CRM and SME’s in the current climate (FT.com)
CRM and SME’s in the current climate
By Chris Lindsay, general manager of business applications at BT Business
Published: October 29 2008 15:49 | Last updated: October 29 2008 15:49
One way to beat the economic gloom is to ensure you make the most of what you already have. Customers are your lifeblood, and in an uncertain economic climate it’s more important than ever to protect these most precious of assets.
The worries and fears created at a time like this perhaps serve to highlight the advantages of Customer Relationship Management and the growing need for such applications, particularly for smaller companies. In one recent study, it was suggested that 41 per cent of SMEs recorded customer losses in 2008. Now, more than ever, SMEs need to ensure their long-term survival by growing, creating and exploiting opportunities, and building strong relationships with customers.
As a small business, customer service is a crucial part of how you work and an important way to differentiate yourself from your competition. Good customer service means referrals, repeat business and ongoing success – and ultimately, makes great business sense.
Recent research by BT Business indictaes that client relationships is one area that UK SMEs believe is the critical factor (43 per cent) to their success. So, in order to serve ycustomers effectively, it’s essential to look at all the ways you interact with the outside world, as well as looking at internal procedures and systems.
The difficulty however, is how to know what your customers want in order to provide a tailored service to them.
Collaborating and communicating with customers today goes far beyond phone calls and e-mails. Technology allows smaller business to take advantage of software traditionally reserved for larger companies with bigger IT budgets.
Small businesses have often been deterred from investing in software such as CRM because of the cost and complexity, as they traditionally paid an upfront licence fee and maintenance or upgrade costs. However, CRM solutions are now available to help all businesses, irrespective of size.
There are many best of breed companies who deliver tried and tested innovative applications to meet the needs of customers, with some even producing free packages.
Business leaders need to run a tight ship, keeping a close eye on the business, understand their cash-flow and be able to react quickly to fast changing and unpredictable market conditions. As a result, they need the ability to understand what’s happening in their company and have all the information at their fingertips.
In order for SMEs to maintain the competitive edge in the current economic climate, it is important for them to think differently about customer service. When done right, it can lead to referrals and loyalty but getting to this stage is not easy. Employing CRM will enable small and medium sized businesses to develop, grow and provide what their customers want.
Copyright The Financial Times Limited 2008
By Chris Lindsay, general manager of business applications at BT Business
Published: October 29 2008 15:49 | Last updated: October 29 2008 15:49
One way to beat the economic gloom is to ensure you make the most of what you already have. Customers are your lifeblood, and in an uncertain economic climate it’s more important than ever to protect these most precious of assets.
The worries and fears created at a time like this perhaps serve to highlight the advantages of Customer Relationship Management and the growing need for such applications, particularly for smaller companies. In one recent study, it was suggested that 41 per cent of SMEs recorded customer losses in 2008. Now, more than ever, SMEs need to ensure their long-term survival by growing, creating and exploiting opportunities, and building strong relationships with customers.
As a small business, customer service is a crucial part of how you work and an important way to differentiate yourself from your competition. Good customer service means referrals, repeat business and ongoing success – and ultimately, makes great business sense.
Recent research by BT Business indictaes that client relationships is one area that UK SMEs believe is the critical factor (43 per cent) to their success. So, in order to serve ycustomers effectively, it’s essential to look at all the ways you interact with the outside world, as well as looking at internal procedures and systems.
The difficulty however, is how to know what your customers want in order to provide a tailored service to them.
Collaborating and communicating with customers today goes far beyond phone calls and e-mails. Technology allows smaller business to take advantage of software traditionally reserved for larger companies with bigger IT budgets.
Small businesses have often been deterred from investing in software such as CRM because of the cost and complexity, as they traditionally paid an upfront licence fee and maintenance or upgrade costs. However, CRM solutions are now available to help all businesses, irrespective of size.
There are many best of breed companies who deliver tried and tested innovative applications to meet the needs of customers, with some even producing free packages.
Business leaders need to run a tight ship, keeping a close eye on the business, understand their cash-flow and be able to react quickly to fast changing and unpredictable market conditions. As a result, they need the ability to understand what’s happening in their company and have all the information at their fingertips.
In order for SMEs to maintain the competitive edge in the current economic climate, it is important for them to think differently about customer service. When done right, it can lead to referrals and loyalty but getting to this stage is not easy. Employing CRM will enable small and medium sized businesses to develop, grow and provide what their customers want.
Copyright The Financial Times Limited 2008
Labels: CRM
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