CRM - A barrier to exit
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The document discusses the importance of building and maintaining relationships with customers and contacts over time through a customer relationship management (CRM) system. It provides four ways to grow a CRM database: 1) inventory personal and professional networks, 2) build client loyalty through events, 3) introduce yourself to other businesses for referrals, and 4) reconnect with long-lost contacts. Regular communication and focusing on the customer are keys to creating a "barrier to exit" and increasing lifetime value through repeat business and referrals.
CRM - A barrier to exit
- 1. Market share is paramount. Lifetime share of customer is even more valuable.
- 3. Most valuable asset in business The only tangible asset Experience and track record are intangible assets
- 4. Quality contacts in your CRM gets you: 1. More repeat client transactions 2. Referrals will likely come your way **You need to keep in touch with these contacts over time and do so in the right ways.
- 5. The Top Four Ways to Grow Your CRM Database
- 6. (1) Do inventory of your professional and personal network Take time to think of everyone you know who aren't currently in your database
- 7. * Family members, * Friends, * Colleagues, * Neighbors , * Business professionals like- contractors, mortgage brokers, lawyers, vendors etc. * Influential Circle
- 8. (2) Build client loyalty, meet new people 1. Hosting client appreciation parties 2. Client appreciation events 3. Create Festive invites 4. Conduct Educative seminars
- 9. All events should be an ongoing part of your real estate marketing plan. Send out personalized email invitations With CRM it takes short time.
- 10. (3) Introduce yourself to businesses 1. Other business professionals can be a great source of referrals for you 2. Make an effort to introduce yourself to those who don’t know you yet.
- 11. 3. A business-to-business referral source can generate dozens of referrals. 4. When you reach out to other professionals, make sure conversation with them isn’t all about you. 5. Make a concerted effort to learn about what they do.
- 12. (4) Long-lost contacts Initiate call to your lost contact Use a script for the calling Use your professional written monthly e-Newsletter to keep in touch
- 13. CRM works like this: • Identifying your profitable customers. • Asking them what they value. • Regularly communicating with them. • Concentrating on building the relationship. • Remember that CRM is about the customer, not about you.
- 14. CRM creates a "barrier to exit"