CRM Software: 5 Main Benefits To Your Business
We review the main ways how a good CRM strategy helps companies, from small business to large enterprise, achieve business success. If you want to know more about the basics of CRM, our article, “What is CRM software?” introduces you to the essential elements of this business strategy. Meantime, here are the five key benefits of CRM to your business:
1. Increase sales
It’s the most obvious reason for adopting CRM strategies. The best CRM software allows you to follow quality leads and reduce time wastage following prospects. Sales cycles are reduced and win rates improved. Moreover, you can check customer buying histories to identify potential leads, upsell opportunities or repeat customers.
Top CRM software also helps identify your most valuable customers and create a customer reward system or personalized communication to increase engagement and conversion. Furthermore, you can easily pinpoint weak links in the sales process—for example, unanswered emails or calls are not followed up—and address the issue at once.
2. Increase profitability and efficiency
Profitability is more than just increasing sales. It is creating efficient processes across your business operations to make sure sales opportunities are not lost or costs are minimized. With CRM, employees can access important data quickly to serve customer needs or address a critical business process faster. For instance, a customer is complaining about a defective product. Customer Service can ask for the product’s serial number and quickly access the Logistics’ database to record the defective batch, while Logistics can make the necessary replacement. Meantime, Finance is computing the cost implication of this minor activity to the overall monthly overhead.
Customer engagement can also be tracked, such as emails and calls, and necessary actions can be rerouted to the right department to immediately address concerns. Similarly, best performance hotspots are easier to identify and reward employees with excellent outputs. In our example, a Customer Service employee with a track record of addressing customer concerns fast can qualify for an incentive.
Other forms of efficiency include reducing training cost by equipping new employees with user-friendly CRM tools that can be deployed in minutes. It is also easier to accustom new employees with standard operation procedures. The CRM system acts like a gatekeeper of universal forms and processes across your business operations, ensuring employees are using the same templates, forms and procedures to perform their tasks.
Not only that, CRM integrates processes like accounting, inventory and sales to come up with a seamless pipeline and avoid doubling of tasks. Items like contracts, events, projects and products are aligned in one CRM infrastructure for faster turnaround of deliverables.
3. Allow fast, reliable strategic and tactical decisions
A well-informed manager with access to real-time data can make adjustments quickly to react to market trends. CRM allows you to cull accurate insights from real-time and on-location data. This means you can fine tune your strategies or tactics right away to take advantage of an opportunity or avert a crisis.
For example, a quick look at your sales figures entered by the Sales Team can reveal customer clusters. Consolidating this insight with, say, supply chain, can help the Events Team organize scalable trials in lesser performing but promising sales clusters. CRM helps you allocate resources not just in needy areas, but promising ones.
Likewise, more accurate data also allows you to pull together raw best practices by different departments to further improve the overall business operation. In our case, a more integrated collaboration among Sales, Events and Logistics reinforces weak sales points, which can be replicated in other territories.
4. Reinforce data security
Confidential customer data and trade insights are kept in a centralized CRM system instead in disparate and disconnected desktops. This means you can focus your budget, human resources and capital infrastructure on one item: the CRM ecosystem. You can set parameters so only authorized employees can access the data, while keeping a close tab on a single channel for possible breach. In military parlance, by positioning your defensive line in a narrow channel you reduce the superiority in numbers of the enemy, the hackers around the world.
5. Mobile CRM increases productivity of field team
Mobile technologies today allow field teams to access CRM data like customer personal information, purchases or product information and delivery schedules on location and make decisions or reports on the spot, in front of the customer.
For instance, log completed field checks or client meetings at once, while the back office processes your mobile report immediately. Even as you’re pitching to a prospect, the back office is already consolidating a quote based on your field inputs. You can even deliver the quote before the meeting ends, saving you the difficulty of scheduling another meeting just to offer a custom quote and cutting down the sales cycle.
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