How Far Can Your CRM System Take You?
At the simplest level, CRM software helps marketers and salespeople monitor and evaluate relationships with the organization’s direct and potential customers. Improving business relationships is the ultimate goal of it. With the use of the CRM system, it can make businesses stay connected, increase productivity, and streamline processes.
CRM allows monitoring every contact with the product and collects the customer’s information. In this manner, the marketer always knows who they are when talking to a customer, and sees their history with the company. This makes the communication more customized, increases the chances of conversion, and fosters trust and loyalty among customers.
CRM is not just a list of emails. It empowers your team to develop relationships more effectively and provide the best service from assessment to purchase and even beyond.
Before only the biggest organizations were able to afford CRM software, so learning and implementation were difficult.
In this article, we will explain the value that CRM can bring to your business and how far can the CRM system take you.
Here is how the company will benefit from a CRM system
1. Make progress to your bottom line
It has been shown that the implementation of a CRM platform yields real results, including clear changes to the bottom line.
CRM applications have demonstrated a growing track record:
- lead conversion by up to +30%
- sales by up to +30%
- sales productivity by up to +35%
- customer satisfaction by up to +35%
- faster decision-making by up to +38%
- revenue by up to +25%
2. Identify and classify leads
One way that a CRM system can help you is to classify and incorporate new leads rapidly and easily, as well as categorize them correctly. By concentrating on the correct leads, sales can focus on improving the possibilities that will close deals, and marketing can recognize leads that require more nurturing and prime them to be quality leads.
With comprehensive, precise, and centrally held information on customers and prospects, marketing and sales can devote their time to the right customers.
3. Enhance products and services
To know if the CRM system you are using is good or not, you should be able to gather pieces of information from a vast array of sources across and beyond your business with the use of it. It gives you unparalleled visibility into how your clients feel and what they are talking about your company – so you can change what you are selling, find problems early and recognize gaps.
4. Provide better customer support
Customers of today expect fast, customized support, at any time of day or night. This system is a big help because it provides high-quality service that clients are asking for. Your personnel can easily see the products which are ordered by the customers. Since they can monitor the customers’ interaction, they can now provide answers that the customers need as fast as they can.
5. Boost referrals from existing customers
Through understanding your clients, prospects for cross-selling and upselling become apparent – giving you the opportunity to win new business from current customers.
With great visibility, you will also be able to keep the clients happy with good service. Satisfied customers are expected to become regular customers. According to some reports, regular customers are spending up to 33% or more.
How far can your CRM System take you?
It made sense to track customers by email, address books, and spreadsheets when the business first started. But now your business is growing and more growth means more chance to improve how you run your business.
Below are the problems that you are currently facing in your business:
- Spreadsheets are difficult to update, understand, and to stay connected with your staff
- Valuable information about customers is your staff’s inboxes
- Notes go missing or thrown away
- Customer social interaction is incoherent between your staff.
Nevertheless, the real issue is that there are multiple systems and people spreading your most important data, making it difficult to control your information and collaborate on sales.
Considering the different issues, this is where CRM comes in. With the different features that the CRM has, surely it will take you far from where you started.
Below are the answers on how far can your CRM systems take you:
1. CRM helps marketing
Using a CRM can decrease the marketing costs of a company by 23%.
- Know how future customers will consider you
CRM enables you to monitor how prospects can figure your business – via online searches, fairs, or specific marketing strategies – so you can assess where you are getting the biggest return on your marketing investments. Through analyzing the sales experiences of your company, the marketing team will be able to understand better the concerns of your customers and often asked questions and utilize this data to build more valuable content.
- Keep customers engaged
CRMs collect a variety of valuable information that can be used by the marketing team to cultivate consumer leads and customer advocates. Modern CRMs also incorporate with several marketing tools so marketers can create powerful campaigns for email nurturing, sitemaps, forms, and advertisements to maintain prospects moving gradually through the funnel.
2. CRM helps sales
24% more sales reps achieve annual sales target with mobile access to their CRM
- Sell smarter
CRM software allows sales reps to monitor their transactions and perform all their sales correspondence from a centralized location. By combining your CRM with the business tools of your organization along with software for calendar, marketing automation software, and email– your sellers no longer have to spend time and energy going back and forth between programs. CRM software also offers a complete overview of the status of each current deal and assists sales managers in coaching their staff, setting targets and monitoring individual sales rep.
- Invest in what works, and stop what does not
Rather than guessing, a sales manager should track the factors behind winning or losing deals. Through evaluating the customer data trends and sales reports from their CRM, sales managers may assess which strategies are successful and which need improvement.
- Constantly improve your sales methods
Sales processes give the data you need to determine the root cause of failed sales, take steps to deal with the issues, and make sure that the team directs its attention on the most revenue-generating activities.
- Predict your sales correctly
Getting a more reliable win rate helps sales managers to accurately predict how many transactions their team can close from a variety of leads and set realistic revenue targets.
3. CRM helps business leaders
In the first 5 years, 65% of businesses have adopted a CRM.
- Measure and grow your business
Accessing data on sales trends, forecasts, and opportunities is critical to building the immediate and long-term action plans for your company. Entrepreneurs can use CRM data to determine which markets and goods are most competitive and assess how strategy can be changed to achieve their objectives.
- Optimize team performance
CRMs keep business leaders updated on their business health, whether or not every team is still on track to meet departmental goals. Actual-time sales reports can aid company leaders to identify shortfalls in the sales process, return on investment for marketing campaigns, and if any customers do not get adequate support.
4. CRM helps customer support
- Strengthen all customer communications
CRM can be combined with online chat software in addition to logging email conversations and phone calls so that all customer chats that are relevant are stored in your CRM. Upon resolving service requests, the support team will revisit these saved chats in the future, or send saved chat summaries to customers.
- Solve customer problems quicker
Quicker response times to support requests indicate a more pleasurable and enjoyable customer experience. Customer data has to be a click away for that to happen. CRM connects relevant customer information – including purchased products, previous conversations, and customer history – to every support ticket so you can quickly and effectively fix the issues of your customers.
Businesses sometimes start their CRM search when their sales interactions start to get chaotic – and by then, due to disorganization, they have already missed opportunities and revenues.
Pieces of advice? Do not let that get you to that level. As soon as there is a sales team in place in your company, it is time to look for a CRM.
Knowing now how CRM adds value to your company and how far this system can take you, it is time for you to consider reviewing the choices and figure out if CRM is a good fit.