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Customer Relationship Management And Profits

Business : Profits

The more you know about your customer, the better placed you are to serve them.

But more than that - the better placed you are to know and anticipate their desires. For instance, if you are a financial organisation and you know that your customer uses their ISA allowance each year, then if you know that this year they haven't used it yet, you can remind them that they need to use it soon and put in place arrangements for them for it to happen.

If you can impress your customers by showing knowledge and understanding of them, their loyalty to you can go up through the roof and you have a customer for life.

Therefore the knowledge you have of your customers is essential.

One key way to boost profits is to ask yourself two questions:

First, what data am I collecting on my clients?

Secondly, what am I doing with that data I collect? Is it just sitting in a spreadsheet somewhere or in a database?

The power of these metrics comes with using and interpreting the data. And when you get that right consistently over time the impact on your business profits can be profound.

By: Fred

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