Utilizing Knowledge Management in Order to Grow Your Business

Utilizing Knowledge Management in Order to Grow Your Business

Posted on

Utilizing Knowledge Management in Order to Grow Your Business. Companies can measure success by their ability to analyze customer feedback and cater to the needs and interests of their customers. One-to-one marketing can only be achieved by becoming increasingly aware of customer interactions and perceptions through use of a knowledge management system to drive your customer relationship marketing efforts.

Companies are capturing information every time a customer comes into contact with any of its departments. Among the usual data collected such as name, address, and phone number, companies are also collecting other demographic and psychographic information on their customers including family size, income, and age.

Instead of finding customers for your products, your goal should be to find more products and services for your customers. Customers aren’t necessarily cognizant of the fact that they desire a “relationship” with companies, but the customer who can do something as easy as “pushing a button,” for routine purchases from companies who cater to their individual needs will build a relationship and be more loyal to those companies who offer the best customer experience.

Today’s way of marketing combines the efforts of sales, advertising, and marketing research. A knowledge management system allows these various departments to collaborate efforts to serve its customers by sharing information and feedback. One of the four major elements of the company’s marketing mix is its marketing communication – the use of advertising, sales promotion, direct marketing, public relations, and personal selling to communicate the product’s existence and value to the target customers. A knowledge management system, integrated with a customer relationship management (CRM) system, allows marketers to track target audience characteristics and feedback in order to select the most appropriate message for each segment.  Knowledge management systems allow the marketing department to input this information into the system so it can be shared with the departments who may also need it.

Today more than ever, customers want an interactive experience with businesses. The more a company can target its marketing communications to its audience, the more successful it will be. Once thought of strictly as spam, new uses of email blasts and social media, when targeted specifically, have proven to increase sales overall. CRM technology can help process transactions faster, provide better information to the front line, catalyze collaborative commerce and build communities. Not only does CRM technology help you acquire the right customers, it will also help you motivate employees by aligning incentives and metrics and deploying manage. Having more motivated employees translates to better customer service and more sales.

Knowledge management systems are also widely used for customer service and help desk purposes. In this sense, information about products, warranties, and common problems and solutions can be stored in the database. If a customer calls in to talk to a representative regarding the product, to lodge a complaint or anything else customer service related, the representative has the knowledge management system at his or her fingertips. With a few clicks of the mouse, they can have answers to customer questions and be able to handle the situation with ease and confidence.

Utilizing Knowledge Management in Order to Grow Your Business

Read also:

Using CRM to Service Customers

These are just a few examples of how companies can use their knowledge management databases. The processes for identification of prospects, deepening customer loyalty, avoiding customer service mistakes, targeting customer offers, and winning back customers are all made easier with knowledge management applications.

1 comment

Leave a Reply

Your email address will not be published. Required fields are marked *