We talk about it all the time – a solid customer relationship is essential for good credit management.
Why? Well, strong relationships help you to understand your customers’ needs better, and tailor your approach. It can also demonstrate your commitment to your customers and lead to additional sales in the future.
It’s all about the data
Unless you only have a handful of clients, it’s probably not practical to build a truly personal relationship with each of them. There’s just not enough time in the day to have lengthy chats with each client to find out about what they’re up to and when their payments will arrive – and even if you did have time to carry out the conversations, keeping all that information organized could prove difficult.
That’s where data – and software designed to cope with large amounts of it – comes in handy. Data comes from all over the place, such as conversations and correspondence with clients, other departments, payments received and so on. The information can be manually entered, but automatic collection can be even more powerful and being able to turn raw data into useful information is key.
Going beyond the basics
A recent study from eMarketer found that most businesses only have rudimentary data about their customers. In fact, the survey revealed that 80 per cent don’t have much client data beyond basic contact information and purchase histories. This diminishes the ability for companies to know their customers well, work with them effectively and predict future patterns.
The trick to leveraging your data is knowing how to capture it in the first place. This is where automated software such as OnGuard can come in useful. OnGuard makes it easy to gather, organize and share data with relevant people in your company and integrate it into actionable strategies.
Using the data
Having a virtual mountain of data is all well and good, but if you don’t use it, it’s just going to waste. So, start using the data to understand your clients and their actions better.
OnGuard’s credit management software has a variety of standard reports to help you spot patterns and analyze trends. It can also help you use the data to define customer segments so you can tailor your approach to dealing with certain groups of clients. You can even access historic data to compare results from previous months or years. All with just a few clicks.
If you’d like to find out more about OnGuard and how our specialist software can help you to improve customer relationships while reducing DSO, please get in touch.
Find out more
If you’d like to learn more about how OnGuard credit management software can help you save time at work, please don’t hesitate to get in touch. Please get in touch on +31 (0)294 25 6666 or email@example.com. You can also keep up to date by following us on Twitter @OnGuardHQ.
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