The foremost approach of every organization is to build valuable customers, which will help your organization grow. CRM software is a boon to build relationships with current and potential customers. It is very handy especially because the customer is the ‘king' of every business.
As per the statistics, CRM increases sales by 29%, improves productivity by 34%, and boosts forecast accuracy by 40%.
Moreover, CRM is an ultimate strategy that results in increased revenue and a simple user interface that collects data that helps businesses recognize and communicate with customers in a scalable way.
You can make your business successful by utilizing a CRM. With the help of CRM, you can get a 360-degree view of customer information. You can also design marketing campaigns for multiple channels, which will lead to your business growth.
In this blog, we'll engage you with the importance of CRM, which is essential for business growth.
Why do you need a CRM?
By adopting a promising approach to storing and managing your customer's data, a CRM system helps increase lead volume and helps gather new customers. It works as a backbone for the sales team in closing deals faster. For example, if you add customer intelligence to customer service software, the contact agents become more productive and efficient.
Signs that reflect the need for having CRM:
Obstacles in Managing the Sales Process
There is massive competition in the market as every organization is competing with each other. If you don't want to engage in this competitive strategy, it's peak time to invest in an integrated CRM solution.
CRM systems will sort, analyze and prioritize your sales leads so that the sales team can focus on opportunities.
Difficulty in Building a Customer Profile
If you want to build your ideal customer profile, you have to locate all the data points of the customer. Even if you don't have visibility with your sales team, you should hold a status meeting to get to know about the issues of building a customer profile.
Customer Service is not Satisfactory
If your customer service reps react to customer issues and do not convey them, it's the peak time to invest in a CRM system. CRM solutions not only provide you with a unified view of customers they also offer spectacular services.
Lack of Compatibility between Sales and Marketing Teams
Lack of interpersonal communication between departments is the main issue of customer engagement. Promises made to customers are not fulfilled timely. The customer's history is also not focused on.
If both the departments don't have smooth cooperation with each other, then customers will leave. If all the components of CRM share a standard accuracy, then all employees have easy access to use and add data.
Valuable Leads are Unknown
You don't want to lose any customers. Still, sometimes you forget to access all customers, so CRM helps identify the right prospects and provides the right incentives to increase customer retention.
Contacts cannot be Identified
CRM tools helps keep track of contacts within the business and allow sales and marketing teams to personalize communication. Reasonable CRM solutions keep all the accounts and data up-to-date. If a reference is moved to a new job, sales, service, and marketing teams easily maintain and rebuild customer relationships.
Reporting and Forecasting are Complex
If you are still using spreadsheets to manage your data and the massive data, the reports generated are inaccurate and lead to faulty planning and forecasting. A good CRM management system keeps data in a centralized place and gives real-time reporting and forecasting a standard.
Why is CRM the Solution?
If your data is organized and well managed by a CRM platform, you will better understand customers. Many activities can be digitized and automated, which leads your marketing efforts and speeds up your sales cycle.
A fully integrated CRM also helps in data eradication and makes cross-departmental collaboration easy so that you can present a unified front to customers.
Examples of CRM
Improving customer relationship management workflows isn't just a good goal. You also need effective technology to manage external interactions with your customers. The CRM cycle starts with the marketing department.
The way you handle all the customer interactions at each stage of the cycle. The top 5 examples of CRM are:
Consistent Responses
A central component of customer relationship management is to resolve every customer query and response. For example, if a customer emails you about not getting a product timely or receiving the wrong product.
To resolve such types of queries, you can set your CRM platform to automate an immediate “We are looking at it response.”
Enabling Business Analytics
Data is generated in massive amounts, so CRM is a tool that helps in breaking the information into valuable insights. CRM also spots business opportunities and problems that can escalate.
Managing Feedback from Customers
Providing a feedback block to customers gives an impressive touch to them and proves that they are valuable for your business. CRM software through cloud solutions offers the most effective customer service.
Tracking Activity of Customers
CRM tracks customer activity throughout their lifecycle- from prospects to clients upsell. Track the critical behaviour of customers from social media to existing clients' email campaigns always helps to understand the importance of customers.
Coordinate between Applications
Some of the best examples of improving customer efficiency are:
Having a CRM that can run on any platform will engage more customers and improve the customer experience.
CRM System Functionality
The majority of customers are focusing on CRM functions that were automated in the 90s strategies of CRM. Managing leads and contacts to automate sales processes is one of the primary aims of CRM software.
The demands of reporting and analyzing the information are also gaining prominence in different channels. Some of the main functions of CRM are:
Lead Management
Lead management is the internal strategy of CRM through which all the leads can be captured. You can also track all the touchpoints of your business like email, chat, website management, and qualifying and engaging prospects until they purchase your products or services.
Contact Management
Contact management provides quick access to customer information and leads storage. Contact management through spreadsheets is quite hard to manage, but if you opt for digitizing contact management of CRM, you can make this process easy.
With the help of a digitized contact management system, you can track your valuable customer data. All the departments have access to view the same data at a time.
Contact management software can keep track of all the information about your prospects and current customers in an organized manner.
Email Marketing
Email marketing in CRM gives you exposure to highly personalized and timely emails. Some benefits of email marketing are:
Reporting and Analytics
CRM analytics gives you clear business insights into your customer service and sales operations. It also presents customer data that you can use to make smarter business decisions.
Marketing Management
With the help of marketing management, you can manage all your company's relationships and interactions with current and potential customers. The goal is simple: maintain relationships with customers.
In a Nutshell
Customers don't need to tell you about their needs for products and services. Their searching on the internet and social media platforms let you know about all their needs.
CRM systems will let you gain and retain new customers. In this blog, we have let you know about all the essential features of CRM.
Want to learn more about CRM? Contact us.
