CRM is now more important than ever for businesses because it can help you acquire new customers and retain existing ones.
And the CRM industry shows no signs of stopping!
A Gartner report found that CRM software revenue has now overtaken database management systems to become the largest of all software markets!
In today’s highly competitive environment and with so many products and services to choose from, customers are making choices and customer loyalty seems to be a thing of the past. The moment a new product is introduced into the market, it takes only a few months for that product or service to suddenly become a commodity, which means it is easy for sellers to switch.
And despite what you might think, not all customers are created equal. Despite some spending very little, customer service is a drain on resources. Other customers trade frequently, frequently buy new products and services and may even be strong influencers in their market.
In such cases, CRM helps in prioritizing sales and marketing efforts when dealing with different customer groups.
It also gives companies a better way to understand the needs and wants of customers in order to improve the way the product portfolio is offered to them.
The more you know about your customers, their buying preferences and behaviour, the more likely your offer will be on target.
So, now you’ve probably got a clue that “why use a CRM” means “why use a CRM system”. CRM refers to the tools and technical systems used to perform optimal customer relationship management.
CRM stands for Customer Relationship Management. Although the term is self-explanatory, no one would know how to do it correctly without some guidance. Of course, you can learn from your experience, but it will come at the cost of some big mistakes in your business.
So, why fail yourself when you can learn from the mistakes of others?
Some entrepreneurs have learned the hard way the importance of CRM, but you don’t have to. That’s because thankfully for this digital age, there are CRM systems that will do the job for you. All you have to do is understand the trends and personalize the system as per the needs of your existing and potential customers.
Importance of Customer Relationship Management
Don’t want to auto-generate repetitive tasks or create leads automatically from the website? Every company takes a long time to respond to emails but with the help of CRM, this task becomes easy.
CRM doesn’t just help you create your task but also performs ancillary functions such as assigning tasks, performing certain tasks when a lead is inactive.
Maintaining healthy and productive customer relationships is the best way to ensure a bright future for the business.
What do CRM systems provide?
Sales and Marketing Automation
CRM systems provide automated workflows that enable your marketing team to spend more time on strategic tasks, such as creating marketing campaigns that resonate, analyzing data from those campaigns, and testing different approaches based on those analytics. . Customer service agents may spend their time working with customers who have more complex questions, issues, or needs. In short, with more efficient customer service processes, companies can build better customer relationships.
AI-Enabled Sales and Marketing Tools
With an AI-enabled CRM, you can:
Score automatically prioritizes quality marketable leads (MQL) and sales opportunities
Use machine learning to examine the data around each sales opportunity to estimate the likelihood of an early closing date
Take advantage of digital assistants, chatbots and other automated messaging systems to handle simple customer inquiries like order status and payments due
Get access to AI-curated company data for dozens of firmographic and types of signal data to better target your audience and power more accurate account-based marketing (ABM) strategies
Use machine learning to automatically estimate the best-performing mix of send times and channels based on each customer’s interaction history, profile and content metadata
Use AI-curated data and machine learning to create a perfect customer profile that can be used to identify similar sales opportunities
Provide smart talking points to improve content relevance to increase email campaign conversion rates and support more productive sales conversations around relevant topics
Better collaboration in sales, marketing and service
Your CRM system acts as a single source of truth for all transactional, business and customer data collected on your customer. Employees across the company may work with a single customer or follow a customer’s progress through marketing, sales, and service. Everyone with access to your CRM can work together because they have the latest information
Align your sales, marketing and service teams.
Cross-team alignment is integral to the success of your business. This alignment — specifically, the alignment between sales and marketing — helps your team streamline all stages of the buyer’s journey.
In doing so, internal teams will be able to share critical data and customer information so that they can work as a cohesive entity. As a result, customers will have a seamless and consistent end-to-end customer experience that makes them want to remain loyal to your brand.
Sync and share data easily.
CRMs like streamline time-consuming tasks like data syncing and sharing – manually updating your contact records are a thing of the past. No matter who speaks with the contact (eg a sales rep, and service representative, or marketer), contact records and data are synced and updated in the system for you instantly.
By syncing all your data and every interaction between your team and a customer, your team will have access to accurate records that can be easily shared from within the platform. This makes your CRM your sole source of truth when it comes to your data – and as a result, your team can easily create a personalized customer experience.
Automate daily tasks.
CRMs automate other day-to-day tasks, accelerating your time-consuming but essential tasks. CRM automation can include data entry and contact records that, as noted above, are updated after each conversation, as well as:
Sales workflow (e.g. unenrollment workflow, deal workflow, quote workflow)
leadership nurturing campaign
Better protection of data privacy
Finally, let’s address “the discussion of the past few years” – the General Data Protection Regulation (GDPR)!
To comply with the data privacy requirements of the new EU regulation, it is necessary to have CRM software that has GDPR-related functionality built in.
The main advantage of CRM here is that it will save you a lot of time and effort, as GDPR compliance is a job in itself, not to mention all the unpleasant legal consequences if you violate this privacy law.
With GDPR, it’s better to be safe than sorry.
A CRM system can help you obtain and document your contacts’ permission to store and use their personal details (consent), by sending automatic notifications to all new contacts notifying you that you want to store their data. Email communication preferences, manage your customers’ subscriptions and even set up rules for updating personal details for groups of contacts – all at the same time.
Doing all this manually will take most of your time and you also run the risk of making mistakes. But, setting up a CRM system to do this for you is a fast, secure, and reliable way to make your communications with customers GDPR compliant, which in turn builds trust in handling your customers’ data with respect. is.
Customer Relationship as a Business Priority
A customer is more than just a sales opportunity.
You may have the most amazing product to offer, but if you don’t treat your customers right, you won’t sell a thing!
That’s why building a good relationship with them is the first priority of every business.
And that’s exactly what a CRM does best – helping you maintain good relationships with customers, by treating each one individually, not forgetting about them, and being there when they need you.
Plus, in the face of the new EU privacy law, a GDPR-compliant CRM system is a powerful tool to strengthen your bond with your customers, as it will instil a deeper trust with your contacts as their personal information is handled securely. and professionally.