Role of CRM in the Business Lifecycle
The customer is King. Quick and reliable service to customers is pivotal to the success of any business. Considering the amount of time and money spent on acquiring a new customer for both B2C and B2B businesses, the quality of service provided to the customer is crucial for retaining that customer and also for securing the future business opportunities. Therefore it is important for businesses to stay organized with respect to handling the customer data and ensuring that the information of all the departments interacting with the client is recorded in a single place. Customer Relationship Management (CRM) systems help organizations have an integrated view of customers and clear view across multiple functions and departments so as to optimize interaction with their customers.
Here’s how a CRM system can help your business achieving optimal results:
Customer Data Management
CRM systems enable users to build and maintain a database of their customers and update the status of their conversations with them. Be it the maintaining the status of prospective leads, sales closure of the lead or the contact lists of distributors and retailers, a CRM can help you create custom lists for various stakeholders in your supply chain. This helps the various departments of the organizations to record the history of interaction with a customer at a single place, yet have a view of the customer record that includes only meaningful data for that department.
Targeted Marketing Strategies
Identifying various segments in the customer database and designing different targeting strategies for these segments will enhance your marketing and sales efforts. With use of analytics and tools in a CRM system, you can segment your customers based on various defined parameters. Instead of sending irrelevant communication to all your customers, you can run targeted marketing campaigns. Sales communication and special offers can be designed based on the understanding of the behavior of the various segments. This increases the probability of moving the customer faster through the sales cycle.
New Sales Opportunities
Finding new business opportunities from the existing customer base is always a cost efficient exercise compared to the effort put in acquiring new customers. A CRM system can help you identify characteristics of your best sales targets or the future demands of your clients. It helps increase identification of your cross- sell or up-sell opportunities for your products or services. Such opportunities not only help you boost your revenue but also to attain higher customer retention rates.
Metrics to Track Performance
Metrics always play a critical role in growth and success of any business. Be it tracking your conversion ratio, or the critical path in reaching a closure, metrics help you track the performance of your marketing and sales activities. Instead of spending your time buried in excel sheets to calculate such metrics, a CRM system can help you automate this process, allowing you to spend more time in customer-facing activities. A CRM not only provides you various reports instantly, but also allows you to create custom reports. This helps in generating metrics and reports for your specific needs in near real time.
Enhanced Customer Service
CRM systems can improve your customer service by providing your employees the required data points to address customer concerns immediately. Along with the history of interactions, your CRM can help you by housing a database of frequently asked questions. These resources can help your employees to provide an appropriate and fast response for customer queries. You can also design processes to record and store the customer feedback in your CRM system. This will help you understand your areas of improvement and other ways to increase customer satisfaction.
CRM systems are a great value add to businesses of all sizes. In helping your organization meet the growing demands of the customers and boost your sales, a CRM system will reduce complexities of cross functional communication and provide required data in quick time. Contact us today to begin the analysis and evaluation process to develop a top-flight CRM system customized for your organization.