You may not realise it but within your business lies an untapped goldmine. This goldmine is your database. Are you exploiting it to its full potential?
Most businesses do not and that means they are leaving money on the table. Money that is likely going to their competitors.
Don’t let that be you!
While your database may be one of your biggest assets, in order to turn the static information it contains into a goldmine, you need a customer relationship management system or CRM.
Think of it is like this: your database is a record of your past transactions while a customer relationship management system is a tool to develop your future business.
A CRM will help you grow your business by building in-depth relationships with your customers. It is a system of tools, technologies and procedures – available as a software program – for managing, improving or facilitating sales and other interactions with customers, prospects and business partners.
Many businesses have a database of their past transactions but do not look toward the future by putting in place a customer relationship or contact management system.
So, a good plan for this month, especially this time of year, is to spend time developing a CRM.
There are many software systems available but before you sign up for one it is very important to first identify what you need your system to do. Only then should you research the different options to find the right one that meets your highest number of needs.
To find the right one, ask your business contacts what they use and do some online research. Check out the negative reviews as well as the positive ones so you can find out what the pitfalls are before you commit.