The Impact of Globalization on Client Relationship Management
Today’s world is highly connected. In a moment’s time, you can open your Internet browser, see what is happening around the world, chat with a colleague or friend, and place an order for a product or service sold in another country – all without leaving the comfort of your own desk. While globalization has certainly opened up new opportunities for businesses in terms of reaching untapped markets, it has also further complicated the balancing act known as client relationship management.
In the past, businesses only had to compete with companies who sold or provided similar products and services in their community. Today, however, they are having to compete with companies all over the world, whether they be mere cities away or entire continents away. As new stores and suppliers emerge, companies are having to develop new strategies for winning new clients and retaining existing ones. While no one can deny that globalization has had a positive impact on the consumer, we must acknowledge the challenges globalization presents to modern-day businesses, particularly in the area of client retention.
Client Relationship Management: The Importance of Communicating Value in Today’s Global Market
In order to improve client retention, you have to change the way you approach client relationship management. Simply adopting new and creative marketing strategies will not do the trick, especially when there is someone else out there who can probably do the same thing – only bigger and better. You can offer your existing clients discounts and incentives to encourage them to remain loyal customers, but if your client relationship management processes are not effective, even the best client loyalty offers will fall flat.
Client retention begins and ends with your client relationship management (CRM) process. How you manage your clients through every stage of the process can say a lot about your company and your values. If you respond to queries in a timely manner and take the time to talk to the client personally, you are saying that your clients are valuable. If you rush through the sales process, forget important details about their order or history, or fail to establish personal (not automated) contact with your clients, you are not communicating value. In these instances, the clients will most likely leave your company for another company that will appreciate their business.
CRM Software: The Key to Customer Retention Concerns
Utilizing tools and technology to improve customer retention is important. For companies looking to combat the impact of globalization on their business, client relationship management (CRM) software is key. By implementing effective CRM solutions, you can begin to start communicating value to your customers the moment you connect with them. Designed to help companies manage marketing, sales, and all other client interactions in a timely and efficient manner, CRM software can bridge the distance between you and your customers and help you maintain a competitive advantage in the global marketplace.
IWI Consulting offers client relationship management (also referred to as customer relationship management or CRM) solutions to help you maintain strong relationships with your clients and ease the information overload on your customer-facing employees. Learn more about our software options here: Sage CRM.
Download our whitepaper “Enhance Your Business Relationships with Sage CRM” for further information on improving your customer retention strategies.
Our small and dedicated team specializes in helping small-to-medium size Canadian businesses and non-profits select and adapt Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), Human Resource Management (HRMS) and IT services. With IWI’s 15 years in business and 100 plus years of combined experience, IWI has helped hundreds of manufacturing, distribution, and financial service companies gain efficiency, grow, and lower their operating costs.
With the unique combination of industry knowledge and diverse technology expertise, IWI provides cost-effective solutions to help clients gain a competitive edge. As a Sage business partner, servicing the Greater Toronto Area, we support evaluation and implementation of operations and finance systems to optimize technology, ensuring high return on investment with a quick and painless transition to new software.