CRM is a type of software and it stands for Customer Relationship Management. It is software that helps companies manage their interactions with current or potential customers. The software collects data across multiple platforms to help company’s stay in contact and stay connected with their clients. But many companies are not using this helpful software because they do know much about it. Well, we are here to break down CRM software benefits in simple terms and tell you how it works and how it can greatly improve your business.
1. Build better relationships
New or existing customers are more than just a potential sale. If the relationships with your customers are not nurtured, you selling your products is pointless! CRM software can help you build better connections with your clients by providing you with all the information you need. The software can give you insights into your market’s interests, wants, and needs. With CRM you can store your client’s emails, phone numbers, and all in all keep track of the last time you spoke with them. By following up, you create a better connection with your customers making them feel important. By being organized with CRM software benefits, following up becomes much easier.
2. Increase productivity
Any technology that can help you or your staff sped up any time-consuming process can generally boost productivity. Well with the help of CRM, slow tasks like hunting down contact information and entering data are now a breeze. You can now automate all customer data for sales, services, and marketing. This can help boost productivity by freeing up your staff to focus on other things. They now have more time to talk to new leads, strengthen relationships with existing customers, and follow up with those who need it
3. Sync your data in one place
With CRM software, you can manage all your customer data manually and have it all synced to one location. 74 percent of companies said their system offered improved access to customer data. You can capture and enter lead data right in one place which can ultimately expand your clientele. Also, you decrease the risk of losing or cloning customer data because CRM ensures the accuracy of the information. It can also give you the ease of looking up customer information, previous conversations, or history in a flash without the constant search. This can shave precious minutes off your day that can be taking away from the attention you should be giving to your customers as well as other tasks.
4. Increase customer retention
So far, we have learned about CRM software benefits that all in all please the customer. Because of those things, CRM can increase your customer retention. Because you and your staff have easy access to customer data, you can find information about them that can help you anticipate and satisfy their needs. When you have high customer retention rates your company’s revenues will increase drastically. CRM works by showing their profile, purchase history, how they have been marketed to, and their response to certain campaigns. With this information, you target your customer individually the way they want to be targeted. By doing this, you will have higher customer retention.
5. Improve customer service
Customer relationship management goes hand in hand with improved customer service. During a survey, it was found that nearly 85% of consumers said they would be willing to pay more than the standard price for better customer service. Because you have access to the customer’s profile which CRM has built for you, you can send them more personalized messages and solutions that best fit their needs. Clients will find this very impressive and feel as if they are special and that you are making an effort to help them. This builds trust and connection with your customer which will eventually increase your chance of landing a sale with them.
6. Measure your data/forecasts
Measuring your business’s growth is very important but sometimes difficult. CRM software can help track and measure your current marketing campaigns, growth, and possibly predict future forecasting. Because you have access to data on opportunities and trends you can use this information and incorporate it into your future campaigns and how you target your audience. Based on the template you see below, you can see an example of how a CRM spreadsheet would look:
7. Anticipate customer needs
CRM gathers all customer’s information and puts it in one place for you to access and observe. Because of how easy it is, you will be much more confident in anticipating your client’s needs! You can cross-sell or upsell to your customers with ease and provide them with the right product/service faster. You can promote your product to that specific client in a way they will understand a response. When you have access to their purchase history or interests, you can quickly assess their needs and possibly close a sale.
8. Faster communication
People notice how fast businesses respond to their questions or requests, so it is important to have your communication on point. Fast responses show professionalism and attentiveness to the client. CRM software benefits can improve your communication because it can help you stay organized with all contacts. You can create personalized templates through the software and keep track of the last time you contacted them with dates and times. You can also set up automated SMS messaging and emails to be sent out to your clients at scheduled times. All in all, staying organized with the help of CRM can help you with faster communication.
9. Improve products and services
Because your CRM is gathering customer information, you can consider that with your products and services. CRM helps you gather insights on your customer’s needs and wants and helps you understand how they feel about your company what they would like improved. Your customer is what makes you money, so when you are looking to improve products are services, they are your best judge. With CRM you analyze trends and what is in demand which will ultimately help you improve your sales. You can take those trends into account and alter your products, services, or even marketing tactics and target the right market.
10. Manage Contacts
The main benefit of CRM software is to help organize contacts, leads, account details, and sales opportunities for all your clients. By having all your contacts and data stored in one place you can quickly access customer information in a flash when you or speaking to them. With this, you can quickly make decisions or offer products or services to them based on their needs. With CRM you can quickly analyze who is for sure an active lead and who is a dead lead by managing your contacts properly.