91% of the companies
with more than 11 employees use a CRM software.
You started the business with one laptop, a website, two salespeople, and a handful of customers.
The information about your consumers' was stored in your brain, in your salesperson's notebook, or your accountant's stack of invoices.
However, as your business grew, your consumers and salesforce grew as well. Now, it became necessary to have one central place for all information.
If your growing team is unable to access information quickly, your business will suffer. Here are a few roadblocks that you may face:
As evident by the name, CRM is a system that manages the relationship between a business and its consumers. Many businesses still assume that CRM is only for managing sales, marketing, and customer service.
However, it is not true! In recent years, CRMs have become function-packed behemoths that help businesses of all sizes and shapes achieve growth by performing a number of functions, including:
The idea of CRM has been around for ages in different forms. In the past, it was in the shape of handwritten notes and manually recorded. Now, with the evolution of technology, CRM has morphed into an intelligent ready-to-go software that helps businesses drive growth and profits.
Let's take a look at CRM and how it can help businesses in more detail:
CRM stands for Customer Relationship Management. It is a digital platform that connects different departments of your business into one place.
CRM includes all the tools and techniques that are required to acquire and retain customers.
The ultimate goal of a CRM is to help businesses stay connected with their customers, streamline business operations, enhance efficiency, and increase profitability.
CRM software gathers all the information regarding customer interactions across different platforms and channels and then stores this data in one centralized location. Businesses can then use this data to improve their customer experience, drive growth, and increase customer retention.
Good CRM software enables you to focus on your individual customers, vendors, suppliers, or team members.
CRM is an intelligent system that is home to all your information;
Integrate your business tools
CRM is an approach that helps you integrate all your business tools to keep organized and achieve profitability and growth
Profitable relationships and identify new opportunities
CRM helps you collect, track, follow-up, and personalize information to build profitable relationships and identify new opportunities.
The best business strategies
CRM allows you to see what business strategies are working and what are not.
Connect employees and systems
CRM brings the company together; it helps connect employees and systems so they can gain better insights.
Bring clarity to organizations
CRMs bring clarity to organizations so they can serve their consumers in a better way.
CRM is more than just a tool for marketing and sales – it has evolved into a huge platform with numerous functions.
It helps businesses manage teams, partners, vendors, and customer relationships on a single platform.
CRM software allows companies to track customers and their feedback on various platforms. It includes phone numbers, email, contact information forms, etc.
It tracks customer interaction online by integrating all social media platforms and online channels where customers leave their feedback. This information can then be used to improve customer service.
It collects consumer information that informs about consumer preferences to enhance lead generation and conversion.
CRM software also provides valuable data and tools for the marketing team that allows them to manage the entire sales and marketing of a business, forecasting, and customer management.
CRM automates service protocols that ensure fewer errors and high customer service, and maximum engagement. CRM system also allows you to pre-schedule tasks like sending emails, responding to customer queries, and phone calls. Everything is automated and pre-planned, giving you plenty of time to make better business decisions and focus on core development activities.
Allows managers to produce instant reports that integrate information to predict sales, detect anomalies, and get critical insights into metrics like sales trends, marketing campaigns, and team performance.
Email integration allows you to organize your appointments, leads and ensure follow-up. You can sync CRM with your Gmail to keep reminders and ensure that you don't miss any opportunity.
With a CRM solution, your business can quickly adapt to the ever-changing market environment and improve business operational performance.
Think of CRM software as an online dashboard that lets you access all the details about a customer, including:
All this information gives you a clear picture of who your customers are and what they want from you. It also informs you about lead generation and new business opportunities.
with more than 11 employees use a CRM software.
CRM helps boost conversion rates by
Average ROI for CRM is
$8.71 for every dollar spent!
In this technology-forward world, a business needs to adopt the most innovative technology to stay at the top of its game. If you want your business to succeed and thrive, you need to integrate CRM software with your business management and strategy to boost efficiency and optimization.
1Improves Customer Service
A good CRM software manages all important information regarding your customers and uses that information to set up a profile of each and every customer. Each customer profile is unique, consisting of details like previous purchase records, reviews, current orders, etc.
One amazing feature of CRM is that it records all customer interactions and communication on numerous digital platforms, including email, chat, and various social media like Facebook, Instagram, etc.
Therefore, CRM helps businesses improve customer service because it logs customer complaints, so they don't have to approach you every single time. This way, you can address their issues faster and boost customer loyalty and attract more customers.
CRM also makes following up with the customers more efficient. Customer follow-up is very important to solve customer problems even before they log a complaint. You can also set up automated emails and messages for specific actions as part of your sales strategy.
2Helps Retain Customers
Customer retention rate is a vital indicator of a company's success. A high retention rate means customers love your product and services, and low retention means there is something wrong with your service or products.
With automated Customer Support via CRM, you will dramatically enhance customer retention by efficient problem solving and dispute resolution. Through CRM, you can also segment your customers according to their personal information.
For example, you can create customer groups based on their location, age, and preferences. It will help you target customers more efficiently and help in conversion.
Process automation will also make sure all the customer disputes are solved within less time. It will ultimately lead to customer loyalty and retention. CRM makes it possible to look at individual customer profiles, so you know the exact time period when churn happens. It helps you understand the reason behind the churn and address the issues to bring those customers back.
When you can analyze your customer's likes and dislikes, preferences and habits, and demographic information in one glance, it becomes easier to use that information to nurture leads and ultimately increase your overall sales.
As of this writing, research suggests that CRM can help you increase sales by up to 30% - Harvard Business Review
With CRM, you have unlimited access to customer data, including chats, online reviews, social media, and email, all in one place. You know what products are most popular among your customers and what more they are expecting.
Therefore, all you need is a perfect blend of marketing to deliver the right message at the perfect time to increase sales. Thus, CRM automates tasks and provides useful data by analyzing your sales number.
All these things lead to a single outcome – higher sales and more profits.
With CRM, all your day-to-day business functions are in one place, which leads to better management, seamless workflow, and higher collaboration between business teams.
50% of teams improved their productivity by using a CRM - Forester
The AI technology in CRMs automates all business processes, thus eliminating the need for repetitive manual work, giving people more time to focus on core issues and tasks. CRM Dashboards have tools that help you increase productivity and efficiency by optimizing your business processes.
In short, CRM software enables you to understand customer needs and behavior better, allowing businesses to identify the right time for product launches and to market their products and services.
Such information is very critical for a company because timing is everything, and CRM makes sure you utilize your business resources effectively to yield maximum results.
A good CRM solution facilitates effective communication between business teams and customers, which leads to higher transparency. Due to effective communication within the company, different teams can share information remotely in one place and enhance teamwork and help achieve quick results. In addition to higher transparency, CRM also leads to effective and open communication with an organization. As everything is centralized, you know which person is doing what tasks.
With a CRM solution, all team members can share data remotely in place, which increases productivity as people don't have to move physically.
Similarly, you can also track the performance of each store and sales agent – thus offering more control and higher transparency. Everyone in the company knows what's going on, including business processes for collaboration and understanding.
6Access to Analytics
“How you gather, manage and use information will determine whether you win or lose.” – Bill Gates
Data is the most critical part of a business and is essential for achieving growth and higher profitability. CRM software gives you access to clean and refined data that the management needs for making better decisions.
With CRM, you don't have to collect data individually from different platforms like Social media, Google Analytics, etc. A good CRM automatically collects data from all the sources and stores it at one location. You can tabulate the data, organize it, and transform it for reporting and interpretation.
With CRM, you will be able to see business trends in sales, customer service and run reports to identify new opportunities and target market. CRM solution automatically turns sales, finance, and marketing data into visual metrics to make it easier for you to understand and make informed decisions.
Therefore one of the best features of CRM is that it gives you access to better analytics and actionable data. The refined data access allows you to effectively communicate with your customers and help in better decision-making because you know where your business stands and potential opportunities. It ultimately leads to better data management, analytics, and customer satisfaction.