Customer relationship management (CRM). It is a concept that is growing exponentially. In fact, the average return on investment for a CRM is $8.71 for every dollar spent. So, when you are strictly looking at numbers, a CRM system hits it out of the park.
But besides the obvious financial return, there are other critical reasons why customer relationship management is important for your brand. Here are 6 reasons to get you going with CRM software solutions:
#1 Doing More for Less
Typically, 80% of business comes from 20% of existing customers that a company knows well. One of the main reasons stated for seeking out a CRM is that companies feel like they are dropping the ball when it comes to nurturing customer relationships. What is that other 80% up to? Customer relationship management is about paying attention to all your customers and deriving insights about their interests, behaviors, etc. through automation.
#2 A Future View
Predictive analytics is made possible through a CRM. This means the numbers collected and analyzed by your CRM can help you make more informed future decisions. It is a forward- thinking perspective as opposed to a historical one (by examining revenue). This helps brands not only obtain deeper insight about their business, but also avoid major risks. It is no longer a “guessing game” when you have a CRM.
#3 Sales Enablement
A CRM makes a salesperson’s job a thousand times easier. They come with sales reporting tools, and other fun stuff like:
• Lead scoring
• Gamification
• Appointment scheduling
• Project management
• Email marketing
• Social media automation
Data accessibility for salespeople shortens their sales cycles by 8-14%. Moreover, 24% more reps achieve their annual quotas with mobile access to a CRM. They are like a salesperson’s best friend, really.
#4 Risk Management
Sudden business account turnover can result in dropped deals and angry customers. A CRM allows a company to provide seamless data transfers between reps through superior information management. Additionally, this type of software can help identify any customers’ issues quickly and provide an audit trail to track sensitive information.
#5 Flexibility Across Channels
Sales isn’t the only department that can benefit from a CRM. A marketing leader can plan initiatives, A/B test campaigns, and gather important metrics. A customer service rep can monitor escalations and understand consumers on a deeper level. A product manager can screen cases to further understand any product defect and accounting is able to see future risks and address them accordingly.
#6 Customer Intimacy
A CRM captures detailed information about customer behaviors that can be used to improve your business. Customer intimacy is the act of tailoring your services and products to better fit each of their individual industries and particular needs. So, a CRM allows you to feel closer to each of your customers because you have compiled loads of personal details about their likes, dislikes, interests, behaviors, and so on. Create the illusion of a personal touch by allowing stellar automation to do the dirty work.
The Bottom Line
A CRM simply makes your business more efficient. In a multi-channel, customer-centric environment, there is virtually no way you can stay on top of it all. As customers become increasingly sophisticated, maintaining a competitive edge can be a challenge. A CRM helps you not only mitigate risk for your brand but create an environment for continuous improvement and healthy growth.
I hope you enjoyed this article about reasons why your lean startup or small business needs an effective CRM program like Agile CRM.
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