Customer relationship management (CRM) strategies are the key approaches businesses use to build strong relationships with customers. The implementation of these strategies is expected to result in numerous benefits for businesses.
CRM is a strategic approach that centers on managing interactions with current and potential customers. Primarily, it aims to develop strong customer relationships and understand their requirements. As a set of practices, strategies, and technologies, CRM emphasizes the significance of customer relationships in achieving business success.
Notably, the global customer relationship management market size stood at $58.82 bn in 2022. A rapid expansion is anticipated over the subsequent years, with a substantial compound annual growth rate of 13.9 percent forecasted from 2023 to 2030.
Let us explore some of the most successful CRM strategies that have proven to deliver results.
CRM strategies that work
Embrace cultural differences
McKinsey & Company illustrates the varying degrees of this digital advancement across the Middle East. The UAE stands at the forefront, with 99 percent of its consumers connected to the internet. In comparison, larger countries like Egypt demonstrate a lower, yet steadily improving, rate of 71 percent.
However, a business strategy goes beyond just digital development. Grasping regional cultural nuances is likewise important to establish effective CRM strategies. Thus, make the effort to learn local customs, communication preferences, and regional holidays to effectively cater to a diverse customer base.
Read: Middle East leads the world in digital penetration
Use CRM software tailored to the region
Another aspect of effective CRM strategies involves selecting a CRM software platform that is specifically adapted to your target market. This consideration ensures your business has the essential features and capabilities demanded by that market.
Consider incorporating features such as:
- Localization. Providing support for local languages, currencies, and formats ensures more effective communication and seamless transactions.
- Regional compliance. More so, compliance with regional data privacy laws and regulations fosters trust among customers and safeguards businesses against potential legal pitfalls.
- Local support. Similarly, offering customer support in local languages and within the same time zones further improves the user experience.
Foster customer engagement via social media
According to GlobalWebIndex, internet users in the Middle East average a notable 8.4 social media accounts. In addition, between 2024 and 2028, the UAE is projected to experience a substantive growth of 0.6 mn social media users, amounting to a 6.28 percent increase. By 2028, the user base is anticipated to peak at a staggering 10.14 mn.
Evidently, social media is a powerful force in shaping customer engagement across the region. Therefore, incorporating social media efforts into CRM strategies is not just beneficial but critical. Businesses need to use these platforms effectively for customer connection, content distribution, and immediate support.
Implement integrated CRM solutions
A study reveals a promising expected average ROI of $8.71 for every dollar spent on sales CRM software. Subsequently, adopt an integrated CRM system that connects various departments of your business.
Integrated CRM systems facilitate effective collaboration between teams and provide a unified view of customer data, resulting in improved decision-making and resource allocation.
Offer efficient customer support channels
In July 2022, the region’s internet penetration rate was 79.7 percent, overtaking the global average of 69 percent. In effect, this surge has paved the way for businesses to employ varied and innovative CRM strategies to connect with consumers more effectively.
Examples of effective channels include:
- Live chat. This real-time support method can be offered via your website or mobile applications, addressing immediate customer queries and needs.
- Email. Meanwhile, a tried-and-tested CRM strategy involves deploying reliable email support channels that provide customers with detailed and timely responses.
- Self-help resources. In the era of DIY and digital knowledge sharing, it is advantageous to establish an online knowledge base featuring FAQs, guides, articles, and videos.
- Phone support. Some customer segments still prefer traditional voice communication. Thus, offering telephonic support caters to this audience, rounding out your business’s customer service offerings.
Use data analytics for CRM insights
According to McKinsey & Company, businesses that leverage customer analytics most effectively can achieve a 126 percent profit improvement over competitors.
Hence, businesses must maximize the use of data analytics tools to analyze customer data obtained from diverse channels. This can help you identify customer patterns, preferences, and behaviors, enabling more targeted marketing campaigns, sales approaches, and customer services.
Moreover, continuous analysis of CRM data can also help identify areas for improvement and growth opportunities within your CRM strategies.
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