Customer relationship management (CRM) is critical to business success today for a very simple reason. Customers wait businesses to know who they are, understand their wants and needs, personalize communications, and create experiences just for them.
Your cannabis or cannabis-related business cannot meet and exceed customer expectations if you don’t know who they are and deliver what they want at the right time. Fortunately, a solid CRM strategy combined with CRM software can help you meet customer needs throughout the customer lifecycle – from prospect to loyal customer and brand advocate.
The secret to developing a CRM strategy that works
Today’s consumers (both B2B and B2C) will not tolerate irrelevant marketing communications or sales campaigns. To develop a CRM strategy for your cannabis business or ancillary business, you need to put the customer first.
To do this, you can change the way you think about customer relations and communications, moving from a transaction-centric approach (a sales-oriented approach) to a brand-centric approach (a product/service/brand approach). / business first) to a customer-centric approach (a customer-first perspective / approach).
In the customer-centric model, the customer relationship requires much more continuous management. One-off marketing tactics and one-off sales promotion tactics are ineffective when customers expect you to know who they are and what they want. This means that generic communications no longer work in a world where customers expect (and demand) personalized communications and brand experiences. In fact, anything generic is likely to send them straight to a competitor who takes the time to get to know them and meet their expectations.
Customer Relationship Management is not just a CRM software
For your CRM investments and efforts to drive positive results for your cannabis business or cannabis-related business, there is one very important fundamental that you need to understand. CRM is not just a CRM software tool. CRM encompasses the whole philosophy of putting your customers first and delivering communications and experiences that meet them where they are throughout the buyer’s journey.
Therefore, investing in a CRM software platform is only one piece of the puzzle. You also need to change the way you think about customer relationships, and you need to understand the buyer’s journey and how it aligns with your marketing, sales, and customer service experiences.
The CRM software you use will help you streamline tasks, save time and money, reduce redundancy, improve collaboration, and more, so you can effectively implement a plan to achieve your goals. CRM. However, you first need management buy-in to CRM, trained and customer-focused employees, and a CRM strategy before a CRM tool can help your business. Think through strategy before implementation. CRM software makes implementation easier and helps you track results, but that’s not all there is to CRM.
5 steps to create a B2B CRM strategy
A CRM strategy will help your business improve customer experience, increase sales, reduce churn, improve team collaboration, save time and money, track leads and customers , etc. Here are the key steps to create your B2B CRM strategy.
1. Assess your readiness and set your CRM goals
Are you and your employees ready to move into the customer-centric thinking needed to get the best returns on your CRM investment, which includes time, training, execution, software, etc.? ? If not, then you need to prepare for this necessary mindset shift before you can develop a CRM strategy. Education is key, so do your research and train your team on the importance of a customer-centric approach with today’s B2B buyers before you do anything else.
If you’re ready to prioritize customers, it’s time to define your CRM goals. Remember that these goals are not about your CRM software. It’s about the results your business will achieve if it manages customer relationships effectively (CRM software is just one tool to help you do that).
Therefore, consider goals related to closed sales, more qualified leads, repeat purchases, fewer customer service calls, increased productivity, improved customer satisfaction, and more. Identify realistic metrics and timelines for each of these goals (for example, a 20% increase in qualified leads from email marketing campaigns by December 31).
2. Define your target audience(s) and their customer journey(s)
If you haven’t already buyer personas created for your ideal customer profile and any other important target audience, now is the time to create them. You can’t develop a strong relationship with customers and deliver personalized communications and experiences — the kind they want and expect from your business — if you don’t know who they are. You can even waste time with unqualified leads if you don’t identify your target audience(s) upfront.
Understanding who is likely to buy from you and why is essential to customer-centric thinking. If you haven’t yet developed buyer personas, start by looking at the data you currently have about your customers and prospects. This includes demographic and behavioral data (eg, what email campaigns they opened, what products they purchased or viewed on your website, etc.). You can also conduct market research and ask your audience questions to learn more about who they are and what they want or need.
Your work doesn’t stop once your buyer personas are developed. You also need to map the customer journey so you can deliver the most personalized and relevant communications and experiences at all times. This information will also determine who is responsible for a prospect or customer throughout the customer lifecycle, so that each team (i.e., marketing, sales, and customer service) can review their communications. and his tactics to ensure they are as successful as possible.
3. Define roles and processes
When does an unqualified prospect become a qualified marketing prospect? When does a qualified marketing prospect become a qualified sales prospect? What determines whether a prospect is a qualified prospect or not? These are just some of the questions you need to answer to define the roles and processes needed to achieve your CRM goals.
Roles and responsibilities should be defined to reduce redundancy and hold the right people accountable to prospects and customers throughout the customer lifecycle (eg, pre-sales, sales, after-sales). Processes should be written in such a way that everyone is on the same page and CRM plans can be executed without questions or challenges.
It’s also essential to educate team members on customer-centric thinking and the philosophy of CRM so they understand why it’s important to the business and how it will help prospects, customers, and them. themselves. Without employee buy-in, they won’t engage with CRM, and your company’s efforts to manage relationships for better business results will fail.
4. Identify key performance indicators to measure success
Based on the goals you have set for your CRM strategy, what metrics are needed to gauge your success in achieving those goals? By defining roles and processes in Step 3, you will be able to correlate performance metrics to the right team members and corresponding goals.
For example, goals and metrics can relate to sales deals, customer retention, revenue, profit, customer satisfaction, and more. Tracking things like email marketing campaign open and click rates, customer service inquiries, Net Promoter Score (NPS), closed sales, and business deal values can help. quantify the success of your CRM strategy and investments.
5. Implement CRM software and train the team on collaboration
CRM software makes the entire customer relationship management process easier, less time-consuming, and less expensive by streamlining processes, reducing duplication, improving team collaboration, and centralizing data, including history prospects/customers.
For example, when you integrate email marketing and CRM, your team will save time and have access to all the data needed for marketing, sales and support in one centralized location rather than in separate silos. When marketing and sales teams work togetherthe results will improve.
Key points on how to create a B2B CRM strategy for your cannabis business
There are so many benefits of CRM for business working in and with the cannabis industry, but you need to develop a comprehensive B2B CRM strategy to get the best results from your efforts and investments. Follow the steps above to create your CRM strategy and ensure everyone on your team commits to a customer-centric approach throughout the customer lifecycle.
Ready to get started with a CRM strategy for your business? Cannabiz Media License Database is the CRM software for connecting with verified leads of cannabis and hemp licensees in the US, Canada and international markets. Schedule a demo and see how you can use it to achieve your business goals.
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