Implementing Customer Relationship Management (CRM) strategies not only enhances the overall customer experience through personalized interactions and prompt responses, leading to increased satisfaction and loyalty, but also aids businesses in understanding customer needs and preferences. This understanding enables the development of targeted Customer Relationship Management and sales strategies that foster stronger relationships, thereby improving customer retention and reducing churn.
CRM streamlines sales processes, automates routine tasks, and provides valuable insights into customer behavior. This efficiency results in shorter sales cycles and heightened sales productivity.
CRM systems collect and analyze customer data, providing valuable insights for informed decision-making. This data-driven approach empowers businesses to tailor their strategies based on real customer interactions.
By understanding customer purchase history and preferences, Customer Relationship Management (CRM) enables businesses to identify cross-selling and upselling opportunities, maximizing revenue from existing customers and driving sales improvement.
Establishing clear CRM goals aligned with overall business objectives is essential. A well-defined strategy guides the implementation and ensures that CRM aligns with organizational priorities.
Implementing robust data management practices and governance frameworks ensures the quality, security, and compliance of customer data within the CRM system.
Ensuring seamless integration with other business systems enhances the overall efficiency and effectiveness of customer relationship management. Compatibility with existing technology infrastructure is a key consideration.
Furniture and Home Decoratio
A decline in sales has introduced the need for additional revenue streams.
The best practices were identified by conducting customer and product analyses, focusing on referrals, and achieving a high success rate. By systematizing the sales process and organizing the sharing of sales knowledge among our team, we increased the effectiveness of our sales force. In the first year, we conversed 70% of existing customers to be a member of the referral program, leading to more sales revenue from the “referral sales” route.
✧ As a prominent online and offline retailer in Thailand specializing in bedding and pillows, this company faced significant challenges when sales fell short of threefold targets. LiB supported this company by analyzing the most suitable marketing strategies for our products and the Thai market.
✧ LiB’s key contribution was a transformative shift in the sales approach, enhancing proactivity and consistently implementing a close follow-up and PDCA system with the existing customers.
✧ The initial phase involved a comprehensive analysis of the current situation of the company’s customer base and product characteristics, benchmarking against industry best practices. LiB’s conclusion pointed towards ‘Referral Sales’ as the most effective method, as it minimizes costs while efficiently leveraging existing store staff and loyal customer networks. Notably, a majority of their customer base consisted of high-income individuals who could refer and attract like-minded buyers, enhancing the product’s effectiveness.
✧ LiB assisted in developing a systematic approach for the sales staff to engage with existing customers and implemented a detailed guide for systematic customer conversations. By rigorously monitoring and updating the work plan, a significant increase in interest from existing customers was achieved, with over 70% participating in the referral program.
✧ One key success factor was LiB’s ability to segment customers and employ different approaches for groups with varying success probabilities. This differentiated approach from conventional referral systems resulted in a remarkable 5% conversion rate from the total number of referrers within just two weeks of launching the program.
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