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Maintaining strong relationships with customers is paramount for sustainable growth and success. Customer Relationship Management (CRM) has evolved from a mere database management tool to a strategic imperative for businesses. With the right CRM tools and strategies in place, businesses can not only streamline their operations but also enhance customer satisfaction, retention, and loyalty.
92% of businesses say CRM software plays an important role in achieving their revenue goals.
Are you looking to establish your presence or a seasoned enterprise aiming to optimize your CRM processes? In this blog, let’s explore the customer relationship management examples, types, and top tools to elevate your customer relationship management efforts.
Customer relationship management refers to the art of managing good customer relationships and prospective customers. It is all about understanding who your customers and potential customers are, and nurturing the relationships you have with them. It is about identifying client expectations and how you meet or go beyond their expectations.
A customer relationship model seeks to improve the relationship between a business and the customer. For this, they drive new trends and provide profits for current and future operations and investments.
The below model is one approach to implementing CRM.
The customer relationship management model can be further categorized into below stages
CRM systems can be broadly categorized into several types based on their functionality and deployment model. Here are some common types of CRM systems:
Customer Relationship Management (CRM) has a profound impact on businesses across various industries. Here are some key ways in which CRM can influence your business:
Customers are the heartbeat of all businesses. Therefore, creating good customer engagement examples by strengthening relationships with clients is crucial for business success. Through good and bad times, maintaining a healthy customer relationship with all your customers will help in sustaining the performance of your business.
Whether it is online event companies or trade events, this reason is making/forcing businesses to develop excellent customer relationships for maintaining good performance. Developing good CRM and marketing helps your business to set better customer relationship management examples.
Let’s talk about the key areas of developing good customer relationship management
So, now let us find out how businesses have used innovative customer relationship management and marketing models/strategies.
To improve customer relationships, you need to focus on each and every interaction made by customers with your brand. Here are some of the best customer relationship management examples that delve into important customer interactions.
Aberdeen Group’s study found that businesses using visual engagement tools marked an 83% year-on-year increase in annual revenue and achieved 2.7x greater annual improvement (decrease) in customer effort score.
Live assistance is gaining ground as a prominent communication channel for banks as it makes interaction easier. It helps to wrap up a large part of the customer journey context and boost customer satisfaction.
Instead of waiting for bank visits to carry out key transactions like applying for a loan, via using visual tools like video chat and co-browsing, customers gain faster as well as in-person engagement. Live engagement platforms offer face-to-face video chat assistance that assures security to customers for handling their finances via direct conversation remotely.
The co-browsing solution greatly impacts online customer support by empowering your agents to converse over the customer’s browser and assist to the right page or fill up forms.
Benefits of virtual banking with live assistance tools
Commercial Bank of Kuwait (CBK), the leading bank has implemented REVE Chat’s video and co-browsing solution to deliver live assistance to its customers. With live tools, the bank has witnessed a significant increase in customer engagement.
Sign Up with REVE Chat and offer personalized customer service by directly interacting with them and learning the root of the issue.
Takeaways
As technology has evolved, the number of communication channels has also grown exponentially. Businesses now have multiple marketing and customer service channels to communicate with their customers, including both offline and online methods.
Having more communication channels is a good thing for a business as it gives the ability to interact with customers, and serve them. With omnichannel support, you can integrate text, instant messaging, and social to deliver a unified brand experience so that customers can switch between multiple channels and still experience consistent service.
Oasis, one of the leading women’s clothing brands, focuses on delivering the best omni-channel experience to its customers. It presents one of the finest customer obsession examples by ensuring value at each stage of the journey.
It focused on three main areas to give a better experience to its customers
As it identified that maximum touchpoints were made via social platforms, it thought of doing something different to impress its Instagram followers.
It created a special gallery of user-generated Instagram content, substantially encouraging customers to model the clothes they have bought from the Oasis store.
Takeaways:
Delayed response is one of the top reasons why customers decline and leave you at risk of your competitors. Nothing makes a customer happy and satisfied than a faster response.
Ubisend study says, 21% of consumers believe chatbots are the easiest way to contact a business.
Automating customer support with the best chatbots can redefine your customer satisfaction rates by improving your response times, engagement, and your customers’ interests. Real-time service is invaluable in retaining your current relationships and prospects as well.
Chatbots also help businesses to
Hipmunk is a famous travel platform used to search for travel deals. It attempted to use AI technology to engage customers at a closer level and created Hello chatbot
How does the Hello chatbot help customers?
Some takeaways for you:
Lack of engagement is one of the big red flags for customer churn in your business. The trick to avoiding this problem is to keep them happy and engaged in post-sales. Because loyal customers are far more profitable than new customers.
How do you do that?
It can be a daunting task to maintain continuous engagement with your customers to offer support to foster this crucial business relationship.
But the thumb rule is: the better the engagement, the happier your customers are. When customers are engaged correctly they are more likely to retain, recommend, and buy more. If your customer engagement strategies are effective, they will positively impact your KPIs.
Here are some strategies to improve continuous marketing engagement:
Sephora’s Beauty Insider rewards program is globally popular.
Takeaways:
Social media has emerged as a crucial touchpoint in structuring customer relationships. Customers share their positive as well as negative reviews and experiences over social and expect an immediate response.
According to Gartner, churn increases by up to 15% for businesses that fail to respond to messages on social media.
Popular social channels like Instagram, Facebook, LinkedIn, and Twitter are not just for business promotion. They can be used to connect with your customers. Almost 78% of customers want brands to help people connect through social media.
Framing good customer relationships on social media helps businesses to improve relationships with customers by making them feel connected to your brand.
Make your customers feel happy after interacting with you. It helps in creating strong connections with customers over social media. For instance, Nike engages its customers and makes them feel they are available to fix their issues even though customers can find the solution themselves.
Takeaways:
Your customers are your greatest assets as they are the ones who will vouch for the quality of your products and services. If you play your cards right when it comes to customer experience, your customers can turn into your marketing representatives.
And how having customers as marketing professionals is effective?
If customers are satisfied with your service they turn to their friends and family for recommendations. They share their success stories with your brand with positive word of mouth.
Referrals convert at 3-5 times a higher rate than other marketing methods. The referred customers are more loyal and have higher lifetime values.
Casper Mattress company came with an irresistible offer. It offered to take a mattress home and sleep on it for 100 days before deciding whether to return it. Such an amazing offer along with quick online ordering and home delivery – nobody wanted to miss it.
Takeaway:
Forrester’s research indicates that expectations toward customer service are related to three main factors: the success of the solving process, ease of the solving process, and emotions during the solving process.
The journey of providing your customers with a positive experience starts from the moment they visit on your website and extends beyond the moment they become your customers.
Keeping your customer’s expectations a top priority and going the extra mile to meet those expectations will boost their satisfaction and set great customer delight examples.
A customer’s experience and feedback should be the factors that validate important decisions within your business. Seeking customers’ feedback and implementing it makes the customers feel better.
Airbnb surveys take customer’s opinions after their stay, giving them the space to decide whether they want to share their feedback or not. Airbnb has increased the number of bookings by 25%, just with their referral program.
Takeaway:
Every business puts its best efforts into developing a strong brand image as it sets the foundation for building relationships with customers. A strong brand image impacts increasing the trust level in customers and helps in customer retention.
Successful branding leads to increased customer loyalty, an improved image, and a relatable identity. TSL Marketing
The brand image can be strengthened by making use of brand communication through word of mouth.
Colgate, for example, is a popular brand name. It has built an image in customers that it is the best product for maintaining their dental health. Usually, customers go for Colgate as a brand as they are strongly connected with it.
Takeaway:
There are numerous tools available for customer relationship management (CRM), each offering various features to help businesses effectively manage their interactions with customers. Here are some of the top tools commonly used for better CRM:
Customer relationship management is an integral part of every section of the business. It is not limited to customer support only rather it applies to the whole customer life cycle across their journey.
Developing long-lasting customer relationships is crucial for businesses as it helps your brand stand out and gives customers reasons to emotionally connect with you. However, having a strong foundation of customer relationships is the base of every business.
Businesses are different but the core essence of success will always remain the same. REVE Chat’s live chat platform allows you to understand and address customer concerns in real time which strengthens customer relationships. Sign up today to set an excellent customer relationship management example.
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