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Customer Profiles Can Lead You to Increased Business.

Many marketing gurus advise companies to look to their existing customers and former customers for increases in sales and revenue. They quote statistics about how much more expensive it is to get new customers than to increase the business with existing ones. As a practical matter we have to do both.

But, are you as disciplined about reviewing your existing and former customers profiles to assess the opportunities so you can take advantage of them as you are in generating prospect leads? In fact, do you have profiles of your customers and former customers?

Customer Relationship Management (CRM) Systems can be the foundation of aggressive business development from people who have already voted to do business with you. But, you have to organize the information about them so that it can be accessed and analyzed.

Especially critical is the data that enables sales and customer service people do two things: Compare the products and services that customers currently use to the list additional products and services that customers like them buy from you and they do not.

And they can have the ability to assess the value of the customer when handling product and service issues so that an appropriate resolution can be found- to mollify and keep the customer.

There is one more thing that a CRM can do: enable you to track the value of the customer over the life of the relationship. Think of your customer base as a portfolio to be managed over time and not just a group of people and businesses that only generate series of isolated events. That view can lead you to some startling discoveries and powerful retention and recurring revenue strategies.