CRM is an acronym that stands for customer relationship management. It includes any tool, strategy, or process that helps businesses organize and access data in an efficient way. Prior to CRM, these functions were performed using pen and paper.
However, as the number of people involved in CRM increased in an increasing digital era, the need for more efficient and reliable customer management increased too.
This is when CRM software came into existence. The first mobile CRM system was introduced in the late 1990s and later sales applications started moving to the cloud. CRM software has enabled businesses to shift from transactions to interactions.
It is noteworthy how CRM has evolved from handwritten notes to multifunctional software that can perform a number of processes and provide a very good Return on Investment (ROI). Companies and organizations have realized the importance of their data and it is considered as a strategic asset with the potential to increase the number of leads and revenue.
CRM software connects different departments and organizes their notes, metrics, data, and records on one unified platform. Users can easily access real-time client data that they need along with ensuring security through authentication.
This allows unparalleled coordination across teams and departments. It also allows companies to enhance customer interaction and get the necessary feedback to provide one-to-one services and customized services.
Whether you are a small business or large enterprise, CRM can ease your tasks and improve the performance of your teams in less time with less effort.
CRM platforms can grow and scale with your business since they are cloud-based. It is a powerful way to keep your relationships with your customers at the forefront. It also helps ensure that every aspect of a business cycle is covered and that there are guaranteed sales and returns.
According to many surveys conducted, CRM software can increase customer retention by 45% with around 37% increase in sales revenue. It can even be integrated with social media and facilitate team communication. The features offered by the CRM software are as follows:
- Contact management
- Track interactions
- Email marketing
- Scheduling reminders
- Funnel monitoring
- Reporting and analytics
- Integration with other platforms
- Sales automation
- Automation of repetitive tasks like data entry
- Help desk
- Customer service
- Industry specialization
How does CRM software work?
CRM combines business strategies and software tools to ensure long-lasting reliable relationships with your customers. It provides tools to collect data and insights obtained from customer interactions through various channels such as email, calls, and messages.
Users can access and track all this data easily. It organizes data and can even use the information to show graphs for better visualization. It is an asset for any sales and marketing team. It allows managing the entire sales and marketing system starting from gaining leads to finally closing a deal.
The database keeps growing as the number of customers grows. This is easily handled by CRM software with its scalability features.
One of the best features of CRM software is automation. This saves a lot of time and enhances the productivity of teams using the software. The actions of every lead, contact, and potential can be automated. Some of the specific and repetitive tasks can be automated like automatically assigning a salesperson once they convert any lead.
Mobile CRM comes handy and is accessible on the go. CRM Apps are available on mobile, allowing users to easily add and update data.
The top features of a CRM system are as follows:
- Deal management
- Sales management
- Contact management
- Lead management
- Sales automation
- Reporting and analytics
The scheduling feature allows users to set reminders for routine processes and helps the managers to track and measure the company’s performance. The analytics feature provides information for making data-driven decisions. You can analyze recent trends and follow accordingly to provide the best services.
Data is a competitive asset and can be used to increase the returns and revenue of the company. This data is crucial as it can provide important information on customer expectations. Find out what strategies worked out and what went wrong, what steps can be taken to mitigate the risks, and what are the current industry trends followed globally.
These are some of the insights that a data-driven CRM system offers. Emails, live chats, events, deals, social media posts, surveys, and campaigns of all your leads can be aggregated into a common timeline.
You can analyze and understand the purchasing habits and demands of your customers and design your campaigns accordingly. It is easy to migrate your existing data to the CRM platform. CRM has the capability to grow as your business grows geographically by supporting additional modules and custom processes. Here, we briefly list down the key benefits of CRM software:
A better understanding of your customers
CRM can work as a powerful communication tool. It can give a competitive edge to your sales, marketing, and customer service teams. CRM collects crucial data like contact’s name, date of birth, address details, telephone number, email address, and social media accounts which simplifies the processes as the information is available on the go.
In fact, information like birthdays, social media, and languages can be used to provide customization features to your customers. This is a plus point because it attracts more customers. People choose products and services that they can connect with. With the use of customization, you can gain the trust of the customers that their feedback is taken care of.
Better customer retention
You keep your customers engaged through marketing activities like free trials, discounts, sending email campaigns, etc. You cannot sell your products if you don’t serve your customers well. It involves answering their queries and resolving their issues at the earliest. CRM allows you to consider each and every customer individually and always be available for them.
It helps you to keep a track of all the offers and discounts promised and deliver them timely. The customers also share personal information with your business. It is very important to maintain privacy and security in order to gain their trust so that they can rely on your services.
CRM ensures that your customers do not need to wait for a long time to receive a response from your company. This is very important in case the customer is facing any issues that should be resolved immediately.
It offers a lot of customizable options like ready-to-use email templates, quotes, invitations, newsletters, documents, and proposals. It also allows you to design and draft messages to deliver in a timely manner.
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