Updated: May 12, 2020
Customers are the most important asset to any business no matter what industry you belong to, what your focus is or what kind of products or services you offer. Customer service should be the number one focus of any business. And don't forget, because of all the revenue customer generate they are the reason you are in business. A saying frequently heard and said in many businesses is, "Customer is King." This means you should understand your customer and, therefore customer relationship management (CRM) comes into the picture.
Customer relationship management (CRM) at its core constitutes of all of the activities, strategies, and techniques used by companies to manage interactions with their current and prospective customers. Using CRM helps in building customer relationships, thus creating loyalty while resulting in customer retention and increasing the company’s revenues overall. Therefore, investing in a high-quality CRM tool for data collection that helps businesses recognize and communicate with customers is mandatory for any business willing to take customer satisfaction to the next level. Customer relationship management is simple and can be implemented in a huge array of methods: websites, social media, telephone calls, chat, mail, email, and various marketing materials, etc. All these methods can all be integrated into a CRM solution.
KNOW YOUR CUSTOMER: With any relationship, success depends on how well you understand each other. The same applies when it comes to business and its customers; the relationship you cultivate with your customers determines your company’s level of success. Gathering accurate information on a customer that profits both parties in order to facilitate them can be a difficult task, but this plays a vital part in understanding your customers. And it doesn’t end once the data has been collected: you might need to keep updated records of customer transactions, preference, needs, and concerns.
REASONS WHY CRM IS IMPORTANT! CRM offers a wide range of benefits to companies including identifying, understanding, assisting the customer base, keeping all the mandatory data in hand, and increasing companies worth and revenues. Below listed are six benefits of CRM software that can help a company find success.
1. IMPROVED AND ORGANIZED INFORMATION: CRM helps maintain information in an organized manner. As discussed earlier, the more you know your customer, the better you will be able to provide them with a positive customer experience that continuously pays off. Therefore, everything needs to be identified, documented, and recorded, from what the customer does and not just limited to interactions with the organization. In order to do so, a company has to move beyond sticky notes and old traditional ways of maintaining paper files and start using advanced organizational technology to centralize the availability of information from whenever it's needed without any hassle. Fortunately, CRM has made it possible using the cloud, integrating all the information in one place so it can be reached trouble-free within a short time frame in a convenient manner. CRM allows storing of a vast list of customers and any important information regarding them in an organized manner so it can be fetched by employees anytime it's needed, no matter who is helping.
2. ENHANCED COMMUNICATION: CRM help enhance communication by making detailed customer information communicable to whichever (employee) needs it. Thus the customer is not stuck waiting to work with one person when being assisted; everyone will be working from the same information. Moreover, a customer won’t have to go through the hassle of ‘starting fresh,’ i.e., explaining everything all over again. Last but not the least, as CRM is cloud-based, it is accessible from any device having access to the internet connection. The communication benefits of mobile CRM are not limited to the office.
3. CUSTOMER SERVICE RELATED DATA AT FINGER TIPS: No business can run with unhappy customers, so it’s important to do your best for customer satisfaction. If a customer is unsatisfied and you are unable to provide them with a solution, it means you are losing revenue with an unhappy customer. By using CRM as soon as a customer contacts you, a company representative will be able to help him by retrieving all available activities, like the customer’s past and present purchases, preferences, and everything workable to find a satisfying solution. An accessible database of potential issues is always present as well that can help find solutions within minutes. And if a solution is not readily available an employee is always able to crowdsource the answer through customer portals.
4. EVERYDAY TASKS AUTOMATION: CRM helps in the automation of a lot of smaller tasks running in the background that need to be completed for proper functionality. For instance, completing a sale is not just about getting a customer to agree to commit: forms need to be filled out, reports need to be sent and some legal issues need to be addressed. These chores are vital aspects of completing sales, yet time-consuming. CRM automates many of these tasks, thus lowering the burden of employees and letting them focus more on closing leads and customer satisfaction.
5. GREATER TEAM EFFICIENCY: Using CRM, teams can seamlessly work together to achieve the desired results in closing a sale and working towards a higher level of customer satisfaction that results in greater efficiency. Having all data in one place makes it easy for multiple teams to access the same information. Related teams can share tag right valuable information about a client that helps them funnel the client and achieves desirable results, providing excellent customer services and improving your bottom line.
6. GREATER VISIBILITY AND TRANSPARENCY: CRM’s are known to improve customer retention by as much as twenty-seven percent. Analyzing data accurately can help you make effective decisions. No data is worth looking at if it is not accurate or reliable. CRM stores information in one place, leading to improved data analysis. Using various integrated tools and plugins it provides the ability to generate automatic reports. Moreover, personalizing your dashboard views to quickly locate required information, such as customer information, sales goals, and performance reports, help you untapped opportunities.
CONCLUSION: Although CRM stands for customer relationship management, it has become a vital part of businesses, helping them get a 360-degree view of how they as a company are doing overall and its customer satisfaction. Any issue imaginable can help you dig into your customer's experience at every step, right from when he is a prospect to when he actually becomes a purchaser and any further communications beyond.You can provide superlative customer service with CRM.