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Read More >>“CRM” stands for “customer relationship management”. In a nutshell, customer relationship management is a process, or set of processes, that a business uses to interact with customers for the purposes of generating and finalizing sales. The abbreviation “CRM” typically implies the actual software solution a business is utilizing in order to organize, automate, and implement every interaction it has with customers.
CRM technology assists sales teams as they manage relationships with both committed and potential customers. The goal is simple: nurture customer relationships to improve overall profitability and business growth.
If you want a software solution that helps you manage customer data, engage with customers, convert leads into sales, and effectively market to your growing customer base, then integrating CRM technology into your operations is a must.
But how will you know which CRM software solution to invest in?
In this article, we will explain the differences between CRM software designed for B2C companies versus CRM software that’s better for B2B organizations, and how to know which customer relationship management solution will be best for your business.
While many POS and CRM systems advertise versatility as though the functionality of their software can support both B2C and B2B businesses, in all practical terms this is only the case with enterprise-scale solutions that come with all the bells and whistles. If your business size ranges from startup to mid-sized, then you’ll need to select customer relationship management software that’s designed for either B2C or B2B.
You might be asking, what are the differences between the two?
Let’s take a look…
For those who are unfamiliar with the abbreviation, B2C stands for business-to-consumer. B2C companies sell directly to end customers and are generally retail or service-based businesses that fall within the following industries: retail, travel & tourism, banking and financial, airline, bar & restaurant, and many others.
Customer relationship management software solutions for B2C businesses generally focus on targeting segmented audiences for the purposes of securing quick, easy sales at a massive scale. These CRM solutions are designed to support your company in collecting and aggregating customer behavior data, and leveraging past purchasing histories in future marketing campaigns. CRM for B2C should include marketing tools that analyze individual customer preferences, form segmented customer groups, and automate marketing campaigns. On the other side of each campaign, the CRM software should make analyzing response rates straightforward. For this reason, B2C CRM is usually built for integration with a business’s pre-existing customer loyalty rewards program
The B2C sales environment, which is fundamentally different from the B2B sales environment, requires a CRM software solution that is tailored to support sales personnel who interact directly with the end customer. B2C CRM software will offer:
Whether you operate a B2C or B2B company, implementing CRM can play a critical role in growing your customer base. But as you shop around for the right CRM software solution, be aware that the software product itself might not state that it’s better suited for B2C or B2B on the packaging. Understanding how CRM differs between B2C and B2B and recognizing the specific features that will best support your business is a vital step you must take before investing in a solution.
Here are checklists you can reference as you embark on your journey to find the best CRM for your business:
For B2C companies, be sure that the CRM software solution you’re about to invest in comes with the following capabilities that are integral to selling directly to consumers:
Learn more about this topic. See these related posts on the FTx POS blog.
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