Companies seek CRM solutions like Microsoft Dynamics 365 once they realize how valuable customer loyalty is in competitive industries. Small Business Trends shared the results of research conducted by Bain & Company and the Harvard Business School that found a 5 percent growth in customer retention could lead to a substantial increase in profits – anywhere between 25 percent and 95 percent. Customers who keep coming back are dependable sources of income and often spend more than first-time visitors.
This means customer service procedures need to foster relationships and demonstrate the business’s commitment to a consumer’s ongoing satisfaction. Microsoft Dynamics 365 (formerly Microsoft Dynamics CRM) won a 2016 CUSTOMER magazine CRM Excellence Award for providing this functionality while allowing businesses to expand the amount of services they provide for customers, according to MSPoweruser. The CRM features provided by Microsoft Dynamics 365 give users the simple data processes needed to track individual consumers and implement new communication platforms into daily routines.
Not only is it becoming increasingly obvious businesses need to promote loyalty, but modern consumers are more likely to reach out and share opinions about brands with the public. Working with Microsoft Dynamics 365 allows organizations to keep up with increased rates of feedback and provide care throughout a customer’s lifetime.
Increasing consumer interactions
Millennials – the generation born between the 1980s and early 2000s – should be a target market for most industries. According to the most recent census numbers, millennials outnumber baby boomers and make up one-fourth of the U.S. population. This generation is more diverse than previous ones in terms of culture and values, but as consumers they show some consistent trends.
A recent J.D. Power report studied millennial consumer habits and found this group was consistently more satisfied with businesses than other generations. Millennials are more likely to complain when something goes wrong, however, and will speak up when they have questions about service and financial options. Companies that can resolve issues in a practical and timely manner will see increased loyalty from millennials, as the group is more likely than baby boomers to reuse products and services after complaint resolutions.
Information is highly valued by millennials, so they will seek company information through websites, social media pages and peers. If they don’t receive the answers they want through company materials or private channels, they will take their questions public. The Guardian reported The Institute of Customer Service tracked an eightfold increase in social media complaints about brands between 2014 and 2015.
It should be noted that social media is not just a place to voice frustration. Social Media Today said consumers also post to Twitter and Facebook to ask for recommendations about products and voice praise for particularly great customer service. With the right tools, businesses can turn happy customers into brand advocates on public channels.
CRM solutions for new audiences
Microsoft Dynamics 365’s CRM components offer Social Engagement capabilities. Users can track communication across popular channels using Intelligent Social features to help businesses measure and capture data. This allows business users to add Facebook messages to a customer’s record or create audience profiles built on opinions and complaints submitted by members of target audiences.
This CRM solution provides traditional features for customer case management, but recent updates host options for self-service portals. Microsoft Dynamics 365 offers one central CRM data source that assists businesses as they provide information for consumers across websites, printed materials, social media and customer care center interactions. Thanks to mobile performance, in-person meetings can reference the same information.
When every business representative communicates consistent data, it creates a dependable relationship with consumers that continuously moves forward. Removing obstacles from interactions while providing service they expect and value shows consumers businesses care about their ongoing satisfaction.