Customer Relationship Management (CRM) software is considered to be the heart of every growing business. The CRM software market is one of the largest and fastest-growing markets in the world.
Here’s something to ponder: The global CRM market is projected to grow from $58.04 billion in 2021 to $128.97 billion in 2028. (Fortune Business Insights 2020)
Today in the digital world, more and more businesses understand the need to use CRM for clients’ data curation to get a clearer picture of the user’s behavior, which is essential for providing a personalized experience.
The decision-makers of most organizations have realized that customer relationships must evolve, considering that the technology, economy, and purchasing habits of the users have changed. CRMs have become essential, and it looks like this is here to stay.
CRM Integration – Vital for Every Business
Most businesses collect large volumes of information from customers, which makes customer relationship management cital. In ancient times (a couple of years ago), organizations had to manage and track things manually, but that’s not the case anymore.
The age of files and spreadsheets is gone, and businesses are moving ahead without dealing with the stress of losing out on files and other information.
CRMs allow businesses to keep track of contact numbers, addresses as well as the pain points of the customers. CRM Integration helps companies to consolidate, synchronize and organize valuable data.
Moreover, even if someday, Mr. Robert from your company isn’t in office, anyone from your team can log into the CRM and access the customer file. Isn’t that amazing?
A CRM is undoubtedly an advantage for the sales and marketing team, but it also has the potential to ease up the workload of your organization’s finance department. A CRM is powered by an in-built bookkeeping system that allows you to pull out accurate financial reports in just a few clicks.
Now, what’s in it for your business? This reduces the dependencies on your accountants. They no longer have to spend hours tracking every penny coming in or going out. The CRM also automates a number of repetitive tasks like applying discounts and shipping charges.
Does your business have a weak or an average closing rate? Do you miss out on sending follow-ups with customers, which leads to a loss in sales? Or are you unaware of this data? In any of the cases aforementioned, A CRM will prove to be a gamechanger for your business.
One primary benefit that a CRM offers is that it allows you to track, trace and pull out reports which will help you identify the phase of the sales process where your customers are falling off.
This is vital to help you analyze what is and what isn’t working to introspect, re-strategize, and fill the gaps to convert more leads into paying customers.
A CRM can help in stopping potential customers from falling through the cracks. You can also set prompts for follow-ups or even automate follow-up/newsletters, for that matter. And be rest assured, No One needs to come to the office to hit the send button!
Digital marketing and the online shopping system have ensured that a change is vital for any successful modern company. To adapt is the only way to thrive, and to innovate is the only way to boost your bottom line.
A CRM empowers businesses to stay on top of trends and readjust the sales strategy accordingly/as and when required. Businesses can further collect and analyze data of various types of customers.
How does this help? Let’s say you notice that majority of your customers are women aged between 25 – 30; you will be able to make better and more effective marketing campaigns.
For any business, regardless of its size and vertical, knowing what to focus on at the right time is essential for a successful business. CRM allows you to delve deeper into analytics, empowering you to prioritize the tasks and responsibilities of each team member.
According to a survey conducted by Salesforce, businesses that switched to CRMs witnessed an increase in sales by 29% and productivity by 34%.
A CRM system integration is excellent to identify leads that you need to nurture and even pull up customer contact information in seconds or, let’s just say – in a few clicks.
You can automate a number of tasks using a CRM, which allows your teams to focus on more important tasks – bringing in more sales.
Enhanced Customer Service
Did you know that more and more users are using social media to voice their opinions and comments about brands, and most people, especially generation Z expect brands to respond quickly?
Here’s something to ponder on:
According to a survey, about 90% of people expect brands to revert to DMs on social media channels within a day. About 44% of the users demand that brands address their DMs within an hour or less.
I’m sure these stats help you realize the importance of customer relationship management for your business. For businesses to thrive in this neck-slitting competition, you must endure that your team stays on top of all complaints and queries. A CRM helps you get a competitive edge by providing you with a detailed complaint analysis.
Using a CRM, it is easy to pull out reports and assess where and why you didn’t perform well, which empowers you to make informed decisions to facilitate a state-of-the-art customer support system.
Higher Customer Retention
A CRM in place gives businesses the support they require in order to give their customers adequate time. The chances of a paying customer coming back to you again are always higher than converting new customers.
But for that, you must target the right people using marketing channels like email and social media. A CRM offers many intelligent solutions that your marketing team can make the most to upsell and cross-sell products based on the customer’s purchase history.
Automated email campaigns are a great way to target your customers and have proven to help increase customer retention rates and your business’s bottom line.
Can Integrate With Other Software
To make the most of everything at your disposal, the flow of information and data from other software systems to CRM must be seamlessly integrated.
CRM is powered with easy one-click integration that allows businesses to update their CRM with the database of all customers via multiple tools like PM, sales, marketing, and account tools.
This completely eradicates the need to enter data from other software to the CRM manually, perhaps eliminating the chance of mistakes.
To put the cherry on the cake, CRM tools can now integrate customer data through social media platforms allowing the marketing team to segment, target, generate prospects, convert and finally add to the sales funnel.
CRM – A Game Changer
There are a number of tools out there to help you run your business smoothly. Tools for marketing, lead generation, and automation tools have been developed, and businesses are trying to leverage them.
To hit the 6 figure mark or dramatically increase sales, it is imperative to upgrade how your business operates. But without actually managing and keeping track of your customers, all your efforts will lead to oblivion. Adapting with time is the only way to thrive.
If you aren’t making the most of the resources available to you, all your efforts will lead to nothing but a waste of time and money. Investing in a CRM is a great way to boost sales, enhance productivity, save on the overheads and most importantly, increase your bottom line.