actionable insights, thus helps you in better decision making.