Price and product functionality are no longer the most important factors brands can depend on to sustain customers’ loyalty. More brands are now implementing CRM systems to help acquire, grow and retain profitable customer relationships. In the long run, increased corporate profitability coupled with reduced marketing costs results in better business value.
As customers are progressively savvier and more informed, they have higher expectations for what they buy and the buying experience. Subsequently, brands are doing more to engage customers to provide better customer experiences. In an increasingly competitive business environment, a CRM system is crucial in enabling brands to maximise relationship, understand customers’ needs, provide excellent service and sustain their loyalty.
Yet unsurprisingly, many organisations fail when it comes to CRM implementations.
The biggest challenge that companies face when they embark on the CRM is sustainability, how to sustain the momentum of the change that is being introduced across the organisation.
Aside from sustainability, customising an applicable and compatible CRM model is also a challenge. Gone are the days when a one-size, fit-all model could be applied to an entire industry. Nowadays companies must implement the customised CRM philosophy that make more sense for their own business model to reach their own specific niche target. But many companies fail to do so because they follow trends and fads which may not be applicable to what they do. It is therefore important to understand your customers needs first and then build a CRM system which makes sense.
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