CRM Strategy: How Smart Entrepreneurs Leverage Growth with a Customer-Focused Approach

By Tonika Bruce, CEO of Lead Nicely, which helps startups, nonprofits, and executives WIN with unique and innovative marketing and sales strategies!

Working with a customer relationship management (CRM) tool is the fastest way to develop a personalized strategy for any business. In the past, CRMs have always been considered as sales tools. However, today their solutions have expanded to work for marketing, customer service, and even e-commerce functions.

A CRM strategy can drive business growth by doubling sales, maximizing revenue, and improving customer service. So let's see how entrepreneurs can accelerate their business growth with a smart CRM strategy.

What is a CRM Strategy

Typically, companies adopt CRM tools just to get more leads and effectively guide them through their funnels created with business goals in mind. But in a highly competitive, customer-centric market, that's not very customer-centric.

With so many product and service options, customers are picky and can choose any company. This is where a CRM strategy comes in.

A CRM strategy is the application of information from the CRM tool to develop a business plan to increase sales, improve customer service, and drive growth opportunities. The concept is based on the combination of planning, process and technology.

Instead of implementing CRM software from a strictly business perspective, a CRM strategy helps entrepreneurs understand how customers can get the most value when choosing their products and how the operationalize.

Why All of This Matters for Business Growth Today

In a market where customer loyalty is not guaranteed, customer satisfaction is the only way to retain and attract more targeted potential customers. This leaves business success tied to customer satisfaction. But how much?

According to a PWC study on the future of customer experience:

• 1 in 3 customers will leave a brand they love after a negative experience.

• Speed, convenience, and helpful, friendly employees rank highest among consumers with over 70% each.

• 54% of US customers want to improve the company's customer experience.

What does this all mean? Customer satisfaction is the most vital strategy for any business.

The growth trend in software seems to prove this, as CRM has carved out a giant place in software markets over the past five years. With a growth rate of 16%, this may indicate a projected revenue of approximately US$80,000 million by 2025.

Savvy entrepreneurs know this and take a customer-centric approach when implementing a CRM strategy.

How to take advantage...