Your CRM Maturity Assessment Results
Why is my business a Leprechaun?
A typical company in this category has transcended from a mix of effective departmental programs to a central enterprise-wide strategy and the CRM system has become the primary technology enabler in the company’s quest for customer and revenue growth. CRM software provides the data, automation, and information to enable customer acquisitions, up-sell and retention programs.
Leprechauns have developed customer segmentation or even algorithms to identify customers based on the Pareto principle – identifying which 20% of the customers are delivering 80% of the margins or profits. With this information, you treat this segment differently, as well as identify their traits so that proactive efforts can evolve other customers into this segment. Customers are now grouped into segments based on behaviours across life cycle stages. This allows marketers to identify like customers and predict what those early stage personas will do (or can be influenced to do) based on what late-stage customers in the same persona group have already done.
CRM intelligence will become more predictive for Leprechauns. For example, CRM software may tell sales — don’t make 100 (untargeted) calls, instead, make 25 (targeted) calls to this particular segment or profile and you’ll be more successful. Leprechauns use predictive analytics with data interrogation, what-if analysis and sophisticated modelling to not just forecast what’s ahead but understand how any initiative implemented now will impact future revenues. Guesswork is replaced with data-driven models and financial results are improved.
Leprechaun’s KPIs are revenue-focused and forward-looking rather than metrics that are historically focussed. Performance measures such as Customer Lifetime Value (CLV) are introduced, permitting them to craft strategies whereby even a small change to CLV can have an extraordinary impact to the business over many years.
Leprechaun businesses want to refine their processes and move towards more predictive modelling, so they’ll be able to understand how any initiative implemented will impact future revenues.
Advice to improve your CRM maturity
In order to achieve the holy grail from your CRM system, Leprechauns typically need to focus on:
- Maintaining the drive for continuous improvement. Like business, a CRM is a living thing and as your approach and customer requirements changes, so should your system. Undertake, regular review sessions to make sure your business processes reflect your overall strategy
- Embracing technological enhancements such as AI and Machine Learning and incorporating them into your CRM system to aid predicative modelling and decision making
- Supplementing your CRM with Customer Experience (CX) strategies, whereby you define actionable plans to deliver a positive, meaningful experiences across every interaction a customer has with your business. This creates a shift from a transactional relationship towards a mutually beneficial relationship, which instils enhanced customer loyalty and advocacy around your brand
- Expanding the remit of your CRM strategy to deliver value added services for your customers based on what you know about them. This does not necessarily relate to services you directly offer, but signposting them to complimentary solutions will further cement relationships
- Ensuring all new starters are treated as such and receive the appropriate level of training so they understand both the “Why and the How of your CRM strategy”