A byproduct of increased globalization and interconnectedness is the unprecedented surge in client base and demand. Peer to peer interaction is impossible in this technological era and as such, businesses must come up with new and innovative ways to satisfy their customers while still efficiently managing various aspects of their business in order to maximize efficiency and profits.
This is particularly true for client-driven organizations. Real Estate CRM Software improves your customer-relationships and automates much of the tasks to help satisfy existing and potential buyers. Here are a number of ways it works.
1. Record and Keep Track of Personal Information
One of the primary things any CRM software excels at is collecting, storing and, in general, keeping track of personal information shared by clients. Only monitoring sales history, and purchase lists, while vital, would not be as hard-hitting to a customer’s sentiment as, say, an automated message on their birthday. However, it is not possible for employees to keep track of every customer in order to memorize their specific needs. CRM forgoes this difficulty by performing this task automatically, thereby ensuring loyalty and increased sales revenue.
2. Analyze Top Customer Base
As stated, ensuring loyalty in customers is vital to any business’ survival. We all have that one brand we love or that one firm we compare everyone else to. The Pareto principle shows that about 80% of a company’s profits stem from a mere 20% of their customer base. Thus, it is imperative that one analyzes the needs, preferences and nuances of each customer to better serve them in order to continuously add to the top-line. CRM uses predictive algorithms and machine learning to better understand an individual and provide suggestions that will be more likely to complete a sales transaction.
3. Send Out Regular Updates
A huge part of customer retention is communication. Sending out newsletters, sales reminders, general updates is a must for every business. CRM software can automate menial activity to perform these tasks far more efficiently. It can even be customized for high end patrons to add personalized messages or rare offers to add a personal touch. This not only strengthens the bond between a company and its client, but also makes them prefer your company over some other in future arenas.
4. Quicker Complaint Response
Another avenue where companies may build stronger bonds with clients is in their service based interaction. Faster response to complaints and queries is always appreciated. CRM software can handle most forms of communication seamlessly without much hassle. It can use its learning algorithms to forward urgent messages requiring human intervention to an employee’s mail, while providing assistance on the rest. Customers get their complaints answered in a timely manner which further proves to them that their choice of business was the correct one.
5. Analyze Buying Patterns
Finally, we can use all of the previously mentioned attributes to build a comprehensive and exhaustive model of customers’ buying patterns in order to generate relevant data on what a customer may prefer to opt for in future. This allows the business to customize a customer’s profile and only offer suggestions that might result in a successful transaction. Reports show that suggesting items a customer may like leads to sales more often, even if the customer was initially reluctant to make a purchase.
Customer satisfaction is the key to driving up business for any company. Reports suggest that a mere 5% increase in retention of customers can increase a company’s sales by a whopping 75%. Retention is cheaper, more likely to increase profits and now, with CRM software, much easier to implement.