Customer relationship management (CRM) systems are becoming more popular in today’s modern digital world. Valued at $120 billion, CRM systems offer benefits to businesses of all sizes. As a business owner or manager you may be asking yourself, do I really need a CRM?
If so, why do I need a CRM?
Ultimately, CRM platforms will bring an entirely new light on your business operations, including new insights with all phases of your customer relationships, including how much revenue you’re bringing in after your expenses. CRM platforms are easy to implement and can track the entirety of the sales process.
Furthermore, businesses have created new levels of internal and external engagement and synergy by connecting team members, collaborators, and stakeholders.
Below are various benefits of CRMs as well as reasons why businesses should take advantage of them today!
CRM Basics
CRMs were originally created to streamline customer interactions as well as the sales process. Through using a CRM, organizations have the ability to track vital metrics such as new customers, returning customers, ROI and more.
Yet, CRMs extend beyond sales. Many CRM processes are automated for convenience, creating automation efficiencies through workflows and sales pipelines. The ability to streamline such processes saves significant time on what some consider to be menial tasks.
Currently, businesses are using the data gleaned through their CRM to improve other operations such as marketing. Perhaps more importantly, businesses have the ability to CRMs to track leads, offers, websites, conversions, and even ad campaigns.
How CRMs Work
Fundamentally, CRMs combine sales, customer service, and marketing information in one database. With all of this information in one place, businesses can measure results in an automated fashion, which allows them to make higher level executive decisions.
Meanwhile, businesses can manage their customers while keeping track of other core business operations relating to sales and customer service.
One of the hidden secrets of a CRM is the success to use data to attract new customers while engaging current customers. Ultimately, businesses can be more efficient while keeping customers engaged.
CRM tools pull individual customer data while identifying target audiences based on website traffic, social media activity, email subscribers, and more. Implementing a CRM will afford businesses with an opportunity to improve on sales tracking as well as planning more efficient marketing campaigns.
Many CRMs now include project management capabilities to track projects, streamline business processes, and organize customer and sales workflows. We would argue that ALL businesses can find a CRM for their needs.
Who Needs a CRM?
We would argue that almost ALL businesses will benefit from a CRM. However, CRMs are ideal for businesses that have an emphasis on sales, customer service, marketing, support, and customer tracking. Businesses ranging from startups to large corporations will ultimately benefit from a CRM.
Moreover, remote businesses will benefit from implementing a CRM to improve collaboration, communication, and overall productivity. Considering the current COVID-19 pandemic, a CRM will help you remain relevant while retaining customer loyalty.
In returning to the question asked at the start of this article: Do I really need a CRM for my business? The answer is an astounding YES. Beyond the basic functionality of organizing customer data, CRMs offer task management, automation of menial tasks, and more through the power of artificial intelligence.
Benefits of CRMs
If you’re still unsure of whether to invest in a CRM, below are details of the various benefits your business will experience.
Increases Sales
CRMs improve and streamline the sales process by automating tasks, building effective sales pipelines, and analyzing data.
Businesses will experience an increase in both sales and productivity. All functions are available on one dashboard, saving ample time and effort.
Chat, voice calls, email, and social media are in the same database. As a result, businesses can easily track customer interactions, customer complaints, and can pull necessary data for your marketing efforts.
Better Customer Service
CRMs manage customer contacts and gather information on leads and customers. As such, businesses will make better marketing decisions as they use the data to improve customer interactions.
Customer service professionals have the ability to access customer information during interactions, which will also include previous communications and purchase history.
CRMs collect data across all customer service channels, improving customer relations.
By way of redundancy mitigation, customers will certainly appreciate the efficient customer service. Have you ever had to repeat previous communications or order details you had with past representatives? A CRM will encourage customer service representatives to address issues faster and more effectively.
Accurate Analytics
CRM dashboards fabricate data and analytics so it’s both easier to read and more organized. Such analytics include sales growth, marketing metrics, and more.
Why is tracking analytics important? Because tracking analytics will result in customer acquisition, better data management, and customer retention.
Speaking of which…
Retains Customers
Did you know that 80% of your profits likely come from 20% of your customers?
Customer retention is an effective model that is often overlooked, yet, it’s affordable and easily implemented. Using a CRM will allow businesses to find creative ways to keep customers in the sales funnel. Meanwhile, the same organizations are finding ways to engage these existing leads.
Fortunately, CRMs make business processes easier. CRMs collect data so that businesses will always know when and why the “churn” occurs. Businesses will not only identify what customers want, they’ll also find ways to address customer possible pain points.
Makes a Business More Reliable
Customers want transparency when it comes to their business interests. If a business fails to communicate vital information or relays bad information, customers may choose to support a competitor.
With a CRM, businesses can access key data from customers, identifying existing and potential problems to always have a solution.
Data will also help businesses create better knowledge centers while improving communication to keep customers engaged.
More Efficiency
Efficiency has been a common theme in this article because it’s important to emphasize this a key component to a successful organizational business strategy.
With CRMs, all functions are available in one place, improving workplace collaboration, creating better workflows, and overall better project management. CRMs do this by reducing repetitive work, eliminating routine tasks, and opening up the door for better functions such as delivering better customer service.
Furthermore, analytics are also available in the same dashboard to help improve high level decision making. You will make better sales, enhance customer service, and improve marketing strategies and decision making.
Transparency for Teams
CRMs create more transparency for internal processes with robust project management capabilities. Teams can assign tasks, track performance, and know who is on a project.
Do I Really Need a CRM? Yes!
Are you still asking yourself, “do I really need a CRM?” You don’t have to look much further. Contact us today!