Credit Crunch - How to grow your organisation during troubled times

It’s impossible to miss the headlines and articles in circulation discussing the current credit crisis and the impact it will have on the UK economy in the upcoming years. Although it is uncertain how great the impact will be, some evidence has already been seen with well-known organisations laying off members of staff, principally in the property and construction markets.

Whilst there is no doubt that times are uncertain, it can also be said that this change in market conditions presents an opportunity for determined businesses that are looking to actually grow, indeed thrive, in the next year or so. These organisations need to take stock of their current situation and review their Business Processes and focus on a Customer Relationship Management (CRM) system to give the organisation the opportunity to flourish and grow during this potentially difficult time.

It is now more important than ever to know and understand your customers and provide them with the best possible service that you can. If the marketplace is to become more competitive and companies and individuals do begin to look around for a more cost effective product or service then this is the time to invest in a CRM solution which enables you to have a 360° view of your customers and identify areas where you might be able to win more work from them through cross-selling and up-selling, whilst reinforcing the service levels that they receive.

When implemented correctly, a good CRM solution from a reputable CRM partner opens up many opportunities to organisations. CRM is now a bigger proposition then it was say 3-4 years ago. It is no longer simply a contact management system or just a system for the marketing department. CRM covers your whole organisation through Customer Service and Support, Sales, Marketing and Management. The advantage in troubled times is unquestionable. Here is an example:

- Marketing - Better targeted marketing campaigns enable you to effectively target those prospective customers looking to change supplier due to cost pressures

- Sales - Sales functionality gives your salespeople the tools to close the deals and report more accurately on their pipeline

- Service - Issue tracking and a single data source ensures your customer service and support staff are better equipped to manage the customer experience to a higher level, ensuring that you retain your customers

- Management - Your organisations’ management will be better informed by being able to analyse performance and business metrics, giving them the ability to diagnose and act on any potential issues

CRM solutions such as SalesLogix and Sage CRM also enable you to integrate your other systems such as back-office solutions for a complete view of what is going on with each customer. You can also push relevant and timely ‘snippets’ of information to appropriate members of staff, again creating clarity across your organisation. For example if a support issue arises, the appropriate account manager is automatically informed and able to act, improving your levels of customer service by going above and beyond what is expected. The same applies if, for example, a customer is experiencing financial difficulties. The earlier that you know, the more chance you can help recover the situation.

So when thinking about what will happen over the coming year, you could be wise to look at your present situation and the tools you have in place and assess what needs to be done. Your organisation’s investment in a good CRM solution will not only stop that economic downturn in your business but will help you rise above it, whilst your competitors are struggling.

Written by Geof Gibbons, e1 Business

To further discuss how CRM can help your organisation thrive during the credit crunch contact e1 on (01962) 718270 or email info@e1business.com