The Importance Of Retail CRM Programs

The Importance Of Retail CRM Programs

The Importance Of Retail CRM Programs

By the end of 2012, the cumulative projection for CRM license revenues and maintenance revenues is believed to cross the $10.6 billion mark. This whopping sum is strongly representative of the growing acceptance of CRM programs across all segments. And, the retail segment is not trailing behind in the application of retail CRM programs, which have been gaining steady popularity. Like all other industries, the retail segment is also witnessing intense competition. Therefore, business houses have learnt to appreciate the importance of maintaining unflinching customer focus through the life time of retail CRM programs. For players operating in the retail space, a major percentage of the business can be attributed to existing customers. Implementing superlative retail CRM programs and applying them to convert existing customers into loyal ones is the key. Prior to the advent of CRM programs, retailers adopted several other means to attain customer loyalty. Most of them organized workshops and training sessions to educate customers and create an interactive and communicative platform to encourage customers to share their feedback. The retailers would then act promptly upon feedback, provide token gifts and mailbox coupons to retain customers, and, most importantly, treat customers as a part of the extended family rather than a mere customer. However, each of these measures was qualitative and hence unable to generate quantitative results. This is where the need and importance of structured programs was felt. Retail CRM Programs: Prerequisites It is a proven fact that retailers need CRM for a profitable existence amidst cut throat competition. But, there are some vital prerequisites for retail CRM programs to ensure that they are successful. Some of these vital prerequisites include: * Start with an open mind and fearless spirit, expecting many hurdles on your path to success. If you withdraw at the hint of the very first hindrance, you will never be able to implement the process. * It is crucial to involve the right kind of people with the required mindset. * The choice of technology, such as software, needs to be appropriate. Retail CRM programs could fail miserably without due technology support. * Have a completely chalked out project plan in place for methodical implementation.

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