If customers are the lifeblood of every business, then Customer Relationship Management is the veins through which it runs. In today’s hyper-competitive environment, it’s hard to fathom a business world without CRM. A CRM platform enables businesses to target their audiences, set customized scores and alerts, maintain relationships, and perform so much more.
To find out why your business needs a Customer Relation Management platform today, here are the fundamental takedowns.
What is CRM?
Customer Relationship Management is the totality of tools, strategies, and technologies that enable a business to manage its relationship with existing and potential customers. CRM assists organizations to manage interactions, streamline key processes, improve customer service, and increase profit margins.
CRM is best understood as a technological product, a business philosophy and a process. As a product, CRM allows a business to analyze company interactions with its users. As a strategy, CRM enables businesses to manage relationships with its customer base. CRM, as a process, assists business nurture, and manage customer relationships.
What are the Key Benefits of CRM that Accrue to a Business?
If your business is not deploying CRM, you are missing out on vital opportunities. In the worst-case scenario, you are leaving money on the table. Please don’t take our word for it. Here are the key benefits that a business reaps from the use of CRM.
The modern customer is sophisticated, demands convenience, and has a wide array of options to choose from. If your business is not meeting customers at their point of need, you will see your vital numbers go down; customer inquiries, sales, and profits.
CRM saves you from this slippery slope by allowing you to be proactive in resolving customer problems. CRM avails relevant data to your salespeople and customer reps, allowing your team to anticipate and meet customer needs, solve their problems, and attain customer satisfaction. Happy customers are loyal brand ambassadors, and there is only one ending in this; higher profits.
Efficiency Enhanced by Automation
Are your business processes wasting precious business time, difficult to execute, and stubbornly ponderous? Lack of automation is an obstacle to seamless business operations, smooth customer relationships, and a real burden on your staff. With low automation, there never seems enough time to accomplish anything meaningful.
CRM allows automating diverse business processes hence saving time and allowing you to concentrate on the core activities. CRM enables your business to organize customer data conveniently for easy retrieval and decision making. Your sales team can now focus on selling, and customer reps can have more latitude to handle customer concerns.
Business departments can be too engrossed in their key activities resulting in a siloed organization. Silos inhibit cross-departmental collaboration, frustrate quicker resolution of customer problems, and make it difficult to pull in the same direction.
CRM brings down silos by serving as a repository of conversations, needs, and contact information. CRM allows staff to access business records, customer information, and team worksheets hence achieving whole-of-organization collaboration.
Organize Contact Data
Your business collates immense data in its daily operations. Customers walking through the door, call-ins to the customer service desk, and website visitors are some of the contacts your business attracts daily. How is this contact data organized? Mishandling contact data may result in loss of crucial business leads.
Luckily, with CRM, your team can effortlessly maintain track of every contact, ensuring no lead is dropped. The sales team can search within the CRM, retrieve customer contact, and follow up on conversion. Moreover, customer reps can key in call notes and email leads, making it available to the entire team.
If your business is serving different customer segments, it can be complicated, creating customized campaigns. Segmenting customers based on age, location, or any other criteria allows you to connect with your audiences. After all, audiences respond better to a tailored message rather than omnibus communication.
CRM makes it possible to sort contact data based on a specific criterion. Salespeople are then able to reach out to each segment with a particular service that easily resonates. Your team’s capacity to position outreach is enhanced, and so do the likelihood of conversion.
Enhance Customer Loyalty
Attracting a customer is the first step in the buyers’ journey. Making them stay is where real work begins. How do you ensure your customers remain loyal to your brand? Without CRM, you might have to rely on costly customer surveys to measure customer satisfaction. The survey might be inaccurate and fail to provide real insights on customers' standpoint.
CRM allows your business to identify the most loyal customers at a lower cost. Beyond that, CRM enables you to sort out the most frequent buyers and outreach to them with offers and discounts. That way, customers feel appreciated and are likely to recommend your services to friends.
Are your sales representatives able to identify shifts in customer preferences and enable your business plan better? Relying on anecdotal evidence to predict how your month or quarter, or year will play out can be an impossible job for any organization. If your business lacks CRM, you are missing out on big money sales.
Here is why; CRM allows your sales team to identify which activities are generating profitable leads. By providing a platform to track prospects and customers, CRM enables your business to identify patterns and trends hence position itself to reap the advantages therein.
Target and Build New Relationships
Successful businesses are built on strong customer relationships. The web visitors, newsletter subscribers, and social media followers provide your business with a grand opportunity to kickstart meaningful relationships. Is your business harnessing the opportunity?
CRM enables you to make the most of all people interacting with your business. From the CRM database, you can make follow-ups, send appreciation emails, and build on new relationships. CRM allows you not only to collect data but use the data to target your audience better.
Track and Improve Performance
Are you able to tell what’s working and what’s not? Distinguishing an effective strategy from an ineffective one can be a real challenge, especially where the metrics overlap. If you can’t set the metrics apart, it then becomes challenging to improve performance.
With CRM, you can centralize audience data and track customer behavior. Monitoring new customers will enable you to gauge whether a sales campaign is working or if you need to make little tweaks. Additionally, CRM allows your business to track sales data and see how and customers are spending money.
Gain Important Business Insight
How are your services performing for each customer segment? The answer to this question is an essential insight for your business. Every business needs a better understanding of its audience. It would help if you untangled who your customers are and their interactions with your business.
CRM database enables your business to organize audience data, find patterns, get insights, and turn those insights into action. CRM is critical in making evidence-based decisions and escape the trap of groping in the dark. For instance, you can quickly identify services with better market traction, hence shifting resources from lagging areas to more productive offerings.
The Final Verdict
CRM relevance will be felt for quite some time as long as businesses desire a quick balance between service provision and customer acquisition. For businesses that do not have a CRM, there is no better time to have one than now.