I just read a good and short book on Growth Hacker Marketing. The premise behind it is not complicated...essentially doing more with less in Marketing in a ingenious way!
Why is CRM Important!
I wanted to touch on this topic in hopes of making the CRM picture more clear to those in business and marketing who may not understand it's power.
CRM systems and processes allow companies to cultivate relationships with it's consumers which ultimately leads to LOYALTY. Here are some key areas to help explain where impact is made:
a) Lead Generation - allows companies to catalog people interested in it's products or services.
b) Customer Service - having a full view of customers actions and activities helps improve service.
c) Marketing - knowing how customers want & consume information improves reach & contact.
d) Sales - combining all of the above with purchasing behavior can lead to increased overall sales.
And within each of the above key areas lies a multitude of tool-sets and processes that help to drive each. Some examples include database input and maintenance, segmentation and targeting, surveys, attribution, statistical analysis and modeling, optimization and behavioral analysis.
Focusing in on any of the above key areas and utilizing the tool sets and/or processes could easily generate a 5-10% or more lift in sales. And these sales increments can be multiplied over as you look to improve performance in each particular area.
CRM systems and processes allow companies to cultivate relationships with it's consumers which ultimately leads to LOYALTY. Here are some key areas to help explain where impact is made:
a) Lead Generation - allows companies to catalog people interested in it's products or services.
b) Customer Service - having a full view of customers actions and activities helps improve service.
c) Marketing - knowing how customers want & consume information improves reach & contact.
d) Sales - combining all of the above with purchasing behavior can lead to increased overall sales.
And within each of the above key areas lies a multitude of tool-sets and processes that help to drive each. Some examples include database input and maintenance, segmentation and targeting, surveys, attribution, statistical analysis and modeling, optimization and behavioral analysis.
Focusing in on any of the above key areas and utilizing the tool sets and/or processes could easily generate a 5-10% or more lift in sales. And these sales increments can be multiplied over as you look to improve performance in each particular area.
Loyalty at Anthony's Coal Fired Pizza
I recently visited Anthony's Coal Fired Pizza in Clifton and really enjoyed the ambiance, service and food. They had a new bacon pizza that servers brought around for customers to try and it was delicious. We actually ordered the Margarita pie and it too was awesome.
I had such a great experience with them that I left my email address for follow up marketing. I've already received 2 emails; 1) on the day of my visit thanking me, and 2) on the following day with an invitation for dinner, store locator and loyalty CTA (Call-To-Action).
I clicked on the Loyalty CTA to check the experience and here are my thoughts:
> Sign up was quick and easy and required the following:
- First and Last Name
- DOB
- State
- Favorite store
- Email Address and Opt-In
> Landing page after sign up was Account Balance with these sections:
- Summary of Account
- Welcome area with Loyalty Card #
- Manage Card
> Landing Page navigation included the following:
- Edit Account
- Transaction History
I was really excited as I got through the process and received my Loyalty Card number, but there's 1 problem.....no links anywhere on the page detailing the program. Anthony, what did I just sign up for? How do I earn points?
I wouldn't say this is a common mistake by retailers, but for Anthony's this leaves a lot to be desired in terms of creating awareness and excitement. Here's what I would recommend for Anthony's to correct this issue:
a) Create a landing page that details the Loyalty Program and add a link to sign up
b) Trigger an Email for customers who sign up and share high level Loyalty program information
c) Provide an incentive for initial sign up (e.g. welcome points)
In conclusion, having a successful Loyalty program must not only contain an easy and free way to sign up, but enough information and incentive to spark participation.
I had such a great experience with them that I left my email address for follow up marketing. I've already received 2 emails; 1) on the day of my visit thanking me, and 2) on the following day with an invitation for dinner, store locator and loyalty CTA (Call-To-Action).
I clicked on the Loyalty CTA to check the experience and here are my thoughts:
> Sign up was quick and easy and required the following:
- First and Last Name
- DOB
- State
- Favorite store
- Email Address and Opt-In
> Landing page after sign up was Account Balance with these sections:
- Summary of Account
- Welcome area with Loyalty Card #
- Manage Card
> Landing Page navigation included the following:
- Edit Account
- Transaction History
I was really excited as I got through the process and received my Loyalty Card number, but there's 1 problem.....no links anywhere on the page detailing the program. Anthony, what did I just sign up for? How do I earn points?
I wouldn't say this is a common mistake by retailers, but for Anthony's this leaves a lot to be desired in terms of creating awareness and excitement. Here's what I would recommend for Anthony's to correct this issue:
a) Create a landing page that details the Loyalty Program and add a link to sign up
b) Trigger an Email for customers who sign up and share high level Loyalty program information
c) Provide an incentive for initial sign up (e.g. welcome points)
In conclusion, having a successful Loyalty program must not only contain an easy and free way to sign up, but enough information and incentive to spark participation.
Here's a great article from Kissmetrics on utilizing CRM and Social Marketing to drive revenue and customer lifetime value:
http://bit.ly/2tfAkTu
It touches on these solid CRM, Marketing and Social techniques:
> Audience Segmentation and Targeting
> Return on Adspend (ROAS)
> Acquisition and Retention Rates
> A/B Testing
> CTR and CPC Rates
> Customer Lifetime Value
When all of the above are combined for the Baby business, success is derived to the tune of over 900% sales growth.
http://bit.ly/2tfAkTu
It touches on these solid CRM, Marketing and Social techniques:
> Audience Segmentation and Targeting
> Return on Adspend (ROAS)
> Acquisition and Retention Rates
> A/B Testing
> CTR and CPC Rates
> Customer Lifetime Value
When all of the above are combined for the Baby business, success is derived to the tune of over 900% sales growth.
Advisers Lack CRM Knowledge
I came across this article (Advisers Lack CRM Knowledge) which is essentially a short factoid about CRM applications....and so true!
And I also believe the same to be true many other business systems outside of accounting since there's typically a resource for every function (treasury, cost accounting, accounts payable, etc.) within that discipline. And what's more is that with CRM, many can't translate it's value to the organization mainly because the data can be difficult to synthesize and interpret. This makes buy-in very challenge and leaves the CRM Manager with an uphill battle for obtaining resources and being a strategic priority.
Here are what I believe the keys are to overcoming the lack of CRM knowledge:
1) System Selection - Executives & Departmental managers must be involved in choosing the system.
2) Training - The entire "Business" must then undergo training so the benefits become more real.
3) Reporting - CRM Managers must identify critical system KPI's and disseminate them regularly.
4) Acquistion & Retenion - CRM must be involved in these at every level (Stores, Web, Social, etc.)
In conclusion, there is a lack of knowledge and understanding for many outside of CRM, but this can
be easily overcome through training and development and strong customer relationship managers.
And I also believe the same to be true many other business systems outside of accounting since there's typically a resource for every function (treasury, cost accounting, accounts payable, etc.) within that discipline. And what's more is that with CRM, many can't translate it's value to the organization mainly because the data can be difficult to synthesize and interpret. This makes buy-in very challenge and leaves the CRM Manager with an uphill battle for obtaining resources and being a strategic priority.
Here are what I believe the keys are to overcoming the lack of CRM knowledge:
1) System Selection - Executives & Departmental managers must be involved in choosing the system.
2) Training - The entire "Business" must then undergo training so the benefits become more real.
3) Reporting - CRM Managers must identify critical system KPI's and disseminate them regularly.
4) Acquistion & Retenion - CRM must be involved in these at every level (Stores, Web, Social, etc.)
In conclusion, there is a lack of knowledge and understanding for many outside of CRM, but this can
be easily overcome through training and development and strong customer relationship managers.
Who Uses CRM?
CRM is used by a multitude of organizations in many different industries to drive customer acquisition and retention. The people who rely on CRM systems includes, but is not limited to, the following:
a) Executives - want to understand the value of customers and set strategy
b) Marketers - need to develop and execute marketing strategy
c) Sales Personnel - require help with managing contacts and selling products
d) Finance Departments - look for insights to sales drivers for planning
e) Customer Service Reps - have a tool to help improve customer satisfaction
f) Merchandise Teams - needs a deeper understanding of product purchases
CRM Managers and Analysts work with IT professionals to better understand the customer journey and provide the reporting, analysis, strategy and tactics necessary to drive improved sales and customer loyalty.
a) Executives - want to understand the value of customers and set strategy
b) Marketers - need to develop and execute marketing strategy
c) Sales Personnel - require help with managing contacts and selling products
d) Finance Departments - look for insights to sales drivers for planning
e) Customer Service Reps - have a tool to help improve customer satisfaction
f) Merchandise Teams - needs a deeper understanding of product purchases
Customer Relationship Management Link
CRM Managers and Analysts work with IT professionals to better understand the customer journey and provide the reporting, analysis, strategy and tactics necessary to drive improved sales and customer loyalty.
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