Why Data is a key tool in unlocking value for your company.

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Why Data is a key tool in unlocking value for your company.

Frontier Data Solutions believes that businesses who can make informed business decisions have a significant advantage over their customers.  This is why having an effective Customer Relationship Management (CRM) tool is key to enabling this capability.  CRM’s are all about how your business interacts with your customers.

If you are a customer centric business, then you need to have a well functioning CRM with a team that is bought in and leadership that realizes its importance.  When this happens – your business has quantifiable data about those interactions.   That data, properly understood, forms the basis of every major business decision that a company can make.

  • What products should we invest in?
  • What is our customers journey?
  • Who buys from us?
  • Who is our best salesperson?
  • Are our customers happy with us?
  • Who should we market to?
  • How can we improve our efficiency?
  • What sales activities are most effective?
  • Can we improve customer retention?

This forms the basis of why so many companies are choosing to invest in CRM technologies – in fact, it is attracting the most investment of any software category in the world – having recently surpasses investments in database management systems.

Source:  https://www.gartner.com/en/newsroom/press-releases/2018-04-10-gartner-says-crm-became-the-largest-software-market-in-2017-and-will-be-the-fastest-growing-software-market-in-2018#:~:text=At%20the%20end%20of%202017,%2C%20according%20to%20Gartner%2C%20Inc.

Businesses recognize that being able to manage the customer relationship is table stakes to being a customer focused enterprise.

When customers adopt CRM and make the customer the centre of the business, the benefits are immense.   It will allow your business to service your customers better which allows your customers to trust you.   When your customers trust you, they are more likely to

  • Be loyal: 95%
  • Recommend your company: 93%
  • Buy more products & services: 92%
  • Buy more frequently: 91%
  • Spend more money: 88%
  • Share their experiences: 86%

Source: https://www.salesforce.com/crm/examples/

When these capabilities are unlocked, and most importantly, adopted by your company you start to produce a lot of data around these customer interactions – from marketing, sales, service, and feedback.  That data allows leadership to run the company in a way that was not possible before.

In the past, when this quantifiable data was not readily available, key business decisions had to be made in the dark.  Without benefit of what the customer was telling you.

This is the magic of a fully engaged CRM – it allows your organization to become a customer centric organization and that in turn produces the very data you need to manage your company into the future.  Its why CRM spending is increasing at such a rapid pace.

Organizations that prioritize CRM investments are

  • Customer centric organizations
  • Organizations that make data driven business decisions

We believe that every company in the world would like to be able to say that about themselves.

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