One of the biggest challenges businesses encounter is getting to know their customers. In an increasingly competitive global economy where tastes shift by the minute, knowledge is power. Knowing what your customers want and what motivates them to do business with you gives you the ability to design products and services they are more likely to buy. The more you know about your customers, the more you can predict their future behaviour. This is why customer profiling is such an important part of any successful business.
Customer profiling is what businesses do to know more about their market. It’s the process of analyzing customer behaviour and determining the value or cost of doing business with that customer. If a business can profile its customers in a systematic, organized way, it can maximize the value of that business relationship. The challenge, however, is that most businesses lack the tools and resources to profile their market effectively. Instead of an organized approach, profiling is usually done on an ad hoc basis, leaving a huge revenue gap between you and your existing customers. This revenue gap is the amount of business your company could have generated if it knew a little bit more about its customers and extracted the most value out of that relationship.
If you’re concerned increasing your market share, you’re not alone. If you’re more concerned about keeping your customers after the first sale, you’re on the right track. In today’s global economy, worrying about market share is not enough. You need to ensure that your customers keep coming back long after their first, second or even tenth transaction.
Once again, this all goes back to profiling. Had you the right tools in place, you would know exactly what your customers want and how to give it to them. This is where CRM, or customer relationship management, can truly optimize your customer profiling efforts and overall business strategy. With CRM, you can truly take advance of living in the 21st century. CRM combines the power of technology and sophistication of marketing to give you all the tools needed to profile your market. By integrating CRM, you will not only learn more about your customers, but also centralize and organize that information, and find ways to leverage key relationships.
CRM can be customized and tailor-made to suit any business. It gives you the tools to enhance your sales and rebrand your company. This powerful software will better enable you to:
- Collect customer information in an organized, systematic way. This isn’t limited to your customers’ demographic information. You can truly collect information about why or how customers do business with you in the first place. This will enable you to develop the business intelligence your company needs to retain its market share.
- Analyze customer information. You now know more about your customers and what motivates them to do business with you. CRM gives you all the bells and whistles to analyze all that information in precise detail, which will enable you to…
- Predict future behaviour. Ultimately, customer profiling is all about maximizing your current relationships. With CRM, you have the resources to identify patterns and habits among your customers, which will allow you to predict their future behaviour and develop products and services they would be interested in buying.
- Market your product/service more effectively. Knowing more about your customers means you know how to grab their attention. After all, customer profiling is all about getting customers to pay attention to your business. With CRM, this has never been more effective.
If your customer profiling strategy isn’t informed by CRM, your business is vulnerable to the ever-widening revenue gap, which is driving many companies out of business. Avoid more sleepless nights by choosing CRM. Give your business the competitive edge it needs to succeed in a global market. That competitive edge, more so today than ever, is knowledge. CRM enables you to know more. And it’s never too soon to know more about your customers.