CRM
CRM
Process of CRM
3. Conversion
A CRM system may assist small businesses in generating leads and turning those
prospects into lifelong clients. Maintaining the customer's data, not only makes the
work of the sales staff easier but also fosters relationships with the customers.
Conversion rate is the percentage of user actions taken after total clicks and is
calculated as clicks/actions. A higher conversion rate means a more successful
online marketing campaign and lower marketing costs per customer. A good
conversion rate varies widely by industry, with an average range of 2%-5%.
Customer Conversion is the number of people who make a purchase divided by the
number of people who enter the store. If 100 people visit a store, and 5 of them buy
something, the Customer Conversion is 5%.
5. Drive upsells
Upsell opportunities are sales strategies used by companies to promote higher
versions of their products than what prospective customers originally intended to
buy. In addition to boosting revenue, upselling also gives the customer a chance to
use a product or service that has more capabilities and features.
Upselling is the practice of selling a customer a higher-end version of an item they're
interested in. For instance, an electronics retailer pointing out the benefits of a better
TV, a faster laptop or a more durable tablet would be an example of upselling.
Strategic CRM are sometimes lumped in with collaborative CRM and provide many of the
same features. The difference is that while collaborative CRM focuses on immediate
improvements, strategic CRM concentrates on long-term customer engagement. Their main
goal is to support customer retention and increase customer loyalty.
Strategic CRM collects information about customer needs and priorities to provide value to
your client base. For example, they might tell you which communications channels specific
customers prefer to use. They’re handy for businesses requiring long-term customer
relationship management, such as an IT company that provides clients with ongoing data
management services.