Businesses often wonder what benefits they would get from customer relationship management (CRM) software. To answer that, we need to look at why customer relationships are more important than ever.
One study suggests that customer experience will exceed product and price as the main drive behind purchasing decisions as early as this year. Up to 86% of buyers are willing to spend more for an exceptional customer experience, and 65% believe that a positive brand experience delivers greater impact than good advertising.
CRM software can help create these experiences, but there is confusion about what CRM really is. Some think that it’s simply a customer contact database, for use predominantly by large enterprises.
CRM is a trove of information that can help you keep track of your customer relationships throughout their lifecycle. It’s a central repository for all customer data, as well as the tools you need to analyse each and every customer relationship.
CRM is a powerful, cost-effective, and critical business tool that can help businesses of every size to align teams, compete effectively, and reach their growth targets.
Here are three benefits you can derive from your CRM:
Accessible customer information
Mobile CRM gives you the benefits of desktop CRM wherever you go, which means you can give your customers the best service, any time, all the time. Regardless of where you or your sales team choose to work from, everyone will have access to the same up-to-date data. This means that, whoever the customer speaks to, they will receive the same accurate information, reliable service, and exceptional experience – fast.
Customers have come to expect speedy service and instant gratification. If you can’t meet those needs, they’ll have no reservations about taking their money and loyalty elsewhere.
Research has shown that 65% of salespeople who have adopted mobile CRM meet their sales quotas. The same research shows that companies that use CRM shorten their sales cycles by between 8% and 14%. Despite these stats, approximately 22% of salespeople don’t know what CRM is, and up to 40% still use informal methods like spreadsheets to store their customer data.
Mobile CRM also offers the ability to integrate calendars, dial into meetings, track, manage, and respond to customer service requests, access dashboards, and share files – all on the move. Businesses that leverage CRM software have seen sales increase by 29%, productivity by 34%, and forecast accuracy by 42%.
This is made possible by using targeted, personalised marketing, which is enabled by CRM.
Managing marketing plans and social media campaigns better
Every day, consumers are exposed to 10,000 brand messages. We have become adept at tuning out everything we consider irrelevant.
CRM software can help you stand out by being relevant at the right time, and on the right platforms and channels. This is because it allows you to segment your customers, meaning you can deliver highly targeted, personalised marketing and information at exactly the right time.
With CRM software, you can generate 360-degree overviews of every single customer. Since all your data is in one place, you can segment them into any category you choose – age, gender, location, occupation, industry, company size; even by activities like responses, e-mails opened, e-mails responded to, likes and dislikes, products purchased, and social media activity. Segmentation is crucial to delivering the right campaign to the right audience.
CRM software also lets you monitor, measure, and analyse the results of campaigns across paid and organic channels. You can also save successful campaigns as templates for future use. This not only makes launching campaigns faster and more affordable, but because they have a proven success record, you’re guaranteed results. The same applies to discontinuing ineffective campaigns.
Loads of time and effort goes into the planning, execution, and monitoring of effective marketing and social media campaigns, and there are multiple tasks and workflows to support. This can get overwhelming if you’re running several campaigns simultaneously. If you have CRM software, you can automate key processes, analyse content performance to understand how customers respond to your communications, and use features like lead scoring to track leads and quantify the probability of conversion.
With all this information, it’s infinitely easier to focus your marketing efforts for maximum impact.
Remember: Avoid frustration and lost sales by ensuring that your customer communication is consistent, cohesive, and connected, across all channels.
Nothing smothers collaboration and productivity quite like data siloes.
When working from different datasets, teams make decisions based on different insights. How will you know which dataset is the most recent and accurate?
This guesswork can be eliminated by implementing CRM software. It encourages the free flow of information by breaking down data siloes, and ensures that the whole team’s activities are transparent, visible, and accessible.
From the CRM dashboard, everyone can access the same information and insights. This allows for accurate decision-making and sees everyone working towards the same goals and targets.
CRM software provides workflow and process automation, sales management tools reporting, and project management capabilities. This integration means that teams spend less time on admin, and more time learning about their customers and establishing relationships with them. The result? Improved customer experience.
When selecting your CRM software, check that it has the basics like customer data, contact management, sales, analytics, marketing, service, and reports. Implementing the right solutions will boost your business’s productivity and could even double your revenue in as little as 36 months.