This is the “age of the customer” as Forrester Research calls it. While most of the companies call themselves customer-centric by implementing strategies that add a sense of personal touch, engaging customers ‘now’ has become more important. Why?
Because growing market offers much more options to the consumers and challenges of making consumers stick with your brand are also increasing. You may have a world-class product priced low than your competition but you may end up with low sales because your customer engagement level was low compared to your competition and this happens because of weaker customer acquisition strategy.
Consumer behaviour is changing, business environment is changing, so brands/companies, entrepreneurs and businesses must start looking beyond customer relationship management software and sales strategies to survive.
Better customer acquisition strategy means improved sales and customer retention which can be seen as:
- Consumers considering another purchase
- Consumers returning to the store after making the first purchase
- Consumers spreading the word about your brand/product among friends and colleagues
Understanding CRM and the purpose it serves
According to Forrester Research Customer Relationship Management means the business processes and supporting technologies those together support activities such as targeting, acquiring, retaining, understanding and collaborating with customers.
In the recent years the demand for CRM software has gone up substantially because as most organizations understand it, Customer Relationship Management is a technology based solution that helps in improving customer facing business processes of the organization. While the truth is exactly opposite, CRM software can gather consumer data, process it, provide insights and equip customer support team with useful information but ultimately a customer support/service team will face the consumers and not the software.
CRM serves as a tool to manage information related to your customers and prospects and it can do wonders for your organization if you know how to use that information to serve your consumers better. It can really help you in achieving customer loyalty and increasing sales.
What’s beyond CRM and other management tools?
We are now living in the digital age where consumers have access to the internet and they are connected on-the-go and almost everything they need is available online. There are thousands of options available for every single product and loads of information over the internet. Traditional Retail businesses are threatened by this new breed of digital companies that engage with the consumers at a deeper level and understand consumer sentiments better. Relying on traditional CRM software and thinking that it would do the job is a myth and this is where most retailers lose the battle.
Focus on improving consumer facing business processes and investing in technologies that promises consumer engagement. A good consumer acquisition strategy means engaging, informing in a way that encourages consumers to make a purchase and come back.
Brands/companies and Entrepreneurs involved in traditional Retails businesses have to look for newer technologies, tools and mediums to engage with the consumers and inform them about their brand/products. Newer technologies such as Augmented Reality can do wonders for Retailers and other FMCG companies that allows consumers to experience products in an interactive manner on their smart phones and tablets and retailers can push the right content in real-time to inform consumers about new deals/offers and discounts. It can make a real difference to your business.
Advanton provides most promising Augmented Reality based Customer Engagement Solutions. Call us on +1(205)624 7254 or leave us a message. Our client associate will be in touch with your shortly.