People working in the field of sales and marketing might be familiar with CRM or Customer Relationship Management software. However, if you are one those people who are new to this technology, and want to learn more about it before you can integrate it into your business, then this article is for you.
To begin with, let’s take a look at what CRM means.
Short for Customer Relationship Management, CRM is a software that helps you to organize and track every interaction with your customers, thereby assisting you in improving your customer service.
This powerful tool is especially beneficial for small businesses, as it helps employees improve their productivity, which in turn, helps you to achieve your business goals, and generate maximum return on your investments.
In this post, we have listed down 27 awesome ways CRM can help you to grow your business.
So let’s get started!
A primary benefit of using CRM, this tool helps to organize leads, customer information, accounts details, and sales opportunities in one centralized database, thereby making it easier for you to manage your data. It also helps to improve work productivity, by allowing access to information to various departments across your company.
CRM provides you multiple options through which you can capture and enter leads into the system. This helps you to reduce manual data entry, thereby saving your employees precious time. Plus, it minimizes the risk of duplication, thus ensuring that your data is error-free and accurate.
By making use of the CRM system you are able to better coordinate with your team members. It helps you to keep a track of what your team is up to.Plus you get to have a better overview of all the tasks involve, which can prove to be useful, as you can then direct your team to carry out sales activities that can help meet your business goals. You can also check out Slack, which keeps your sales team coordinated!
As a centralized unit that provides data to various departments through a single source, CRM helps to seamlessly integrate marketing and sales functions. It helps various teams to easily collaborate with each other, thereby assisting employees to address customer inquiries faster, which in turn, can help increases sales.
One of the best benefits of CRM, it provides valuable insight into business performance by monitoring and analyzing data. It provides you vital information to deal with any bottlenecks before it becomes an issue. In addition, it also helps to discover new areas of revenue, thereby assisting you in building a strategic business plan for the future.
By segmenting and identifying your best accounts, CRM helps you to devise marketing plans that would directly appeal to your targeted groups. This helps your employees to serve your key customers or clients more effectively, thereby strengthening the bond between the customer and your company, leading to improved ROI
Forecasting is a means through which you can measure your company’s growth and success. Most CRM, such as Zoho, comes with powerful sales forecasting tool that provides a real-time update on your company’s key performance indicators.
It includes details like current targets, completed sales, etc. which are vital statistics that’ll assist you in developing a better financial plan for your business.
Since CRM consist of a centralized database that you can access anytime, it helps you to quickly review important data, thereby helping you to keep track of everything with less effort.
For a manager or a business owner to take an important decision they need to have real-time data and this is easily obtainable through CRM. It provides you with accurate and detailed data through its constant updates, which not only speeds up your decision-making process but also alerts you to any potential business opportunities
Generating and managing new sales leads are important for all companies. However, at times by overlooking important information, your employees may miss out on sales opportunities. But, with the help of CRM, this risk is reduced as it helps to consolidate all ongoing opportunities into a single view, thereby enhancing productivity and ensuring that your employees are up-to-date on each and every qualified lead.
To improve customer engagement you need to ensure that your customers have a positive experience every time they interact with your company (employees), And this can be achieved through a good CRM system.
Since CRM provides detailed information on each customer, your employees are able to effectively engage with them thereby providing quick and hassle-free service which results in customer satisfaction, leading to enhance engagement, loyalty and repeat purchase.
Email marketing is a cost-effective way through which you can successfully market your product or service. When you use a CRM, you have access to important customer metrics such as purchase history, demographics, contact information etc, which can be used to create personalized emails that’ll yield better returns. This, in turn, will increase your engagement with customers and improve your email marketing campaign thereby generating a higher return on your marketing spends.
As mentioned before, CRM helps to segment accounts into target groups, which makes it easier to create a powerful list of leads based on various criteria.
This information or lists can then come in handy when running specific campaigns based on a particular demographic or geographical area, leading to effective target marketing and more profits.
Since all essential information is stored in one place, CRM system makes the task of following up on leads more simple. It allows you to create appointments, set notifications and more. Plus, since it is accessible to all departments, sharing updates or accessing client information becomes easier.
With CRM, marketers have access to important data such as customers demographics, their recent activities, last purchased products, personal likes, and dislikes etc.
This data helps them to focus on creating marketing campaigns that are relevant to a customer, thus, ensuring that the marketing message appeals to the target group, which could lead to increase CTRs (click-through-rate)
As your company grows, keeping a track of the ever-increasing number of orders and sales can be challenging. However, with a good CRM, you’ll be able to easily keep track of everything. It will also help you to reduce the risk of human errors thereby ensuring that your business runs smoothly and more efficiently.
Switching over to an automated system helps you to monitor the progress of a task right from the start. With CRM you are able to check details like:
In short, your are up-to-date on all the on-going campaigns and tasks. Plus, it helps you identify areas that need improvement for better workflow.
CRM is a mobile-friendly solution and as such, it makes the task of your on-field sales team easy by providing them access to customer information on-the-go.
This helps your employees to quickly respond to any queries from anywhere, thereby improving your team’s effectiveness and increasing cross-selling and up-selling opportunities.
KYC or knowing your customers is what CRM is all about. It provides you details on each customer’s profile, their purchase history, how they have been marketed to, their response to your marketing campaigns etc.
This data can then help you to come up with solutions that meet your customer needs. And once you have an idea of what your target market is looking for, you are able to personalize your interaction with them, thereby increasing customer retention and generating more revenue for your business.
It is a fact that as your business grows, you IT infrastructure grows too. This leads to managing number of different systems and application, which could prove to be costly as well as a time-consuming experience.
However, with CRM you can streamline your entire IT asset, as it provides you a centralized data source with a single user interface. This means no more switching from one application to another, as all information is stored in one place, resulting in better time management and reduces the cost of additional IT infrastructure.
By providing data such as an individual’s last purchase history, their product and service preference, and payment history, CRM technology helps you to identify repeat sales opportunities. This, in turn, makes it easier for the sales rep to cross-sell relevant products or services that the customer may be interested in, based on their brand preference or last purchase, thereby improving your company’s conversion rate.
It is only when you can identify what customer requirements are in the current marketplace, would you be able to meet its demand. And this where CRM can be of immense help. This technology helps you to compare current sales trends with historical sales results, thereby providing you key insight as to what product or service is in demand and what has become redundant.
This data can then help you make competitive changes in your marketing strategy, thus ensuring customer satisfaction as well as more sales.
A major benefit of having a good CRM is helping you to better serve your existing as well as new customers.
This tool aids in increasing the overall efficiency of your customer service team, leading to greater customer loyalty and more profitability.
When you don’t have any comprehensive system in place through which you can track your employee interaction with your customer or clients, the possibility of important things getting side-tracked can increase.
Thus, by using CRM you are able to keep track of your progress thereby increasing accountability in your team. Additionally, if something does go wrong, you are able to easily identify and rectify the issue before it becomes a problem.
By allowing you to examine the performance of each individual, CRM reports can help you understand how many deals a rep has closed, the success of his cold calls, what went wrong with the unclosed deals etc.
This information can help managers identify individual within their team who are struggling and help find better ways to improve their performance, thereby increasing employee capabilities within your organization.
An easy-to-use platform helps to streamline vital reports through the means of its user-friendly reporting features. You can generate reports such as
These reports can then help you to get an accurate and overall picture of your entire business process, thus enabling you to make crucial changes in your business model, so that you can incur better returns on your investments.
Consistency is the key through which you can improve your brand’s credibility. Thus, when you invest in CRM, it aids in providing your customers a consistent and hassle-free service, thereby assisting you in maintaining a good reputation for your business, which increases customer base as well as sales.
CRM is a powerful tool and its benefits are endless. Apart from helping you organize & centralize your database, it also acts as a valuable aid to all your employees. It assists you in strengthening your relationship with your customer and at the same time provides you valuable business insights, which could help to accelerate your business’ growth.
Did we miss out on any other vital benefit of CRM? If so, do share your thoughts in the comments section below.