In this extremely competitive business market, customers’ demands and behavior are intensifying perpetually, thus, leaving entrepreneurs and marketers perplexed about the interests and needs of their target audience. Putting customers and their interest at the heart of your business is the smartest and most promising business strategy. Because (let’s face it), if you would not, somebody else would as customers are not short of choices. They are always online, searching for options for every product or service they require, just like you did and somehow landed on this blog because you were looking for something related to CRM. So, finally coming back to this blog in which we are going to explain how Customer Relationship Management software helps businesses become efficient, better, and profitable.
Customer Relationship Management
CRM software and tools are normally used by medium and large enterprises to keep track of all sales and marketing activities. Some small businesses might use CRM software but the majority of them rely on maintaining excel sheets and other documents. Irrespective of the business size or domain, CRM software augments to the processes and operations. CRM software is primarily used by the sales and marketing department of an organization. However, it can be used across the company for various other purposes and objectives too, depending upon its functionality and competency. Let us understand how a CRM can help businesses drive growth and survive through the ultra-competitive market.
Optimized & Streamlined Sales Process
CRMs are primarily used for streamlining the sales activities, right from generating leads to nurturing them to finally converting them into customers. It is meant to manage customer relationships as suggested in its name. In the first year or initial years, organizations tend to rely on excel sheets that require too much effort for maintenance. With a CRM tool implemented right from the beginning, your sales team can efficiently utilize time and effort in analyzing the information rather than spending too much time recording it in different cells.
CRM tool makes your sales team more organized and data-driven. Centralized information makes it easier and simpler for all team members to access and perform different tasks remotely. As a result, there is more accuracy and lesser dependency, thus, enabling smooth coordination. Task assignments can make the lives of managers and coordinators effortless while allowing sales representatives to have clear objectives and definite roles.
Centralized Customer Information
CRM solution allows businesses to store customer records as separate files that can be used along with new data for building everlasting customer relationships. Everything including phone calls, emails, personal details, offers, contracts, etc. is kept in one place, making it easier for businesses to access and manage records anytime, anywhere. Changes made by any team member will be reflected at once to all others, thus, saving time and effort.
Instead of maintaining endless paper records, you can use CRM solution’s centralization and digitization capabilities to keep data secure and updated. Cloud information makes information accessible to all team members through an internet connection. Regular backups of this data help you recover important information in case of any disaster which isn’t feasible in case of tangible paper records. Digitized records stored locally aren’t always secure for that matter, hence, making cloud the most secure option of all.
Businesses implement CRM solutions that suit the needs of their business. That said, CRM solutions can be integrated with the business’s central software that helps in the efficient management of processes across departments with both customer records and the team’s schedules coming along in common interface.
Rather than relying on spreadsheets and other complicated planners, choosing a CRM can help you lay out a clear and comprehensive course of action. This allows your sales team to identify potential leads and put in efforts to follow up with the same. The CRM software keeps track of the entire process of bringing in any new customer which makes tracking easier for both sales and support teams of an organization. The solution will remind you to stay in contact with the customers periodically in order to follow up for support tickets or even send promotional offers to encourage product adoption at the next level. Cross-selling and up-selling can also be significantly improved as a CRM solution helps you monitor the customers’ participation and interaction with your business.
All in all, a CRM makes sure that your business is proactively resolving customer issues while enhancing the user experience that results in increased customer retention and improved customer satisfaction. Moreover, the churn rate is reduced exceptionally. With the complete customer journey being tracked in the CRM software, all team members can view and refer to specific details of each customer as and when required. Subsequently, the CRM solution can serve as the basis of all your sales strategies and marketing campaigns.
Nurture Inter-Departmental Cooperation
With the CRM solution collecting and storing all kinds of information about your organization, different departments can round up to use it for distinct purposes. When sales, marketing, development, and support team are all involved, coordination becomes challenging. Anything that disrupts this coordination affects the customers directly. So, CRM solution ensures smooth and seamless coordination among all the departments of an organization without the customer being put to suffering.
Most of the time, it is the poor interdepartmental cooperation that leads to unpleasant customer experiences without the teams being aware of it at all. Rather than thinking about what went wrong, it is better to adopt a CRM solution and see it for yourself. From efficient task assignment and management to easy access to centralized customer information, the CRM software will simplify your business problems and put your customer at the heart of your business. That being so, your workforce will become more productive, business costs will be optimized, and revenues will go sky high in no time.
Keeping all your departments on the same page also encourages the under-performing staff to perform better for rewards, recognition, and incentives. Therefore, the overall productivity and efficiency of your employees improve and your business drives growth like never before.
Improved Business Decisions
Implementing a CRM solution means storing huge amounts of customer information on a regular basis. Analytics in a CRM software offers intelligent business insights that help the sales and marketing team understand what all is working and what all needs to be improved. Report generation helps evaluate the performance of the teams and eventually create business strategies that are based upon real data. Smart decisions can transform any business into a smarter business.
When you look into the analytical data, you can make everything in your business better. Different patterns in the data must be analyzed to understand what it holds for an organization. Analysts can use this information to scale the revenues and minimize the losses. Understanding customer needs and their changing behavior becomes utterly easy with an intelligent CRM solution.
So, now you know why your business needs a CRM. But which one; Off-the-shelf or custom?
Here is a quick answer to this one. If the off-the-shelf solves your problem, go for it but if you require two to three different software to meet your business needs, get a customized CRM solution built exclusively for your business. Having said that, let us look at the broader picture and find out how custom CRM is always the better choice.
Tailor-Made For Your Business
When a company implements a certain CRM solution, it is either already using central business software or is just considering a CRM solution for its sales processes only. However, with a custom CRM solution, you can eradicate all other software by getting their functionality added into your own CRM. Consequently, your business will use a single interface for all its operations and processes, reducing the complexities and learning curve of individual software tools. Moreover, you need to manage a single software at all times which saves your time, effort, and resources.
Using off-the-shelf CRM software means all your competitors are also using the same or similar CRM software. This implies that you along with your competition are following the same processes and steps with no significant results. A custom CRM empowers your organization and lets your business have a competitive edge with automated processes, more effective business policies, and unique business workflows.
Off-the-shelf CRM solutions can be intimidating when it comes to learning and getting your staff trained for it. In the case of custom CRM software, user interface design is in your hands and you can get a highly usable software designed for your company that guarantees a smooth transition with successful implementation.
Getting your own CRM developed gives you the power to select and integrate third-party tools for efficient business operations. Moreover, it allows your business to expand and scale at any given time without having to worry about performance and other complications.
More Affordable Options
When you decide to get your company’s CRM developed, you can choose to begin with the most fundamental version that can cut down unnecessary business costs. Eventually, you can upgrade the software with more functionalities. This is not possible in case of off-the-shelf software as there are initial set-up costs as well as the training costs. Additionally, there can be a monthly or annual fee charged as per the solution provider.
With a custom CRM solution, you can define what all business analytics your company would require to survive in this constantly changing business market. Readymade CRM solutions offer standard analytics that might not be sufficient for your organization. Therefore, you can define what analytics your team would need for better business methodologies, campaigns, etc.
Are we done yet?
Well, it depends if you have decided what you need, then my job here is done. The horizons of this competitive world are broadening day by day and CRM can prove to be the best survival kit for your business.
You can get in touch with our CRM development experts to learn more about CRMs and how you can get started with your company’s custom CRM.