What is a CRM System?
A Customer Relationship Management system allows businesses to manage customer relationships, including the data and information associated with them. With a Customer Relationship Management system, you can store customer and prospect’s contact information, accounts, leads and sales opportunities in one central location.
You can manage all data with the system, easy find history as well as store customer’s activation. Automatically in the sales process and take care of customers that improves a business strategy effectively.
The right CRM handles multiple tasks and serves as a central dashboard for;
It manages and set up auto marketing process, connects with the website to get customers
It provides work schedule as for normal activation that included
It is integrated document to manage necessary data for any activation related to the customer
Statistic & Report
You can create reports with different diagrams such as chart, pie, and others.
Assigning and Managing Projects
Create customer associated projects with assignable tasks
Customer Sales and Support
We do everything in the sales and support editions. Let the customers log into a portal to submit and review.
Read More: The Journey of BI from the Past, Now and Beyond
Why is CRM Needed?
Does your business needs CRM?
Customer Relationship Management (CRM) is the tool for any system or model used to handle the relationships between a company and its present or prospective customers.
Customer relationship management is crucial because;
- A CRM system is historical view and analysis of all current customers and prospects
- Since the brand image is already formed even before the process starts, clients will have something to relate to when they create various purchases.
- The clients become your friends when you keep a powerful bond, allowing the clients understand that they are appreciated.
- With excellent extended customer relationship management, clients either feel compelled or glad to promote your brand to others.
- Customers in the CRM system are categorized according to distinct elements depending on the sort of company they have or the physical place and they are assigned accordingly.
- Customer Relationship Management’s greatest element is that it is very cost-effective.
- CRMs can automatically offer you an immediate report on different parts of your company.
- Automation is one of the CRM software platforms’ biggest advantages because you don’t have to waste money on repeated assignments.
Benefits of CRM
A CRM is one of the most popular tools for the sales representatives.
- Centralized Database for organizing your leads and contact information
- Automated Data Entry
- Track all Sales Interactions
- Includes Prospects’ Interaction History
- Reminds Time of Follow-up
- Facilitate Team Communication
- Enables Forecasting of Sales
- Grows with you
- Automating your marketing strategies
Top 14 reasons why CRM systems are popular in sales
Here are some top reasons why CRM are so popular in sales. It might change your view and you can give it a try to boost the sales for your organization.
- 61% of sales distributors use a CRM. It allows for key access to customer information and data
- 75% of sales managers say that using a CRM helps to drive and increase sales
- A CRM on an average returns $5.60 for every $1.00 spent on it, i.e. return on investment (ROI) of greater than 50%!!!
- An astonishing 75% of companies have no process of nurturing sales leads. This is the primary reason as to why CRM is needed
- Sales team across all organizations saw a 15% increase in productivity when they used CRM mobile apps.
- When a company engages a customer using a CRM, that customer is likely to spend 20% to 40% more, the next time they make a purchase with that particular company
- A CRM creates a positive customer experience. As a result, 70% of customers who have had a positive experience will refer that company to family and friends.
- 24% of companies witnessed an increase in sales productivity by using CRM Mobile Apps.
- Businesses also witnessed a 10% increase in cash flow by using a CRM Mobile App.
- CRM helps in increasing revenue by 41% per individual sales representative
- CRM’s have also led to sales conversion rate improvements of over 300%
- CRMs have led to an increased customer retention rate of 27%
- CRM have slashed marketing costs by 23%
- CRMs have led to an increase in the profit margins by over 2%
Growth Benefits of CRM
When investing in a CRM, you are investing in the most important asset of your business – your customer relationships. The average return on investment for CRM is $8.71 for every dollar spent.
Increase your Business’ Profitability
Customer relationship is the bread and butter in cut-throat industries
Increase Sales Leads
Follow quality prospects, not false leads
CRM helps you follow leads with the highest conversion, reducing the sales cycle and improving win rate.
A well oiled machine means higher profitability
CRM ties together various departments with a single data source to address customer inquiries and concerns faster and more consistently.
Increases Chances of making Right Decisions
React to customer behaviour and market trends fast
CRM allows quick access to real time sales, customer sentiments and trends from various channels; web visits, social networks and e-commerce transactions.
Increase Data Security
Centralize customer and business data in one secure ecosystem
With data in a single CRM system, security and access is more manageable than storing it in various computers of various departments.
Increase field Team’s Productivity
Access real time data and make decision on location any time
Mobile CRM allows field teams to create reports instantly so the back or support office can start working at once.
Read More: Reasons why Companies use Microsoft Dynamics CRM
Steps to Plan your Customer Relationship Management
Customer Relationship Management (CRM) is all about people, technology and process. Here are some recommendations for planning a Customer Relationship Management strategy that creates early success and achieves outstanding long term value.
- Build a Project Team
A recommended CRM project team will include an executive sponsor, project manager, CRM administrator ad key users.
- Define your CRM Vision
Set high level goals for your strategy. Examples may include better reporting, shorter sales cycles, converting more marketing leads and improved customer retention.
- Process your CRM Goals
Plan your CRM implementation with a phased approach that focuses on quick wins.
- Review your Processes
Review your processes to assess how they will be managed by a CRM application.
- Consider Reporting Output
Confirm the critical metrics that you want your CRM system to measure. Think about the type of reports, charts, and dashboard you will need to track progress.
- CRM Fields and Data
Confirm what data you need to track on each CRM record including contacts, sales opportunities, support cases, campaigns, leads and any other relationship and process that need to be managed.
- Prepare Data
What data needs to be imported to your new CRM system? How clean it is? If you are importing history, how far do you want to go back? What type of records will be imported in addition to contacts and companies?
- Integrating CRM
Which applications will your CRM applications need to integrate with? What level of integration is needed with other data sources? This may include read only access, 1 way or 2 way sync, order processing, and website integration.
From Implementation to Upgrade: Dos and Don’ts of Customer Relationship Management
If properly implemented CRM systems results help in the growth of businesses at an outstanding pace. The results are visible in all the areas starting from sales, marketing, production and other areas.
Check for features and metrics your employees use most
Go for CRM that helps remove administrative roadblocks and other inefficiencies in your processes
Go after what’s popular in the market
Get misguided by all the high-end features, which are not necessarily of value to your business
Run pilot programs and highlight their success organization wide
Make change agents evangelists for the new tech and train employees beforehand for smooth adoption
Rush CRM implementation organization wide
Force adoption on employees and make them use the new system without adequate training
Ensure CRM software integrates well with your existing system
Partner with technology vendors that offer automated data migration
Go with the CRM that make it difficult for your employees to interact with data
Data migration is done manually to the new systems
Check if the issue is with the tool or with your business processes
Upgrade only if current CRM is incompetent to address your growing business needs
Rush upgrade without thoroughly investigating for the issues
Upgrade without ensuring whether the new software will adequately fix the current issues
Dos & Don’ts for Customer Relationship Management
When CRM systems are properly implemented, the results can be outstanding. But, for a variety of reasons, CRM projects sometimes fail. Here are some Dos and Don’ts to ensure the success of your CRM project;
- Do allocate internal resources and schedule staff time specifically dedicated to your CRM project
- Adopt, follow the CRM Project management methodology and work according to your and businesses needs.
- Do get buy-in from your staff. Make sure they clearly see the advantages, have provided input, understand the system and are trained to use it properly
- Do review the system on a regular basis. As your business changes, so will your CRM system. Regularly review its functionality from a process, user and technical perspective.
- Do choose a business partner that provides a full range of services, has more than one CRM software options, and can demonstrate their ability to implement your CRM system quickly
- Don’t see CRM as just software. Even for small implementations a CRM project is a strategic shift involving staff, processes and procedures.
- Don’t choose a CRM software solutions until you have carefully jotted down what you want it to do for you.
- Never forget to update your documentation, processes and procedures to reflect changes when you alter update or change your CRM system.
- Expecting to get the return on investment (ROI) instantly after deploying it is never a wise decision. You need to remember that it’s a gradual process. Check the CRM you are choosing and analyze it with others.
- Don’t stop communicating! The most common cause of failure of CRM projects is poor communication.
Reasons to make you want to invest in a Customer Relationship Management
- CRM breaks the communication silos inside your organization
74% of the users said their CRM system gave them improved access to customer data
81% of the CRM users access heir CRM using multiple types of devices, including laptops, desktops, Smartphones and tablets
- CRM improves sales by automating routine tasks
Data accessibility shortens sales cycle by 8% to 14%
CRM applications can help;
- Increase sales by 29%
- Boost sales productivity by 34%
- Improve sales forecast accuracy by 42%
- CRM improves your marketing
A CRM improves conversion rates by 300%
Average purchase value gets improved by 40%
Cost per lead is reduced by 23%
- CRM improves your customer retention through better customer support
With a CRM, Customer Service improves by 47%
3 out of 4 consumers say they spent more money with a company because of a positive customer experience
- CRM empowers smart building decisions with improved analytics and tracking
Only 12% of companies are using the customer data that they have
Just a 5% increase in customer retention
Can increase business profits by an average of 60%
How CRM Helps Transform Organizations
CRM software improves the productivity, revenue and results of your business. It will save your time through automation that you can delegate to other tasks.
Work Anywhere On the Go
Cloud CRMs along with their applications; create an ecosystem so powerful yet friendly… that you can be equally productive from any corner of the globe. Use data gathered from the CRM to bring more insights into your meetings, manage all your tasks while also keeping a tab on your team’s progress and more.
Research says, more than 88% marketers agree that using a CRM results increase in customer interaction as well as conversion. I couldn’t agree more. A smart CRM with its entire smart features and reporting significantly improves the data quality at your disposal and hence betters your business process. The hours you save away from spreadsheets are priceless as well.
Track All Your KPIs
By having all your business data in one place, tracking all your key performance indicators (KPIs) and metrics becomes easier than ever before. Monitor the progress, visualize the performance, makes forecasts or uncover your bottlenecks, data driven decisions making is the new way forward.
Personalized Customer Service
With your entre customer database right at your disposal, inside your CRM, you get a complete view of the history you have with every customer or lead. Hence, it’s an easier way to deliver a more personalized service if you are using a Customer Relationship Management tool. This immensely helps in gaining a client’s trust.