09 May 2014
Balancing Value and Volume with MS Dynamics CRM and Online Chat Software
Among the business world it is generally accepted that more customers equal more profit. It doesn’t matter whether your company operates in retail, manufacturing, service or the technology sector; this economic law is held to remain true. But as our global economy has grown larger and become more complex, our markets are beginning to challenge this simplistic business canon. A brief internet search will reveal the case in point, such as the US Postal Service and companies with a niche focus. But the greatest lawbreaker of them all is the online market.
In the virtual market, more customers does not mean more money. Or, rather, customer volume does not define your company’s bottom line. For this reason it is important to distinguish between good customers and bad customers. A customer relationship manager (MS Dynamics CRM being one of the most popular in the UK) is designed to help you do just this; identify the valuable customers and steer away from risky noncommittal ones. This might not be a top priority for sellers of consumer products, but it can make all the difference if customers need a demonstration and sales pitch before buying into a service.
Companies also need to appreciate that there is no universal and magical CRM system that will meet everyone’s needs straight off the bat. This kind of system needs input and customisation to achieve its full potential. For the smallest businesses, the real value of CRM needs to be carefully assessed before jumping in with an overeager “me too” complex.
If you invest in a CRM you are also investing in a philosophy. A good CRM system will increase your customer service and keep your valued customers to customer volume ratio high, but only if you put in the effort. Here are three steps you can and should take to leverage MS Dynamics CRM:
CRM software should offer insights into the buying behaviour of your customer and identify implicit trends. Customer behaviour can be erratic, requiring frequent, up-to-date analysis in order to translate into future return.
2. Beyond Profit
After identifying rewarding customers you can revisit the “more customers means more money” dogma. If required and you are in a position to do so, you may be forced to offload unreliable customers to prioritise valuable ones. Beyond the bottom line, CRM software can even identify poor customers at an early enough stage to give your company a chance at converting them.
MS Dynamics CRM is a flexible tool. Integrate it with your live chat solution to seamlessly account for and categorise your website visitors. The Click4Assistance Online Chat SoftwareToolbox allows for quick and simple integration with your existing setup to produce insightful customer data.
Following these steps will allow your organisation to make informed business decisions across sales, marketing and other CRM-reliant departments. Don’t waste your resources trying to convert ice-cold leads, integrate your online chat software with MS Dynamics CRM to identify and pursue your most rewarding customers.