What is CRM Marketing?

We have been using traditional marketing means including TV, outdoors, radio and magazines advertisements to reach out more audience for decades now. Doubtlessly, TV has been still most powerful mass media. Besides that, there are several disadvantages of TV from the companies’ perspective. Firstly, it is the most expensive media out there. Secondly, we are not able to measure its exact impact on sales. Thirdly, if the company has a great deal of products, it is a big issue regarding the decision of which product should be the subject of the TV advertisement. Eventually, the company has one expensive TV advertisement for just one hero product which is shown to all audience at the same time during the day and wouldn’t be measured in terms of impact on sales.

Surely, we will carry on using TV channels to reach our audience. However, we should have an analytical approach of marketing in order to manage our business more efficiently. At that point, we could tackle CRM which is the analytical side of marketing.

CRM is the broad naming of a set of actions which make companies get more revenues. It stands for Customer Relationship Management. Basically, companies with CRM aim at knowing their customers better and serve them with more relevant and personalized experience through using this specific knowledge by customers. Knowing their customers better includes understanding customers’ needs, and their product tendency, predicting their future behaviors. Personalization means serving the customers according to their own preferences of content, offer, communication channel and time. Finally, word of experience includes here almost every touch moment of customers that they encounter at any channel of the company. Most importantly, the company has the ability of measuring the results of its activities and by that, to have the chance of improving its activities.

Once the company carries out the CRM project which is generally difficult and long-term, the company would have an excellent system to support it having very quick actions with a whole cycle of decisions, testing, executions, observations, reporting and improvements.

#crm #analyticalmarketing