Know Your Customers with CRM
What is a CRM?
CRM or Customer Relationship Management is a business strategy that involves using technologies, methodologies, and software to manage all aspects of interaction between an organization and its customers. Such information can include sales, marketing, project management, technical support or customer service.
A term coined in the 1990s, CRM can be very beneficial to your business if carried out properly. It is often the right solution to gain a business benefit as it focuses on valuing customer relationships, and – don’t we all know the importance of customers to a business!
Why is a CRM So Important for Business?
Efficiency and Quality
Installing a CRM solution synchronizes and automates your business processes in a way that helps your business provide quality service and work efficiently. For example, a good CRM support team can connect with your customers instantly. All of this is possible through seamless sharing of screens and a responsive phone and Internet service for monitoring issues around the clock, which helps in resolving issues quickly and efficiently.
CRM systems provide users with deep insight into the running of a business. Such systems provide detailed information regarding knowledge of revenue cycles, sales trends, bottlenecks, and new leads. With such information in hand an organization will work more efficiently and provide quality service.
Most organizations have a preference for the tangible in their corporate decision-making, and a CRM suite with the help of statistical measures helps organizations in making such effective decisions. For example, with sales managers a CRM app could provide real-time insight into the team’s activities so that decision makers are able to forecast sales targets accurately.
Thus, deploying a CRM technology can effectively and remarkably speed up the decision making process in any kind of a set-up.
Decrease in Overall Costs
A CRM set-up provides access to vast knowledge bases and various resources. Direct and efficient access to such data makes any CRM solution invaluable for organizations hoping to increase customer engagement. It gives their clients an affordable resource to get rapid support for many services such as training, system integration, report creation, maintaining dashboard, system implementations and much more.
According to Gartner’s central predictions for the CRM customer support market: “By 2014, organizations integrating communities into customer support will realize cost reductions ranging from 10 percent to 50 percent.”
When your organization uses CRM, it essentially has a consolidated customer database which provides you with the necessary customer information whenever required. Thus all the required information is easily accessible and well organized all at one place. As a consequence, it helps you save money and increase profitability.
An established and a mature CRM process gives your organization a clear understanding of your customer’s current and potential value, thus efficiently guiding the design of investments in general.
CRM integration provides an organization with a multitude of suitable tools and a vast information database which helps not only in building effective communication but also in building a loyal customer base. By having a proper CRM suite in-place, you can have a seamless and effective communication channel with your customer. In every business regardless of the industry, increased communication with customers will provide increased perspective on your operations.
Through a better understanding of customers, there will be a likely increase in customer attention and customer satisfaction. Such strategies help business retain old customers while at the same time catching the attention of new ones.
According to Gartner:
“New analytical tools, improved linkages among social CRM processes, increased automation and lower-cost cloud solutions hold the greatest promise for improvements.”
By taking the help of a CRM suite, an agreed upon customer definition and understanding of the target market can be linked to present and future business strategy.
Improved Planning and Product Development
CRM integration helps your organization remember and recognize customers. As a result, your organization can tailor offerings according to the preferences of specific segments of clients and customers.
A deep knowledge of a customer’s behavior, facilitated by a CRM, helps an organization design effecting marketing and sales campaigns thanks to a well-informed targeted focused.
An effective CRM can also help you evaluate existing marketing campaigns.
Establishing an effective CRM streamlines workflows as well as information flow and efficiently automates individual work processes in most working environments.