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Why Multi channel CRM is Considered the Future of Business Growth

A multichannel CRM approach is the key to increasing business sales, improving your marketing strategy and developing better customer services and products.

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Companies that adopt omni-channel customer engagement strategies are able to retain up to 89% of their customers year-on-year. But that alone is not enough to drive consistent growth. Businesses need to take advantage of customer data analytics to get critical business insights that will help them understand their customers better and improve experiences across different platforms and user devices. There is no doubt that investment in professional digital marketing services is growing, but decision makers need to turn to more effective customer engagement strategies like multichannel CRM to drive further growth.

Multichannel Adoption is Growing

Serving today’s customer is no longer about waiting to get potential leads. Industry professionals at CBS-CBS.com note that smart businesses understand that going where the customer is, is the way to go. With an ever-growing multichannel world that’s driven by mobile adoption, businesses are expected to focus on expanding their operational channels and customer touch points. Improving customer interactions across all channels should be a priority for any brand that wants to meet the demands of today’s customers. Multichannel CRM is the key to getting data that will help you highlight opportunities for growth.

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While web-based CRM solutions are still popular Pixabay

Customers Want a More Personalized Experience

Customers expect you to provide a consistently reliable customer experience across all interaction points. Whether they interact with you on social media, via online chat, phone or testimonials, they expect a personalized experience. Taking a multichannel approach with your company’s CRM software is what will help you achieve this. With a complete view of your customer-brand interactions, you can understand what your customers really want, what makes them stick to your brand and how best you can improve their experience. With the right multichannel CRM data analytics, you can meet the needs of your customers and drive growth.

Mobile CRM is the Future

84% of companies that operate on a customer-centric approach focus on the mobile customer experience, according to Super Office Statistics. Mobile CRM is growing fast, especially in the e-commerce and retail sectors, with the average customer connecting with an average of 4.5 devices, most of them mobile devices. To achieve better efficiency and drive growth, you need to take advantage of the power of mobile CRM in your multichannel approach to customer engagement. While web-based CRM solutions are still popular, mobile CRM is leading the way when it comes to giving businesses an edge over competitors.

CRM
Serving today’s customer is no longer about waiting to get potential leads. Industry professionals at CBS-CBS.com note that smart businesses understand that going where the customer is, is the way to go.. Pixabay

A multichannel CRM approach is the key to increasing business sales, improving your marketing strategy and developing better customer services and products. Businesses that choose to stick to standard business practices can no longer compete with those that embrace a multichannel approach in their customer relationship management strategy.

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How to Maximize Your Chances of Being Approved for a Credit Card

Apply for a credit card with Bajaj Finserv to ensure strong security, enjoy a host of rewards and benefits and get up to Rs 55,000+ annual savings.

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Credit Card
Opt for a credit card that offers multiple benefits.

While you may see many credit card offers regularly, getting approved for one isn’t as easy. Maximising your chances of being approved begins way before the application stage and here are a few tips to help you:

Take your time to research

Jumping at the first credit card deal you see is often a mistake many make when they are starting out with a credit card. Just because a deal is advertised to you, doesn’t mean you will get approved.

Hence, you should take your time to assess three important things

  • Your requirements
  • The NBFC or bank
  • Terms offered by different issuers
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Another step towards digitizing India is Encouraging Digital Transactions by exempting service tax on Cards (Wikimedia commons)

Terms like interest rates, annual fees, and rewards and bonuses are essential features of every card, which you should carefully check and compare.

For example, the Bajaj Finserv RBL Bank Credit Card offers up to 20,000 reward points as a welcome gift as well as the possibility of earning reward points on every transaction you make. Free movie tickets and other benefits can be enjoyed every time you reach a milestone.

Check the eligibility criteria

Every financial institutions issuer has different credit card eligibility criteria, like age, income and credit history, which you should check thoroughly before applying. Skipping this step may result in rejection which is going to negatively affect your credit score and the chances of getting approved for any other card as well.

Review your credit score

The first thing any credit card issuer looks at when you apply for a card is your credit score. It’s on the basis of this that the lenders assess your financial behaviour and the degree of risk they face in issuing you a credit card.

credit card
A person using credit card for transaction, Pixabay

You should request for a copy of your credit report before applying for a card so you can review it and see if your credit score is ideal. If not, then you should take the time to improve your credit score before applying for a card to increase your chances of approval, by applying for a lower category card, and making other payments as well on time.  

Lower your credit utilisation ratio

The credit utilisation ratio shows how much of your available credit you actually utilise against the total available limit. Having a ratio of 30% or less is advised by financial experts because having a higher ratio is an indicator of being credit-dependent. Hence, maintaining a low credit utilisation ratio is going to help you improve your chances of getting approved for a credit card.

Be careful with the details and the documents

While applying for a credit card, you will be required to provide a lot of information in your application including current and previous employment, salary, current debts, contact numbers and addresses among other things.

Make sure to be accurate with even the minutest of details and ensure to not miss out on any field because an incomplete application is grounds for rejection. The application usually requires several other documents which you must submit as per the issuer.

Credit Card
Every financial institutions issuer has different credit card eligibility criteria. Flickr

Apply for a credit card online and get instant approval with minimal annual and joining fees.

Ask your spouse to add you as an authorized user

If your spouse has good credit history, ask them to add you as an authorized user on their credit card. This is easy to do and will give your credit score a boost, increasing your chances of being approved for a credit card.

Things to note

In addition to the above tips, remember to pay of all your outstanding bills on any other credit cards you own, and steer clear of applying for multiple cards at once or within a short time period.

Instead, opt for a credit card that offers multiple benefits. For example, the Bajaj Finserv RBL Bank SuperCard is a card that gives you the power of 4 cards in 1. It’s a credit card, cash card, loan card and an EMI card, all rolled into one that provides industry-first features.

Also Read: Mobile Banking Becomes Main Personal Banking Channel In Singapore

Apply for a credit card with Bajaj Finserv to ensure strong security, enjoy a host of rewards and benefits and get up to Rs 55,000+ annual savings.

You can also avail easy financing by the way of pre-approved offers for a host of financial products. The pre-approved offers make the process of availing loans easier and quicker like never before.