Customer Relationship Management
Customer Relationship Management (CRM) systems are business solutions that organisations use to manage relationships and interactions with customers. This strategy helps companies get truly connected with customers, control sales processes and enhance their revenues.
The relationship and interactions include first contact, conversion, sales funnel, real-time sales, marketing, renewals, and customer support.
The main objective of CRM is to enhance business relationships. One way to do this is to centralise all information in one platform and provide it to your contact centre staff at the point of customer contact.
A CRM system involves functions such as scheduling, performance checking, workflow, automation, and recording. Its monitoring tools offer a detailed view of customer satisfaction as well as an insight into the entire sales and marketing process.
To ensure the longevity of your business, you need to adopt a strategy for the future. You need to fashion out sales targets, business goals, and profitability. However, getting reliable information about achieving this feat can sometimes be delicate.
Now, you need to ask yourself how you can translate the large flow of data from sales teams, customer service staff, marketers and those in social media monitoring, into profitable business information?
With a CRM system, you can have a clearer view of your clients as all the data is centered on one customisable dashboard. The content of this data may include a customer’s transaction history, the status of their orders, issues about customer service, and more.
You can also decide to include information from their various social media accounts which reports their activities such as reactions, comments, shares, and posts.
Why businesses need CRM?
It might feel nonsensical to invest in the Customer Relationship Management system before building your customer base.
But for any growing business, to regulate the customer interaction and conversions, the spreadsheets are not going to help for long.
Without having an effective system, it would take too long for sales staff to follow up on leads. When you need to increase efficiency and build a solid customer experience, CRM is what the businesses need. Here’s all the reasons why businesses need CRM:
Centralised customer information
Instead of wasting time on locating customer information through a range of files, CRM proves to be helpful by saving your time. All the information about each client, whether it is an email, contract or even the schedule of the phone call, all will be kept in one convenient place. Your team will not have to scramble to access the information about the client from the pile, thus, saving a lot of time.
Streamlining the sales process
One of the major benefits of Customer Relationship Management is that it accompanies the sales team throughout the process of getting a lead, converting it and closing subsequent opportunities.
This is where CRM will help in streamlining the management of customer relationships. An efficient CRM system can program the customer-related tasks and quickly assign it all to your team members.
It is through this system that every salesperson would have a defined role and clear objectives, which ultimately speeds up their working efficiency. No sales opportunity will be ignored or lost and each person would be focused on a dedicated task, thus avoiding any confusion.
Foster inter-departmental cooperation
CRM can prove to be a rallying point for the different departments associated with a business due to the fact that it can gather different types of customer information. When it comes to coordinating between sales, customer support, finance, development, and marketing, it can be extremely difficult. Without smooth cooperation between these departments, the customers will be the ones who suffer the most.
This is where CRM can help businesses achieve inter-departmental cooperation. CRM makes it possible with a common interface, allowing anyone in the business to access or modify customer related information. This is how you can empower your staff to work collaboratively instead of working concurrently as CRM allows them to share insights, leads, issues and solutions.
Enhance the customer journey
CRM allows you to plan your course of action, without using clunky planners or spreadsheets. It will help in easily identifying and following up on promising leads. It will also help in tracking the progress of interactions with customers.
Not only this, you’ll keep getting a reminder to stay in contact with the customers at regular intervals for encouraging the product adoption and maintaining the count of solved support tickets.
Customer service teams can utilise CRM effectively to resolve complaints from customers without ever losing track of their work. For example, a customer might raise an issue in one of the channels and later switch to the telephone to get it resolved. A CRM system allows all of these interactions to be stored in a single platform, reducing duplication of work.
Customer Relationship Management system will also help in monitoring the customer’s engagement with the business. This obviously assists in identifying new business opportunities, which will ultimately prove helpful in organically growing the business.
Another benefit is that marketers can utilise the CRM system to better understand sales channels, making forecasting simpler and more accurate. This certainly gives you clearer visibility of every opportunity, giving you a better signal to distinguish between enquiries and sales.
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