Drive growth through improved relationships with customers

Customers are perhaps the single most valuable factor in making a business successful. They not only buy your product but also help advertise it through word-of-mouth. Thus, positive, sustained relationships with customers are essential to the growth of a business.

But how do you build sustained relationships with customers? Well you compile a bunch of data about them, learn about your target audiences, customize your products and services, and build a network. Unfortunately, all of that takes an incredible amount of time and resources. So should we just give up and go home?

The good news is that we don’t need to pack up just yet. Thanks to the power of technology, we can now perform all those functions using much less time and money, all through one system. Customer Relationship Management (CRM) software is designed especially to help businesses build better relationships with their customers.

With all these functions performed by one simple CRM system, your business can focus on building better relationships with customers and increasing customer retention. With customer information at your fingertips, you can better understand your customers, and thus have healthier interactions with them. In addition, you can optimize your marketing strategy and customize your products and services according to consumer needs and behaviors. Using a CRM also allows you to track the purchases made by your customers, increasing upselling and cross-selling opportunities. Upselling refers to offering upgrades or premium versions of a product or service, while cross-selling refers to offering additional products of the same category. Both strategies have the potential to significantly boost sales revenues.

One of your main concerns when deciding whether to purchase a CRM system for your business may be the cost. While the cost may at first seem excessive, the payoff is greater in the long run as the system helps save paper, cultivate meaningful relationships with customers, and amplify sales revenues.

How the CRM customer complaint module can save your business

People love to complain. That’s just how humans are. Around 4 out of 10 people will advise others not to do business with a company with which they have had a bad experience. In fact, 13% of customers who have had an unpleasant experience with a business will tell over 15 people about it! That’s quite a lot of negative exposure.

On the flip side, however, people also like to talk about their positive experiences. According to Esteban Kolsky, 72% of people will tell 6 or more people if they have had a good experience with a company. Therefore, as a business owner or leader, your focus should be on maximizing customer satisfaction and minimizing dissatisfaction. The complaints module of CRM software can do just that.

Customer relationship management systems typically have modules of two categories: marketing and support/complaint management. As the main purpose of CRM is to help businesses foster beneficial relationships with consumers, both marketing and complaint management modules are centered on interactions with and feedback from clients. The complaint management module(s) can help save your business in the following ways:

  • Figure out problems preventing the business from growing to its full potential
  • The complaints module of CRM software tracks all complaints submitted by costumers, and the actions taken to address them. Because the complaints are all logged into one database, you can analyze the nature of the complaints to determine the most pressing issues in the business, whether they be problems with the products, employees, or services. Knowing what is holding your company back from progressing optimally will empower you to resolve the issues, and thus, facilitate the growth of the business.

  • Reduce the costs associated with poor customer service
  • Poor customer service may be harming your business more than you think. Consider, for example, that 1 in 3 Americans say that they would consider switching companies after just a single instance of poor service. According to another study, 51% of customers will never do business with a company with which they have had a negative customer service experience. In addition, American companies lose over $62 billion every year due to poor customer service. The complaints module of CRM software creates a database of complaints, and facilitates their resolution in a timely, efficient manner. In this way, it prevents your business from accruing exorbitant costs associated with poor customer service.

  • Gain loyal customers and increase revenues
  • The complaint management module exists to ensure that complaints are resolved quickly, improving customer service. Good customer service can pay great dividends. Let’s take a look at some good, ol’ stats. According to a 2017 survey by American Express, 7 out of 10 consumers claim that they have spent more money to do business with a company with good customer service. Several studies have also indicated that having a positive customer experience can make customers loyal to the company. In addition, a moderate increase in customer experience increases the revenue by approximately $823 million for a company with $1 billion in annual revenues. Using CRM to resolve complaints and improve service can thus not only help make loyal customers, but also simultaneously increase revenues.

  • Prevent bad publicity
  • When people are unhappy with their consumer experience, they tend to tell others about it. According to American Express, people who have had a bad customer experience tell an average of 15 people about it. Therefore, if your costumers’ complaints are not being resolved in an organized, systematic way, it is likely that they will drive potential consumers away from your business as well. With CRM complaint modules, you can receive, sort through, and plan actions to address complaints swiftly and effectively, ensuring that your business does not gain negative publicity.

  • Spread the word about your business
  • People don’t just talk about their negative experiences – they talk about their positive experiences as well. For example, an American Express survey reports that people who have a pleasant costumer service experience are likely to tell approximately 11 people about it. Therefore, speedily resolving consumer’s complaints can act as indirect advertisement for your business.

In essence, the complaint feature of CRM system can save your business by helping you determine the recurrent problems facing consumers, reduce costs, and increase profits. Hence, investing in a customer relationship management system may have greater benefit than cost for your company.

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