3 Revenue-Generating CRM Strategies
To develop a full-lifecycle view of customers, marketers must rely on customer relationship management (CRM) systems. Once you have a solid CRM technology platform in place, fueled by good data, you can begin to put revenue-generating strategies in place. Here are three CRM tactics to start with:
1. Customer Profitability and CRM
Properly maintained, a CRM platform contains valuable data on the key factors that influence the profitability of a customer. By analyzing key factors, such as the cost of acquisition, rates of new customer acquisition and monitoring the renewal process, organizations can evaluate the customer experiences, purchases and metrics that unlock hidden profit in processes, technologies and people.
2. Customer Buy-Cycle Mapping
The CRM provides insights into the customer buy cycle. By analyzing the customer experience from engagement to acquisition and through to retention, organizations can better understand key behaviors of their most profitable customer groups at each stage of the customer journey. That knowledge can be used to realign the organization in ways that extend beyond sales and marketing into areas like organizational structure, customer service, product management and finance.
3. Value Proposition and the Customer
Because marketers are highly aware of industry trends and competitor positioning, there is often an intuitive sense that arises when it’s time to re-evaluate brand messaging. Without the support of CRM data, these undertakings often seem frivolous compared to demand generation-focused activities. However, CRM produces a deeper understanding of the customer base, and data like win-loss details can greatly impact product positioning, the product management roadmap and messaging. By understanding why deals are lost, organizations can understand what went wrong and create winning strategies to eliminate such losses in the future. The business intelligence gained from CRM also enables marketing to create win-back messages to convert those losses into customers down the road.
Rebecca Barkan is a revenue marketing strategist with Milton, Ga.-based revenue marketing agency The Pedowitz Group. Reach her at firstname.lastname@example.org.