The global marketplace that we are currently in, has increased competition to a great extent. Almost all the leading competitors provide top notch quality products, in any segment, due to the growth of technology. The only thing that can differentiate a company positively is good customer relationship.
Customer Relationship Management (CRM) is the process of tracking and analyzing all of the interactions you have with your customers and prospects. CRM software is a tool that centralizes, simplifies, secures, and scales our customer engagement.
CRM tools have become central to how businesses deal with their customers. Let us discuss a few reasons why you should consider shifting to a CRM system to stay ahead. Once you are convinced with the reasons I provide, which I am sure you will, you can try the comparison matrix to choose the one that will best fit your needs.
A Look into Future
CRM systems provide a future view into your revenue stream by letting you see the trends and events that will be the leading indicators of your revenue and profit metrics by tracking customer interactions.
The top management should look for these leading indicators and look at how lead generation patterns are changing so that new opportunities can be created to generate value using early indicators of future problems. CRM can be used to cultivate this proactive approach to business management.
Grow Your Business
Looking for prospects should not be confined to the sales team alone. It involves a lot of activities across various channels that will result in a potential lead. CRM tools can be used to acquire leads from your website, email campaigns, offline/online seminars, conferences, tradeshows and send those leads straight to your sales staff. You can immediately assign individual leads to people to convert them while your business is still top-of-mind.
CRM can be used by your sales team to cross-sell and/or up-sell. You can also use it to identify new market potential, improve calling efficiency of your Sales team, inbound marketing and so on.
A high-quality customer experience starts with a consistent customer engagement experience. Consistency is the key factor here and CRM systems can be used to incorporate some of your best sales or customer service practices/workflow that will lead your staff through their interaction with every customer. This can be achieved with the help of templates and they can lead your people through complex situations. This will make sure that best practices are followed consistently across the team while reducing the administrative overhead to ensure quality.
Do More with Less
The Pareto principle holds good here as well. Almost 80% of your customers will lead to 20% of your business and 20% of your customers will account for 80% of your business. If you are looking for opportunities for growth in the 80% segment, so that your overall business improves, then CRM can help you with that. A lot of companies want to find productive ways to reach the business in the “long tail” of their markets. CRM can make this process a lot more efficient, which would otherwise be an inefficient use of your company’s resources.
With the right tools, you can improve your staff’s ability to juggle a no of tasks, opportunities, cases, communications, and information. CRM is the key tool in the process to help them with their complex tasks.
It is difficult to maintain the same workforce from the inception of your company. People come and people go. But a sudden account turnover shouldn’t lead to dropped deals and missed sales. This would be deadly for your company
If you are using a CRM tool, then when a sales rep or customer rep turnover is happening, you can setup a global edit reassignment task and territory management functions to shift accounts and opportunities to the new sales or support rep. This makes sure that there is a seamless transfer of roles without any breakage. CRM can also help you keep track of sensitive information to prevent customer information thefts when an employee is leaving your company.
I hope this article was helpful to you and you were able to see the huge benefits of introducing a CRM tool in your company’s workflow. If you have any queries or suggestions with regards to choosing the right CRM for your company, please let us know through the comments section and we will be more than happy to help you out with your queries and implement your suggestions.