How CRM Systems can help your business?
There’s every chance you’ve heard the term ‘CRM’ thrown around your industry or many years. You might not understand what it means, but you’ve seen other businesses using CRM software for some time. It can present you with many benefits, which is why it’s well worth learning more about this technical concept.
What is CRM software?
First of all, CRM stands for customer relationship management. This type of software is in place to enable businesses to gain control over customer relationships and communications. Depending on the specific CRM software you use, you’ll have access to tools and technologies that can help you improve your sales efforts, enhance the way you interact with customers, and much more.
Nowadays, more and more businesses can afford this type of software. In fact, SuperOffice released a report that forecasts the CRM industry will generate over $80 billion in revenues within the next five years.
It’s a massive market, but how will using one of these systems benefit your business?
Identify Your Most Valuable Targets
One of the highlights of a great CRM system is that it lets you find and categorise your leads. You can connect most of your lead generation tools to this system – that means all the leads you gain from emails, social media, etc. can all be found in one place.
Here, the system lets you instantly put them in categories depending on who the most valuable targets are. The software sifts through the leads and shows you who is most likely to convert into a paying customer.
According to Salesforce, businesses that use CRM have seen a 26% increase in qualified leads, a 26% increase in marketing ROI, and a 30% increase in lead conversion. So, you can bring in better quality leads and identify the most valuable and easiest ones to convert!
Get Better Access To Customer Data
Modern businesses are heavily reliant on data. You need to know everything you can about your customers. Why? Because it lets you figure out the best approach for each customer. A CRM system brings all of this data into one place. Instead of needing to use multiple resources, everything you need to know about your customers is there for you to see. Statistically speaking, 74% of CRM users felt they had much better access to customer data through the system.
A typical CRM system will show you:
- Basic contact information
- All previous interactions and communications with a customer
- A breakdown of the customer history
Having access to all of this makes it far easier for you and your team to develop better relationships with your customers. It upgrades your customer support because you can see what products someone has ordered, views previous interactions to see if the customer has complained before, and reach faster solutions for them.
Increase Sales Productivity
CRM can dramatically alter your entire sales process. Primarily, it can help you boost sales by increasing productivity in the workplace. Lots of sales tasks are monotonous and take a long time for your employees to do. Think about something as simple as finding contact information for a lead. Your sales team wastes a lot of time inputting data manually and doing tasks that they don’t really need to do.
With a CRM system, most of these tasks are automated. As we’ve already mentioned, the data is collected and presented to you in the system. There’s no need to go hunting for it as you can find it with a quick search. You’re also shown which leads are the highest value targets, so it tells your sales team who they should focus on first.
You can even map out a sales process within your CRM system. Essentially, this lets you build a pathway and set more structure for your sales. Your team can follow this process, making it much easier to close deals by following the necessary steps.
Overall, your selling techniques are more fine-tuned and less time-wasting. The beauty of automation through CRM is that it gives your sales executives more time to focus on actual customer relationships. They can also get through more leads in a week/month, leading to more sales. The proof is in the pudding, CRM can increase sales by up to 29% in your organisation.
Increase Customer Loyalty & Referrals
We’ve already touched upon how a CRM system can help you identify the best leads to find new customers. However, it also helps you gain repeat business from your existing customer base.
You’re blessed with a wealth of information relating to all of your customers. You can see their buying habits, their interests, and so much more. In turn, this lets you plan how to get them to make more purchases. As an example, imagine you run a business that sells books. You spot a customer buys lots of crime novels, so you can start marketing more of these novels to them, which can lead to more sales.
CRM software lets you understand your customers far better than ever before. This opens the door to bring in so much repeat business. Also, by understanding them, you can keep them happy. A happy and loyal customer is far more likely to make referrals for you. Therefore, this can also help you bring in more new customers!
Conclusion: A CRM System Enhances All Aspects of Your Business
You will see drastic improvements when implementing a CRM system in your business. Overall, it increases your bottom line by helping you make more sales, finds new customers, retains old customers, and develop better relationships. You’re likely to increase your revenue while also getting more out of your marketing investments.
There are plenty of off-the-shelf CRM systems available for you to try out. However, this might not be the best approach for your company. All businesses and industries are different. What works for one company might not work for you.
Instead, you can benefit from a custom CRM that’s specifically developed around your primary business goals and requirements. This way, you pay for what you need and get the technology that will help you. It’s a smarter approach, so feel free to contact the team at Cefar to learn more about custom CRM systems.