A subscription is more than just a recurring payment agreement. When a customer agrees to purchase your company’s goods or services on an ongoing basis, they are truly entering a relationship with your brand. A successful subscription business recognizes this and delivers personalized interactions for any touchpoint in the subscriber lifecycle. Companies who don’t understand this will quickly alienate subscribers, who will churn away as fast as they can.
The Evolution of CRM Data
Of course, focusing on customer relationships is not new. Companies have been using CRM tools for years. As we see from today’s infographic from Signal, CRM tools have evolved over time with technology and customer demands. In the early days, companies used simple pen and paper to record customer transactions. As businesses began to count on repeat business from influential customers, the Rolodex was added as a customer contact management tool. Coordinating customer contacts with a record of transactions took customer relationship management to new heights. As technology allowed for the digitization of this information, the modern CRM tool was born. The modern CRM tool is cloud based and mobile ready — just like your customers.
CRM Data — Value Unlocked
Using your CRM data to support customer relationships isn’t just an exercise in kindness or diplomacy. It will return increased revenue, increased customer satisfaction and decreased subscriber churn. After detailing the development of CRM technology, Signal tells us just why CRM data can be so valuable, saying “Above all, CRM data paves a path for advertisers to shift to one-to-one marketing at massive scale.” Integrating your CRM data with your email marketing platform and subscription management solution allows companies to precisely target customers through list segmentation and communication personalization.
Signal points out that companies who use a personalized CRM data-based approach win two to three times more subscribers than companies who focus on traditional cookie-based methods. And the best news of all — your company already owns this data. The trick is unlocking the value stored deep in your CRM data to forge long-term customer relationships and a stream of recurring revenue to your business. Enjoy the full infographic below.