CRM stands for Customer Relationship Management. It is technology which empowers businesses to cut their operating costs and increase profits by managing interactions with their customers and potential customers. Advanced CRM software provides its users with better knowledge of their customers, better segmentation, speedier communication and improved data privacy. It’s a vital tool for any organisation, so with that in mind here are our top 5 strategies to optimise your CRM. 

1. Automate

Task automation is one of the most useful CRM features that you should be exploiting. It means repetitive, manual tasks can automatically carried out, which has a huge impact on overall productivity. Emails can be automatically sent based on where a prospect is in your sales process, for example. 

2. Establish KPIs

A Key Performance Indicator (KPI) is a business value which measures how effectively you’re achieving an objective. KPIs are a means to turn your customer data into insights which are pertinent and of value to your business. KPIs can measure the effectiveness of the customer engagement strategies and tactics you have employed; providing precise data relating to their success or failure. By translating CRM data into KPIs you can make critical adjustments and ultimately step closer to achieving your strategic, long-term targets. 

3. Highlight Your Profitable Portfolios 

Another great CRM optimisation strategy is distinguishing your most  profitable customers and then prioritising any requests they have. Your CRM should help you understand how their priorities may have evolved. This means communication channels remain strong, and their customer loyalty will likely increase over time. You should segment your customers by their profitability levels. But you can also segment by other data points of your choosing, which may be of use — region, industry etc. 

4. Always Keep Your Data Clean

Data is the most important component of your CRM. But it is only useful if it’s accurate and of high quality. Data should be faultless, complete, relevant, and consistent. So audit your data regularly, create a uniform system for data entry, and make sure your staff are trained on all matters relating to the use and features of the system. It is also prudent to implement a data collection plan. In this document you should outline how CRM data is needed to meet your goals, and the methods you need to adopt to collect, manage and audit that data. 

5. Have a Single View of Each Customer 

Leading CRMs can provide an holistic, unified and continuously up-to-date aggregated database about each customer. This ‘Single View’ works by consolidating data from multiple locations and ultimately it results in an improved CRM experience. Also known as a ‘360 View’, this complete picture is an important CRM feature because it can improve customer experience and personalise all interactions. 

An advanced CRM will accelerate growth, personalise customer experiences, provide valuable insights into your business, maximise your productivity and reduce costs. The Lateral Technology CRM helps businesses of all sizes accelerate their sales, automate tasks and make better decisions. So if you want to develop extraordinary customer relationships, get in touch today.