Grab a cup of coffee and explore all the latest industry insights directly from our blogs.
What Is CRM? Why Is It The "Go-To" Software For Businesses These Days?
March 2022, 15
In a time of just a few years CRMs, the short form for Customer Relationship Management have evolved enormously. Super easy to approach, learn, implement and pay for, these three-letters word has morphed into ready-set-go software for business of all shapes and sizes.
What Is CRM?
Basically, CRM is software that manages your company's business relationships and records every interaction with potential leads and customers. It broadly focuses on the entire customer lifecycle, from finding new customers, converting them into businesses, and providing support and additional services. All such customer data and interactions across all channels are collected and stored in one centralized place, known as the CRM.
This data helps businesses improve their customer experience, and increase your company's profitability by streamlining your marketing, sales, and customer service efforts, which in turn will grow your business.
Depending upon the varied number of industries it is used in, CRM can have three different meanings:
> Technology - As a product of technology, it is a solution or system that helps businesses collect and analyze customer information to understand their needs in the best possible ways.
> Strategy - As a business strategy, it determines how the business manages its relationship with prospective clients and customers.
> Process - As a process, it is the actions and systems businesses should follow to build and nurture their customer relationships.
A perfect combination of these three elements of CRM can help businesses grow at a greater rate by becoming more customer-oriented.
For What Purpose Is A CRM Solution Used?
Initially, CRM solutions were used as contact management tools for sales teams. But now, CRM softwares are used widely across different functions, industries, and company sizes to remain customer-oriented, make data-driven decisions, and most importantly build customer loyalty. Using CRM software is the most efficient and convenient way to search for new leads and manage your existing customer relationships. It can store all customer data, including contact details, how often do they engage with your brand, on which channels precisely, their past purchases, service requests, etc., which can later be used across multiple functions to manage customer interactions and provide excellent customer experiences.
For example -
> Marketing teams can launch efficient data-backed personalized campaigns, to generate quality leads and engagement, which in turn can spell out revenue.
> Service teams can have deeper insights into customer issues and inquiries on any channel and resolve them quickly to maintain, and efficient service and support system.
> Sales teams can get benefitted by identifying and prioritizing the best prospects and signing every deal by utilizing their understanding of the customers using the collected data.
> Other functions such as HR and operations can measure productivity and profitability by dwelling deep into customer needs and internal processes.
Simply put, a CRM system helps you collect and organize the accumulated data so that you can have all the relevant information that you require to find new customers, sign great business deals and nurture established client and customer relationships.
What Are The Benefits Of CRM Software?
Improved Customer Service
A CRM system manages all your contacts, customer information, and leads to build unique profiles of everyone you interact with. This gives you easy access to relevant information to better understand customer behavior across different channels and helps you proceed with further actions accordingly. Not only this, it helps you in addressing customer issues and queries in no time with best possible practices, so as to enhance customer loyalty.
Boost In Sales
Improving the sales process, building an efficient sales pipeline, automating multiple tasks, and analyzing your sales data minutely will lead to one undefiable thing, and that is - increased sales and productivity. With all customer data in one place, you can easily deliver the right message on the right channel at the right time to boost up sales.
Better Data Management And Analytics
You can make the best use of data available when you have it locked on one particular system. A good CRM solution like Glaze CRM helps in keeping your data up-to-date and all secured, making it easy to access for the team members. These heaps of data are reflected in visible metrics, thus benefiting your company in customer acquisition, retention, and better management of the acquired data.
The best CRM solution can enhance your teams' output by helping them save time and effort on manual tasks through the process of automation and digitization. Having pre-defined processes can make your team focus on high-value tasks, such as building stronger customer relationships and effective business strategies, thereby improving the overall productivity.
CRMs are all about upping your sales game, saving time and money, and providing customers the service that they will be bound to remember for all the good reasons. Hence, having the best CRM software and strategy is of vital importance for any business's survival these days. It can help in unifying your entire organization, from sales and services to marketing and IT - just on a single platform, thereby transcending your customer relationships to the next level and translating it into revenue for your business organization.