- October 17, 2019
- Posted by: Sangeeta Raheja
- Category: CRM
CRM software not just streamlines business workflows but also enables businesses to offer personalized customer service.
The basic underlying usage of CRM software is – as you keep the customers happier by availing the functionalities the CRM software, your business finds success and profitability. However over time, as your business grows, excel sheets may come across as being insufficient for tracking customers or leads. Generic solutions for meeting client concerns may not be sufficient in terms of client retention or getting more business.
At this stage, the value of CRM software comes to fore. It takes customer relationship management at an all-new level.
Let us take a look at 5 of the top benefits of CRM:
- Leveraging missed opportunities to the finest effect
An enterprise must ideally follow-up even upon losing a client. Using a CRM tool is the best way for marketers to keep track of lost leads.
The history of lost leads then stays organized and insights can be derived over the end-customer perspective. This is an important factor for shortening sales cycles and enhancing sales funnel visibility. Over time, a business can also figure out more information about the prominent roadblocks which may be hindering these processes.
It works beyond merely lost deals. CRM renders the capability to overview each of the past deals, and lets analysts figure out the common challenges encountered through each one of them.
- An Integration of project management functions
Persistent coordination between departments and employees is called for to keep clients updated over deliverables and project status. It may call for organizing data present in various excel sheets or inboxes.
When enterprises choose to integrate CRM software with Project Management System (PMS), it bridges the gap between the two. CRM then renders insights into working of all departments, be it sales or operations. It allows an enterprise to make sure that they make well-informed business decisions. They are made following an all-round overview of project status and clients. Time spent over collecting information is mitigated and the focus can shift towards business-critical processes.
- Minimizing repercussions of high attrition rates
Attrition rates in an organization characteristically have a bearing over the client-agency relationships. This comes across as one of the significant problems in the advertising industry in particular.
But CRM brings about a change in the situation. When an account manager resigns, CRM ensures that the impact over customer accounts mitigates. Customer information is all easily accessible with the help of CRM. This would include project deliverables and emails. With the use of this easily accessible information, the new employee taking charge would be well equipped for overseeing all interactions with the end-customer. Hence CRM delivers an easier understanding of customer relationships, making transactions smoother.
- CRM boosts sales
Companies that have leveraged the CRM solution to fine effect have come across an increase in sales by up to 29%. This can be the case for your organization as well. This can be achieved in a few simple steps.
The first step identifies the customer segments that are more valuable for your business. They can correspondingly receive discounts over services.
CRM would enable email integration and automation of workflows. This automates sending emails and makes it easier to keep track of the processes. Batches of essential emails can be sent out in lesser time, bringing in more efficiency to the processes.
With CRM alerts, sales staff comes across important notifications in real-time. They can be responded to with an immediate effect.
- Bring value to marketing tactics
Closed-loop analytics are rendered by CRM. They yield insight into marketing tactics that deliver maximum outcomes in terms of lead-conversion rates. As an example, a marketer would come to know if e-mailers work for one client and not the other. Similarly, more insights can be derived over the efficiency and outcomes of Google ads.
A brand can come to know if the client testimonials written with a personal touch deliver better outcomes in terms of getting more sales. All these insights are derived from the analytical feedback over the CRM tool. Sales teams can correspondingly refine their tactics, adding to the overall success of a business.