Whether it’s Nike or Apple, all successful businesses have created long-standing customer relationships. But, if you are still developing and engaging with your customer-base, a CRM-based pipeline management can guide you in the the right way.
Rather than just being a lead to conversion pipeline, CRM pipeline manages every stage of your prospect’s journey – from initial lead enquiry to final customer retention and referrals.
Through dictating every part of customer journey, you can nourish and improve all the customer touch points. This allows you to provide an improved customer experience across multiple touch points.
Here, we introduce you to multiple phases on a CRM-based customer pipeline.
Lead Management and Prospect Handling
Leads are the initial basic enquires delivered to any of your business touch points. The prospects are filtered list of leads with a significantly higher probability of success.
A particular lead could be raised to a prospect level after initial exchanges or a lengthy form of conversation. It means that a customer is actively interested in your particular product or service.
Inclusion of a CRM allows you to improve and control multiple phases of lead management.
1. Knowledge Database –
With cloud integration, you can store and maintain a ready Knowledge database relevant to customer queries. This enables you to cut-out intermediate steps while resolving customer queries.
2. Ticket Escalation –
With seamless transition between multiple customer queries, you can resolve each ticket in the shortest time interval.
3. Decrease Lead Response Time –
With CRM, you can measure and maintain lead response time within a specific threshold. This allows you to manage and respond to each lead within permissible time limit.
Managing Customer Exchanges :
With a CRM, you can provide customer support throughout the product lifecycle. This gives you maximum utility of your product for any particular price tag.
Moreover, you will also be able to recognize and resolve any potential customer issues or complaints regarding individual product. It ensures that your product remains available with particular price tags.
Utilizing Upselling and Cross-selling Opportunities :
Under most business models, a higher priced subscriber would be equivalent to having two lower priced subscribers, considering complete value transition. Here, you are pointed towards importance of managing upselling and cross selling opportunities.
In the case of most businesses, a subscriber starts with a lower priced model and gradually upgrades to a higher priced model. This transition depends on the prescribed customer’s experience or comparisons with similar models. With a CRM, you can acquire a complete understanding of customer requirements and expectations, complete with future plans for sustainable improvement.
Handling prospects through a CRM pipeline, allows you to understand the needs and perspectives of customers on an individual basis.