Getting To Know Customers Can Lead To Lifetime Value

Getting To Know Customers Can Lead To Lifetime Value

In many retail settings, customers have value and some offer more value than others. The longer you can retain a customer, the more value they can have to your business. Getting to know your customers is an important part of retention and you can strengthen customer relationships with stronger technology.

Just as your business grows and changes over time, so can your customers’ needs. What they once needed could easily change in response to marketplace conditions or their own business fluctuations. In order to maintain these close business relationships, you need to be able to adapt and anticipate their changes, which you can do with the support of today’s business management solutions.

A powerful enterprise resource planning (ERP) solution, such as Microsoft Dynamics® GP, provides a solid foundation for business operations. You can manage finances, inventory and supply chain, manufacturing and distribution activities, human resources and payroll, and other core business processes from this single, integrated solution. You can use the RoleTailored dashboards and built-in business intelligence to identify trends within your data, such as the products that your customers are purchasing. You may identify which products sell faster than others and which are increasing or decreasing in popularity. This information can be beneficial in forecasting inventory needs, making sure you have the right products, in the right quantities, for your customers.

You can also integrate a customer relationship management (CRM) solution with your ERP solution. A robust solution, like Microsoft Dynamics® CRM, can streamline marketing and advertising campaigns and automate lead management. As you release marketing campaigns, you can track responses and learn which efforts yield better leads or sales. You can then route leads to the sales representative that may be most knowledgeable about that product or customer and use automatic workflows to make sure appropriate follow-up activities are completed. As you learn how your customers and new prospects prefer to be engaged and which products they favor over others, you can use this insight to strengthen customer ties, which can lead to long-term loyalty.

Replace entry-level or inadequate business systems with today’s more insightful technologies and gain the insight you need to support your business and your customers. Contact OTT, Inc. to learn how ERP and CRM can strengthen both business operations and customer relationships.

By OTT, Inc., a Microsoft Dynamics Partner out of Minnesota

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