Optimized market working
Gaining attractive and profitable new customers and binding existing customers long term is the central task of strategic customer relationship management. Analytical customer relationship management focuses on information about the customer and target groups in a way that achieves the largest possible entrepreneurial success.
Meanwhile, most companies have implemented CRM solutions for the areas marketing, sales and service. These CRM systems are usually characterized by operative functionality (for example solutions to automate marketing campaigns and reaction recording, solutions for activity management in customer contact including the derivation and delegation of consequential actions etc.). However, the analytical skills often fall short.
As a result, the companies often do achieve cost reductions in the stated areas by automating processes and making them consistent, or having transferred customer groups to more cost effective channels (for example Internet). But these companies rarely achieve an increase in turnover, because knowing which customers should be addressed when and with which offer, while considering the sales costs that need to be assessed individually for each customer, requires analytical components. The solution is analytical CRM.
Based on the individual customer value, corresponding strategies for action are derived. This may be the expansion or the upgrade of certain customer segments or cost and risk minimising. The challenge is to recognize the potential of the customer, to counteract possible willingness of the customer to leave early, and to offer the right follow-up product at the right time. The exact knowledge about the best customers is the ideal basis for a strategy to gain profitable new customers.
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