Finding customers for your business is certainly not easy in the current competitive business ecosystem. And it doesn’t end there!
Retaining customers is a whole new challenge. While there is no magical solution to help your business increase customer traffic, investing in CRM software for small business can help.
CRM technology is a valuable business asset that can manage all your customer-related information in one unified place. This means that you don’t need to switch between different applications and waste time – you get access to past customer interactions, demographic details, billing information, and sales metrics with the click of a button!
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Let’s dive deeper and find out why your business needs to get onboard the CRM software revolution to increase long-term profitability.
1. What Is CRM Software?
As you know, customers are the lifeblood of any organization. If you are looking to carve a competitive advantage for your business, move beyond traditional techniques to handle customers and get an automated
system to provide a seamless experience!
Customer relationship management system is a holistic solution that enables companies to nurture relationships with customers effectively. It seamlessly integrates all customer-related activities right from marketing to sales, customer service system, and support.
CRM software is a raging trend worldwide. Did you know that 91% of companies with over ten employees have deployed a CRM system? This figure depicts the growing popularity of professional CRM solutions for all kinds of industries.
2. How Can CRM Technology Grow Your Business?
No business can succeed without a loyal customer base. This means that the relationships your business forges with its customers can make or break it!
Here is where a CRM strategy comes in handy. A useful business asset, customer relationship management systems can help organizations organize data across various departments and empower customer service teams with the right information.
CRM technology is set to revolutionize the business ecosystem! The CRM market is expected to grow at a rate of 14% between 2021 -2027. Here are compelling reasons to invest in CRM technology and get the best-automated solutions available in the market:
1. Capture The Right Leads And Maximize Conversions
Here’s an interesting fact – without CRM systems, 79% of all marketing leads are not converted to sales. It makes you realize the power of automated CRM systems! Lead management system is a big advantage of CRM software that facilitates managers to gain a 360-degree view of all prospects in the sales pipeline.
CRM software can help businesses know what leads to focus upon so that sales representatives do not waste time chasing cold leads. CRM technology enables you to keep track of all interactions with a prospect and arms your sales team with vital real-time data. This helps them reach out to key decision-makers faster, move opportunities down the sales funnel and maximize conversions.
2. Provide Excellent Customer Service
Stop losing money by providing shoddy service and terrible experiences! Did you know that 86% of customers are willing to pay more for a better customer experience? If you lose interest after a sale and don’t follow up with exceptional service, your valuable clients may switch to rivals.
Customer relationship management tools can help your support representatives provide personalized service to valuable clients. It gives them instant access to a customer’s entire history of interactions. This empowers your team to resolve issues quickly, respond to complaints and increase first call resolution rates. CRM technology can help your business gain a credible reputation and keep customers happy in the long run!
3. Boost Team Collaboration
One of the challenging tasks for any organization is streamlining communication amongst employees across departments. A CRM system is a comprehensive solution to increase operational visibility in all functional domains and build two-way communication between all organizational stakeholders.
Investing in CRM technology ensures that your sales, marketing, and service teams do not operate in individual silos. It helps businesses form and share a comprehensive customer profile so that employees can provide exceptional service. CRM software can synchronize data effortlessly and improve collaboration between multiple customer-facing teams – a win-win situation for both the organization and customers!
4. Increase Customer Retention
The probability of selling to an existing customer is 60-70% compared to the 5-20% probability of selling to a new customer. This highlights the importance of building a loyal tribe of retained customers – it will increase repeat sales and help in word-of-mouth publicity.
CRM tools can help your organization nurture and importance of customer relationships management at every stage of the sales pipeline. You can develop customized loyalty programs to reward valuable customers with special offers, discounts, and promotional campaigns. With your customers on multiple platforms, you can use CRM systems to provide omnichannel support to reduce churn and build up the engagement rate.
5. Gain Detailed Business Insights
Social media posts, customer phone calls, product reviews, and e-commerce transactions – data is everywhere! However, raw data is of no use if not organized and structured correctly. CRM tools have robust reporting capabilities that enable you to drill deep into key performance indicators to improve performance.
CRM dashboards can help you understand important metrics and visually display them for complete transparency. Actionable reports empower you to make proactive decisions, respond to changes in the external environment, and achieve strategic goals faster. Here are some of the most useful CRM reports that can guide managers to gain a better understanding of key business operations:
- Profitability Reports
- Sales Cycle Reports
- Marketing Campaign Reports
- Customer Data platform and Buying Pattern Reports
- Sales Forecasting system
- Goal Progress Reports
6. Enhanced Protection Of Data Privacy
In recent times, there has been a heavy emphasis on protecting customer data and privacy. If you are worried that using a CRM system may expose sensitive customer information, you don’t need to anymore!
Modern CRM tools comply with the General Data Protection Regulation Act. This means that they have in-built functionality to manage customer-related information securely. Password protection, multi-layered access control, and data encryption system are some safeguards employed by CRM technology to prevent any kind of misuse of fraudulent activities.
3. Closing Thoughts
A customer is not just an opportunity for conversion – it’s much more!
You need to work hard to forge long-lasting relationships with customers by delighting them all the time. Get the best CRM solution in the market to ensure that your sales, marketing, and service teams have all the information they need at their fingertips.
Nurturing relationships with an advanced CRM should be your top business priority. There are plenty of CRM software solutions available – assess your business requirements, negotiate with vendors, and invest in a customized platform for instant results.
Do let us know your thoughts on how CRM technology can help your organization. Share any helpful tips in choosing the best CRM system and tell us your story!