CRM stands for Customer Relationship Management which is a system to store all customer contact data. A CRM system provides enormous benefits for small to medium businesses as it gathers customers interactions across all channels in one place. It improves the relationship with existing clients, and helps find new prospective clients and win back former clients. Having access to all information in one database enables organisations to avoid “silo-ing” information, while achieving customer-centricity. Centralised data also enhances customer experience, satisfaction, retention, and service.
With the correct setup, the CRM system can provide a ton of benefits for businesses, including:
A CRM can be set up to automate crucial marketing, customer support, and account management workflows. Companies can utilise CRM software to automate various tasks in sales and marketing, such as sending new subscribers a welcome email thanking them for signing up to receive a newsletter and informing them what to expect in future emails.
Sales and marketing teams typically deal with a lot of data. They need to find possible leads, analyse the information, and follow up the leads by email or phone calls. These processes can be chaotic to manage, and CRM software can alleviate the activities in several ways. For instance, a CRM workflow automation can initiate reminders to sales and marketing teams to complete specific projects. It can also support the sales and marketing teams to prioritise quality leads and track the statuses of the leads. If a lead status changes, it can automatically update the databases, leading to faster completion times.
Better customer experience
Creating an excellent customer experience is crucial for companies, and it is also a sign of professionalism when businesses can respond to customers enquiries immediately. With a customised set of email templates, quotes, letters, and documents in a CRM, small to medium companies can enhance their customers’ experience by answering queries directly and professionally.
Through these positive customer experiences, businesses will be able to retain and improve their relationship with customers. Not only it will enhance relationships with customers, but companies will also be able to gain information about their clients, such as their preferences, past purchases, their needs/problems and how to solve their problems quickly. According to research, 86% of customers* are willing to pay more for a better customer experience, and companies are 60% more profitable* than those that aren't focusing on customers. This is an excellent opportunity for small to medium businesses to incorporate CRM in their business operation management.
A customer relationship management software is not only for sales and marketing teams but also for financial departments. The tool allows businesses to gain access to accurate financial reports through a built-in bookkeeping system just by a few clicks of a button. It is an excellent chance to improve workload and productivity, and it can be beneficial for the accounting and finance teams to track every cent that comes in and out of business.
Monotonous tasks such as shipping costs and product discounts can also be applied automatically in the CRM software, which will give teams more time to focus on other vital projects. Businesses can also automate other essential tasks such as ordering, connecting purchasing with inventory, and analysing areas of most profitability. Thus, companies can track and increase profitability by gaining more financial insights into sales, improving customer service, optimising production, and reducing internal manual processes.
Improve team collaboration and productivity
CRM software allows teams to improve productivity at the workplace by helping them to prioritise and assigned specific tasks to certain team members. Research** shows that up to 40% of employees' productivity is lost due to switching between tasks or systems and participating in manual follow up to understand status or provide updates. The research** also shows that companies which incorporate CRM in their business operations could increase sales by 29% and productivity by 34%.
CRMs offer collaboration by allowing multiple team members to work on shared documents. Team members can gain previously inaccessible information by using a CRM and can easily collaborate with other members in different departments within an organisation. CRM software facilitates that cross-functional teamwork by offering your teams the tools they need to do their jobs effectively and at the same time granting visibility into sales, reports, customer information, and communication histories.