What is CRM?

CRM which stands for ‘Customer Relationship Management’ has been an important element- with upgrades in bits and shapes since the Golden era of the 80’s. Pioneered by Robert and Kate Kestnbaum, CRM began as a way of managing contacts with the help of a software. It did not have any proper name back then.

After 4 decades of updates and valuable understanding, we have a system that can manage data inflow running to unthinkable numbers- an expanding ability as large as the clouds surfacing the planet. A CRM studies customer profiles round the clock and systematically helps us communicate with them in a nicely packaged style- based on its ‘valuable as a diamond’ Data.

What is CRM

From Excels to Big Data Mapping

What began as a system of managing in-house sales and marketing teams has grown to be a necessary mode of business for owners worldwide. Instead of manually tracking and updating data, CRM as a system looks after your constantly growing ‘Big Data’.

Not only does it update your target or customer lists- but also understands the Data as minutely as Black Panther’s gifted sister Shuri would.

Let’s get to understanding how CRM is one thing, but how there is a need for different CRM’s for a Business to Business V a Business to Consumer business.

Why B2C Businesses Need their Separate CRM

You know the difference between the functioning of a B2B and a B2C system right? Let’s point it out to make you understand the need for different CRM’s for the different modes of business.

B2B B2C
The market size in a B2B Company is smaller in comparison to a B2C The B2C market keeps expanding with the      various markets ready to test and explore
The Sales Size is limited to the ideals and targets of the company The sales numbers can be nil or skyrocket depending on customer response and acquisition rate
A B2B sells their business or products to another company, instead of selling to an individual In B2C, the product or service is sold directly to the end user through multiple touchpoints
A B2B has a countable number of lead sources, they are either bought or generated from a specific number of sources A B2C does not have only one lead source, there are multiple sources from where business is and can be generated
A B2B company’s focus is with increasing sales numbers, wherein the package of every closure is always high and constant for a specific period of time A B2C company’s focus is on generating loyalty per individual customer for repeat actions in the foreseeable future

 

Talking specifically about the CRM system needed for the smooth functioning of a B2C company, we can say what’s needed- is a system that is super dynamic, agile and interpretative.

The CRM system in place should be dynamic enough to understand the multiple functional areas for a revenue-generating focus.

CRM- Every Management’s Biggest Armour

A CRM system compiles valuable customer lists, analyses the data and helps in devising campaigns that are profitable in their strategy. With the growing competition and cutthroat marketing to take a slice from the same market share, what’s needed is smartness and relevance in whatever operating system is used by every company as a means of reaching out their clients or customers.

This results in higher retention rates and booming sales growth.

The Must-have Powers of a B2C CRM

An E-commerce system’s CRM is a whole different ballgame. Managing innumerable customer responses each day requires a system with an innate Super Hero power. Each and every source needs to be tapped to develop a remarkably intelligent analytics bandwagon. Through this, concentration and marketing spend are distributed to channels where the most benefit is reaped.

Let’s list some features that are a must in an E-commerce’s CRM system:

Steel Strength against Data Influx

In comparison to a B2B business with leads running to a hundred or thousands, a B2C business has leads reaching a million or so per day or week. Having a CRM system that can handle such a heavy influx of data without crashing with every lead capture is what a B2C CRM should be ably equipped for.

An Analytical Powerhouse

Database marketing can only be done once the system analyses the movement and behavior of every customer in the best way possible. Having innumerable lead sources per customer due to a customer logging into various channels before ultimately buying the product requires a system capable of understanding all the customer digital touchpoints with an analytical bent of mind.

Sense maker of the Clutter

Stressing on the multiple lead source, it is very important for a B2C CRM to understand the multifarious sales approaches needed to acquire a single customer.

Why a sense-maker?

Well, all the online shoppers out there definitely do not make up their mind on one device.

As an example, let’s say you see an ad for a pair of sunglasses on Facebook, click on the website on your mobile device, even add the product to your cart but are unsure about how they would look on you.

You close the tab. Reach home after office, and still can’t get your mind off those sunglasses while watching a movie on your desktop. You ultimately login to the site on your desktop and make the final decision of buying them.

If your CRM is not able to understand this whole chain of behavior coming from one single customer, you really need to get a CRM capable of understanding the multi-pointed pipeline which happens in every Online Business.

A Re-Targeting Solution Expert

You might have seen instances where an e-commerce site keeps displaying products already bought by you a month or so before. If they continue targeting those ads to you, there are two things that can happen.

  1. You as a customer feel less valued as your shopping experience hasn’t been updated on the site you really love shopping from.
  2. The E-commerce site has lost valuable ad space and time. The time they would have used to showcase their new product line has been lost by showing you what is already there in your wardrobe.

Thus, a B2C CRM should be loaded with a superior retargeting feature with the least scale for error.  

Solicitor of a Rich Customer Experience

To add to the retargeting model for customers, a CRM which knows what to say at the right time cracks the code to being a superior B2C E-commerce CRM. Delivering the correct message depending upon the customer’s stage on the sales funnel boosts sales rates tremendously while providing a rich customer experience.

Having trusted automated data in place leads to effective personalized communication which makes every customer feel valued. The past experience or history of every customer shows customer preferences in terms of communication, kind of products, their style and their mood in real time.

Also, one of the most important factors of owning a B2C business is met with a smart CRM- Customer Support! The time taken in solving customer queries and providing them with suitable solutions gets a lift with ease. The time taken on every solution is tracked along with every customer’s feedback.

Having all of this in one place helps in knowing about recurring queries, which helps in addressing problems swiftly for smooth business functioning.

Brick and Mortar to Online Shopping Channels

When CRM came into proper use in the 90’s, it was mostly used by B2C companies seeing the benefits reaped by having all your customer information on a single channel. Though, owing to the rise of e-commerce shopping sites with giants like Amazon, Alibaba, Flipkart, the importance of having a system for a single customer view has risen in the B2C sector.

Though the need for CRM has risen for a B2C E-commerce company, the CRM system used by a B2B just cannot be used by a B2C.

A Salesperson for your Virtual Store

When you talk about a brick and mortar store, how do you add a particular value to every customer?

Shopping spends, yes. What else?

The number of times they visit, the frequencies of their purchase- small or big, referrals to new customers, etc.

Just like a store manager or salesperson understands the value of every customer, in the same way, a CRM system segments the inflowing online customer data into High V Low-Value customers.

This helps in budgeting your marketing spend and goals to customers who are higher up the acquisition channel, resulting in smarter and successful strategies.

A Single-View of your Online Customer Database

We all have access to a mine of Data in the form of Google Analytics, open rates of our email campaigns, SMS’s, social media analytics and so on.

Though having access to such valuable data is premium, but doesn’t it make sense to have it all under one view to make better decisions?

That’s what a CRM for a B2C E-commerce does. It unifies all your customer data into a single channel, which helps in storing, tracking and analyzing your business flow in one single place.

What’s next is getting the Smartest CRM in Place

Every day, marketers across various fields are understanding the need for spending their budget on targeted campaigns. While setting aside a budget is fine, what’s needed is optimizing campaigns to the correct database to fetch the most profitable results.

The Future belongs to you, choose it wisely and decide the best CRM for your E-commerce business. Send us your queries at contact@wigzo.com for Smart CRM based marketing solutions.

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