We operate in a global economy where businesses buy, sell and communicate in countless ways. Our competitors are everywhere, and the barriers to entering global markets are low, requiring far less investment than in the past, effectively increasing the intensity of competition. The conversion of goods is happening with incredible speed. Happy customers talk about the world on social networks… and unhappy ones too. Indeed, especially those. CRM software is a tool that centralizes, streamlines, secures, and measures customer engagement. So, what can it bring to your business? Benefits.
Here Are Six Reasons To Use CRM For Your Business
A CRM Provides A Forward View Of Your Business
In the context of data usage, accustomed to running your ERP or management programs, you might think of CRM as a “future perspective” (into your revenue stream) rather than a “historical view” of revenue. CRM is also a future view of trends and events that will drive indicators of your revenue and profit metrics. The CEO and CFO can use CRM dashboards to monitor these key indicators. They may seek to understand lead generation, opportunity creation, or pipeline value with all opportunities to spot early indicators of possible problems or growth trends in the future.
This allows for a proactive approach to business management. The sales manager has access to the sales reporting tool. Here they see individual salespeople or team activity and track issues that could impact revenue, such as territory coverage, customer call activity, early conversion rates, and deal closure rates. The commercial director and the sales network are those interested in the Sales functions of the CRM, those which help the commercial activity with specific tools. The marketing manager must track marketing activities and campaigns, and with CRM, can adjust the marketing plan based on the success or failure of these activities.
Using the same tool to measure company performance, your marketing goals will align with your sales goals. Only the preferred tools will be those of marketing. A customer service manager can see who on the team is most effective at closing customer ticket cases, be notified when issues are past their time to close and monitor the evolution of open issues. By associating these functions with post-closure surveys, bots for automatic assistance on the site, and other tools dedicated to the service, with the basic ones of the CRM, coverage of the entire prospect-lead-customer management process is centralized in a single software and allows you to build a customer card full of information.
CRM Provides Greater Capacity For Your Business To Grow
Market prospecting is not just a business activity – it is a mix of manual and automated activities across multiple channels, resulting in a sales lead or opportunity. You can use CRM to acquire leads from your website, from email campaigns, bring them from seminars, webinars, conferences or fairs and send leads directly to your salespeople, also using automatic rules based on personal data or on social behaviors/interactions /site /newsletter (like HubSpot does ).
You can use CRM to direct salespeople to cross-sell or up-sell. You can use CRM to identify new products or market opportunities. You can use CRM to improve the efficiency of your prospect’s phone calls. With phone calls, you can increase the creation of opportunities. Increasingly, successful businesses are turning to inbound marketing, which uses a website to nurture lists of potential customers and qualify them.
Replication Of Best Practices
You will undoubtedly have ideas about how you want to involve your customers in marketing or sales actions. By engaging them, you’ll want to ensure you’re providing them with a consistent, high-quality customer experience. CRM systems can be used to incorporate the best sales or service processes, which will guide people through customer interactions.
Models can be created and used to guide people through even complex processes, guaranteeing compliance with the relational models you want to set up for your company. Workflow automation can automate tasks and ensure best practices are followed while reducing the administrative burden of managing your CRM. The procedures dictated by the software are the heart of a CRM successfully implemented within a company.
Do More With Less (Resources, Problems, Personnel)
For many companies, one of the main reasons for buying a CRM is that they want to better follow up on all customers and use the information to expand their reach “out of the loop.” For example, 80% of a company’s business may come from the 20% of customers you know very well. However, you often need to learn what the other 80% of their customers are doing and think there may be an opportunity for growth by being able to engage them more.
Many organizations would like to find efficient ways to access business in the “long tail” of their markets, either by maximizing sales opportunities on the current customer base or exploring new market segments. Through marketing automation and CRM, it is possible to make the long tail profitable, which would otherwise be too expensive/inefficient for your organization’s resources to follow. Your sales team’s ability to juggle an ever-increasing number of tasks, opportunities, cases, communications, and information is in Jeopardy without the right tools. CRM is vital in helping them manage their complex world without dropping the ball.
CRM Makes It Easier To Manage Risk With Employees
A customer told a story about a rep who had left. After the new rep took over, the company discovered numerous potential customers, far more than previously identified, who had never been contacted. Why? The new salesman couldn’t know what the one before him had done. When we have a salesperson or customer service touchpoint, it takes seconds to reassign customers, prospects, opportunities, and tasks to other sales or support agents. This allows us to provide a seamless transfer of liability without dropping the ball.
How many cases are there of companies in court because an employee, before leaving the company, downloaded the customer list and took it with him? CRM can help track such events and provide an audit trail to help protect sensitive information. It is one of the functions that, when you use HubSpot CRM, you learn first, being related to the creation of a CRM user: the request that is made is on the type of permissions on access to the various sections of the program.
Customer Privacy
Creating customer “intimacy” means tailoring your products, services, and engagement processes, to fit a customer’s business or industry. For many small and medium-sized companies, this is an effective way to compete in a challenging, always very crowded landscape. CRM can capture customer behavior insights and enable targeted marketing, product development, and sales activities. It can allow you to create the illusion of personal touch in every customer interaction, to make them feel special and pampered.
Look at it this way: Do you think your dentist remembers your birthday, or do you think they have software that tells them so? Is it a coincidence that Google ads show you things related to your interest, or do you think they have some software that does that? CRM can give customers the impression that you understand their needs and preferences – in a way that can scale to allow you to remember these things for thousands of customers at any time. And manage communications automatically.
Why Your Business Needs A CRM
- You need a CRM to make your business more efficient and increase revenue, which every salesperson can handle.
- You need a CRM to create repeatable and scalable successful processes.
- It would help if you had a CRM because you (and your competitors) are looking for a competitive edge in an increasingly multi-channel market.
- You need a CRM to examine how your marketing and sales activity is performing and to attempt to understand the near future and predict your revenue.
- You need a CRM to mitigate the risk and costs of staff turnover.
- You need a CRM to engage in a continuous improvement cycle.
- You need a CRM for your business to survive.
Also Read: Industry 5.0: Towards The Human Smart Factory