Using CRM to Improve Marketing & Customer Acquisition Video

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  • 0:03 What Is CRM?
  • 0:47 Analyzing Data for…
  • 2:42 Enhancing Marketing Strategies
  • 4:04 Lesson Summary
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Lesson Transcript
Instructor: Amber Dixon

Amber works with graduate students enrolled in a virtual program and has a Master's of Social Work degree.

This lesson will discuss customer relationship management. You'll learn how to use customer relationship management to enhance marketing strategies and expand customer base.

What Is CRM?

In business, customer relationships are found in an array of settings, from locally owned stores to billion-dollar corporations. Customer relationship management (CRM) is the foundation of a successful business no matter the size of the company or the profit margin. CRM involves managing company interaction with both future and current customers using various techniques and tools to evaluate customer data and interactions. The aim of CRM is to strengthen customer relationships, expand the customer base, and improve sales.

Now, let's explore some ways to use CRM to maintain the customer database and improve marketing strategies to attract new customers.

Analyzing Data for Customer Retention

Acquiring new customers and maintaining the current customer base means understanding the reasons customers are motivated to make purchases. This includes conducting market research, which is the activity of collecting information about consumers' needs and preferences.

There are many other ways to gather information about customers, as well. For instance, you might conduct surveys, gathering customer feedback through email, and social listening (or reading what customers are saying on social media). Business owners and management can also have conversations with customers, asking questions to better understand the customers' perceived value of the product or service they're buying, their needs, and their experiences with the company. Evaluating the information gathered in these ways can help companies better understand the purchasing behavior of potential buyers versus current buyers, as well as to anticipate customer needs and the degree of market demand.

An Example

Miranda is an office manager for a physician practice. After reading comment cards from anonymous patients, she found that many were unhappy with long wait times and that, for this reason, some were contemplating seeking services elsewhere in the future.

Focusing on customer retention, Miranda decided she would take a little time to speak with clients after their appointments and further discuss the sources of these lengthy wait times. She chatted with patients casually about their services, length of wait time, and suggestions for improvement. Miranda collected information for one month and tracked her findings. The results indicated that more than half of patients were waiting 30 minutes or longer to be seen.

She reviewed the trends with senior management and discussed possible solutions to reduce wait times, such as gathering patient information over the phone before the appointment and delegating documentation tasks to lower-level staff. The practice also decided to make the waiting room more comfortable to make the waiting experience more enjoyable.

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