“It takes months to find a customer and seconds to lose one.”
Talking about delivering personalized experiences and quality services to your customers, Customer Relationship Management abbreviated as CRM has been making noise in the business sector. One of the most important assets of an organization is its customers. Today, customer satisfaction plays a crucial role in the success of a business. Now, the question arises: how to maintain sustainable relationships with customers? In this blog, we are going to answer this question. We are sure that you have also heard of CRM before. Don’t worry. We will walk you through this. From introducing CRM to understanding what it can do for you, we have covered everything. So what are you waiting for? Let’s read.
What is Customer Relationship Management (CRM) Software?
CRM is surely not that simple address book of your customers you maintain. So, what exactly is it? Let’s define CRM.
Customer Relationship Management (CRM) software is a business tool that helps a company to manage its interactions with current and potential customers and maximize its customer communications and sales effort
How does CRM work?
CRM software compiles data from a range of different communication channels including websites, emails, chats, social media, and marketing materials. It then employs data analysis techniques to gain useful insights from customers’ history with a company to improve business relationships with customers, particularly focusing on customer retention and ultimately, driving sales growth.
What’s in CRM’s Mystery Box for Business Development?
In this section, we are going to unveil the CRM’s mystery box and see what it has to offer for your business. We will unleash its true potential and find out how relationship management technology can help you to establish fruitful connections with your customers.
Finding the right customers
In this fast pacing world, one of the major issues companies struggle with is targeting the right audience and finding potential customers from it. We know that you invest a huge amount of time and resources to sort this out. By connecting an audience with your CRM platform, you can make most of your marketing tools. Using CRM software, you can create and target engaging communications to turn prospects into customers.
Building more sustainable relationships
CRM software can help an organization to explore customers’ challenges, engage with relevancy, and scale 1-to-1 relationships. You can record your customers’ preferences in a CRM software and make sure to have a follow-up action. Production recommendations can be done easily through CRM software because customers love you for the personalized experiences you provide.
Reducing the cost of sales
In business, new customers are a key ingredient in the perfect recipe for continued growth. But do you think that they are cheap to come by? Absolutely, no. The solution is that CRM enables you to offset new customer acquisition costs through sales to your existing customer base. You can gain greater visibility into the renewal opportunities in your customer portfolio with the CRM tool.
Increasing employee productivity
According to Harvard Business Review, 52% of high-performing salespeople identified themselves as functional users who take full advantage of their companies’ CRM technology. The gist of the story is that adopting CRM technology frees up your teams from process-heavy tasks and connects them more with customers. CRM can move the needle for your business by automating across sales, services, and marketing.
Offering better customer service
You’ve probably heard of the most famous saying in the business world that only a good service makes a product best. One of the common misconceptions among people is that they can hit success bars with multiple marketing promotions. Instead of scaring your customers away by dropping a ball just after the sale, provide them with personalized messages and solutions because now you have immediate access to customers’ history through CRM.
Improving customer retention
CRM provides you transparency into customer histories, active campaigns, and open cases. Your team can proactively address at-risk accounts and present satisfied customers with new opportunities at the right time by adopting CRM solutions. It is a need of the hour for the businesses to invest their time wisely and build strong customer relationships that will pay dividends for years to come.
Familiar with the concepts of Customer Lifetime Value Modelling and customer retention rate? No? Refer to the following article to read more about it:
To summarize, we can say that a CRM system improves your business performance by:
Improving sales efficiency
Boosting sales effectiveness
Increasing upsell and cross-sell opportunities
Uncovering referral business
Reducing time to close
Now that we have provided you a 360-degree view of all the aspects of CRM software deployment in your business, the next step should be to evaluate different CRMs and check if your business is ready to adopt one.
Want to learn if CreateBytes is a good fit for this job? Dare to contact us today and we will be happy to answer all your queries.