There are things about Payment Processing CRM systems that might just surprise you. Three things, in fact.
Growing ISOs make their Payment Processing CRM a priority
A study by Merkle Group, Inc. found that high growth organizations spend a lot of resources on CRM systems. The survey found that these types of companies are 50 percent more likely to see a CRM as a “critical way of life,” are 3.2 times more likely to have top CRM talent and are 2.4 times more likely to have top CRM capabilities than low-growth organizations.
A Payment Processing CRM is more than a piece of technology
One mistake some companies make is thinking of a CRM as yet another piece of technology that requires funding. A CRM is much more than that. It's a way of putting the customer at the center of all you do.
Not just for marketing anymore
CRM's are often associated with marketing or sales because these are the two areas most likely to initiate the request for a CRM strategy. For marketing, having detailed information about customers allows for the customization of offers through direct mail, email, point of sale and other avenues. For the sales staff, it allows access to through records of a client’s behavior and preference to assist in knowing when and how to touch a customer.
A CRM isn't just a marketing and sales function, it must be part of a broader strategy to make a company customer centric. As such, it’s important to have support and buy-in at the senior management levels as well as among the sales and marketing teams.
Knowing your customer well is no longer an option. It is a competitive necessity, and if you want to grow your business, it’s even more important. If you would like more information about how to build a successful Payment Processing CRM strategy, please contact us.
