CRM is a strategy that progressive companies use to manage activities with their existing and potential customers. CRM helps organisations streamline processes, create customer relationships, increase sales, improve customer service, and increase profitability. Talking about CRM, people usually refer to a CRM system, software/tool that is used to manage contacts, support sales and marketing or service activities, and so on.
The real goal of the CRM system, or the strategy is simple: To improve business relationships and their profitability.
Every successful business has a CRM strategy supported by a CRM system.
Such strategy gives the enterprise what is most important: the potential for growth and helps it find prospective and profitable customers.
Every such strategy must be somehow supported and its performance assessed, which is why companies implement the CRM systems.
Some companies believe that it is enough to have an enterprise planning system (ERP), and that a CRM is an unnecessary and expensive luxury toy.
We have a couple of ideas that will make them rethink their position:
Every call, inquiry or meeting with the prospective or existing customers or partners is recorded and accessible to the entire team through a central contact management system. This enables the sales, marketing and service teams to monitor the development of business potential and the customer history.
The CRM system allows people from different parts of the company to work together! For example, a sales team can work with product managers to create targeted offers, or a marketing specialist with expertise in campaigns can offer services to customers more effectively.
Save time by monitoring your activities! The CRM gives you the insights into your activities, sends notifications or provides the information requested the way you want it.
You can analyse customer relationships, sales activities, assess the viability of the business/customer prospects, reach for additional help if needed and provide real-time information.
As a comprehensive source of information, it facilitates accurate forecasts for traders. Business teams can learn from the past and predict the future through historical data, while predictive analytics uses insights from big data to predict the future customer behaviour.
They provide an instant overview of sales data, making it easy to identify and early eliminate potential issues. Predefined reports and statistics increase team productivity by saving time that would otherwise be spent on pulling data manually or laborious compilation of pivot tables.
CRM provides a comprehensive view of the customer's ongoing communication and so it is easier to anticipate problems and handle complaints. Comprehensive team information creates positive experience for customers who do not have to explain their problem every time.
CRM systems are also designed to organise and record the results of marketing campaigns. Campaign monitoring gives you an idea of what type of marketing activity works for the particular customer, making it easier to optimise the cost and achieve a higher return on investment.
A good CRM system can collect information from various sources across the organisation and beyond. This provides unprecedented insight into how customers feel and what they say about the organisation, so the businesses can improve what they offer, and early identify problems and gaps.