Businesses that deployed a CRM system are tailoring their sales efforts and customer services better today. A CRM system helps to ensure that your customers have a positive experience and demonstrate long-term satisfaction with your company. The benefits of deploying a CRM system far outweigh its implementation cost.
What is CRM?
Customer Relationship Management (CRM) is not just about having a cloud-based platform for storing and centralizing data about your customers. It is the efficient combination of modern technology and strategy to provide a positive customer experience and manage lead generation projects. Research supports the positive role of CRM in sales generation.
Findings on how the use of CRM systems has helped to boost sales in 2021:
- 91% of companies that have 10+ employees are using CRM systems to manage customer interactions – Grandview Research.
- 74% of companies say that they have improved access to client data to tailor their services better since they implemented CRM systems – Software Advice.
- By the end of 2021, AI CRM could generate an additional US$1.1 trillion in sales – Salesforce.
Benefits of using CRM
CRM has proven to be of great benefit for businesses of all sizes. Moreover, the strategic implementation of a CRM system should originate from a good understanding of why we need CRM systems. Here are a few reasons:
It is good news that the digital world has increased the number of touchpoints with leads by tenfold, thus making it easy to connect with potential customers. But the sad news is that without a centralized and automated marketing effort, your business is likely to find it very difficult to convert leads to sales today. However, thanks to CRM, marketers can now optimize their marketing efforts.
Safe storage space
It is common to lose potential customers following a case of missing data, and this unfortunate event is costly to your business. The need to avoid such a mishap is a strong reason why CRM is important for your business today. With a CRM system, your sales team can have their sales opportunities (B2C, B2B, B2M, and others), contacts, and schedules centralized and safely kept in a place that is readily accessible.
Without good sales, marketing is never effective. Thus, CRM helps you run your sales process in a scalable way by ensuring that the experience remains the same irrespective of increased traffic and related real-time data flow. It allows the capturing of customer information and ensures that your sales team is following the right processes and stay on top of every lead.
Sales lead integration
Many businesses have found CRM software simple to integrate into their lead generation strategies. Besides, for enhanced customer loyalty, CRM offers fast access to vital information on customers’ purchase records and prior conversations with contacts across various platforms (email, chat, social media, etc.). So, whatever tools your marketing team uses, thanks to CRM the data on leads is easily available to the sales team to take over.
Time management and workflow automation
How does CRM help sales teams to manage their time and workflow? Professional sales teams use CRM to prioritize their tasks and optimize their schedules so that customers always get the needed attention on time. Your CRM system is the one-smart tool to handle all your time management demands. It can allow you to arrange a follow-up call or reminder, synchronize events, manage to-do lists, congratulate your biggest client on their birthday, or whatever else. Using a CRM system with inbuilt automation capabilities, you can scale your sales processes and customer retention initiatives much better. Moreover, using a CRM tool, you can eliminate unnecessary repetitive administrative actions. For example, you can use it to automatically update and store details about products and prices, schedule reminders, and guide your sales team through where prospects are in the sales process and the respective deadlines for closing every deal.
The process of preparing weekly or monthly reports or presentations ahead of a management meeting is usually not an easy one. However, with CRM, this is way easier and faster today, thanks to automated reports, interactive and customizable dashboards and visualizations.
While targeting is about being aware of the customers you want to reach and devising the best way to contact them, data segmentation is about splitting and organizing the details you already have about your customers into smaller pieces of data or market segments. It enables you to reach out to a subset or subgroup of your customers. CRM helps you to organize and categorize data about leads and customers quickly and easily using features such as data fields, filters, cross-referencing, and others.
Communication tracking and analysis
CRM allows access to aggregated interactions between customers and marketing, sales and customer service teams on multiple devices and channels. Businesses find this data useful for both quantitative and qualitative analyses. Moreover, they can measure customer satisfaction and capture insights into product or service pain points, customer preferences or what they wish they had received through text mining and sentiment analysis. For example, different businesses can use CRM to determine the words or phrases customers mostly use in describing the quality of experience they are having with the brand and the emotions attached. Through this kind of analysis, machine learning and artificial intelligence technology allow identifying different emotions expressed in textual data and classifying them as negative, neutral, or positive; or into more specific emotions such as fear, anger, anticipation, disgust, joy, surprise, sadness, and trust.
Customer knowledge and value-tracking
The usefulness of CRM in ascertaining what customers really want and anticipating issues they might have with products and services is another benefit of CRM for sales managers. In addition, CRM allows managers to track the lifetime value of their customers. It helps them see where and who the leads are coming from and what value these leads are driving. This way, businesses can invest more in the customers and channels that are producing the desired results. Moreover, modern CRM systems can help prioritize leads, allowing sales managers to work more efficiently.
Save money and time
Another point on the need for CRM in business is that it helps companies save money and time. A CRM tool helps your company save money by automating routine tasks, such as data entry or reporting, that otherwise would require employing more staff to do, thus getting the job done at faster and cheaper rates. Examples of these CRM tasks include but are not limited to automatically keeping customer profiles up to date, eliminating misplacement of invoices by flagging them for prompt follow-up, and fostering customer satisfaction and repeat patronage. Besides, due to its multifunctional design, CRM also helps businesses save money that they would otherwise have spent on licenses of other software.
The benefits of implementing a CRM system are unquestionable for modern businesses, as it helps optimize sales workflows, automate marketing campaigns, streamline reporting and gain insights into customer behavior. The ultimate benefit of CRM software is that it allows driving customer satisfaction and increases revenues for your business. CRM managed services experts at OMI specialize in implementing, administering and integrating Salesforce and Microsoft Dynamics 365 CRMs. Reach out to us for a consultation on what CRM solution is best suited for your company. We’ll help you evaluate your CRM needs and existing infrastructure and come up with a plan for a smooth adoption of CRM of your choice.