The relationships between customers and any business are one of the most crucial ingredients to its success. Having all of the necessary information about existing and potential customers in order to communicate with them in a proper and timely manner is one way to help improve these relationships. That’s where using Customer Relationship Management (CRM) systems helping build strengthen the bond between consumers and business come into play. This article will break down the advantages of CRM into 11 reasons why it is important for the success of any company.
1. Having customer information to hand
A CRM system stores each customer’s details, their entire purchase history and therefore buying habits and trends too. Having all of this information in one easily accessible place helps with customer service and analysing customer behaviour, to name just two things – that are both arguments for CRM on their own.
2. Increasing conversion rates
By analysing the known preferences of each customer, the system can help you to target each individual with adverts for the things that you already know what they want when they want it. Putting this information into good use can, therefore, optimise conversion rates by only making relevant offers according to buying habits – once you know your customers you can know best what to offer them. With solutions like Livespace.io, you can sell smarter with better sales forecasts.
3. Improving customer service
Customers want any problems that they may encounter to be dealt with promptly. The above point means that all relevant data including purchase history and previous contact logs, for example, are quickly and easily accessible. This will all be useful information when addressing a customer’s issues and will help to reduce the time needed to find a resolution.
4. Elevating your communication
Having easy access to the same and complete information about each customer also means that it’s possible for any representative to provide a consistently high level of service. Having a detailed record of previous contacts, for example, means that different agents are able to familiarise themselves with the client and understand their concerns even if they have not been directly in contact before.
5. Helping with acquiring new customers
Not only do you have information about existing customers, but prospective ones can also be identified and their important data recorded too. This will improve the targeting of potential customers as well as keeping a record of leads and contacts that won’t be lost.
6. Saving time
Centralised data on an integrated CRM system can be made available to any authorised person at any time, in any place and on any device. Valuable time is no longer wasted on waiting for information to be up- or down-loaded, improving the customer experience and increasing productivity.
7. Boosting brand image and expanding your business
At the same time as relationships with customers are improved they are likely to be spread the good word about your company, which in turn will contribute to improving the image of the brand. This will lead to increased loyalty and also help to attract more customers, thus growing the business.
8. Automating everyday tasks
The sales process involves many separate tasks that must be completed in order for everything to flow smoothly, such as filling out forms, filing reports and addressing potential legal issues. Thankfully, many of these tedious and time-consuming chores are able to be automated by the best CRM systems, allowing representatives to focus on more important matters like closing sales and assisting customers – tasks that can only be performed manually.
9. Increasing efficiency for multiple teams
CRM means that different departments such as sales, marketing and customer services to all have access to the same information. The ability to easily share vital details between departments allows them all to work well together as well as helping to push customers along the sales funnel by seamlessly providing excellent customer service through to finalising transactions. With the right CRM solution, you can skyrocket teamwork.
10. Improving analytics and reports
Storing a multitude of information in one place with CRM leads to better analysis of data, whilst integration with different plugins or tools allows for the automatic generation of reports. With improved reporting on mistake-free data comes better and more effective decision making that helps improve the success of the business.
11. Reducing costs
It may not be that obvious immediately since the most useful CRM tools come with a premium subscription fee, but the long term effects of implementing such systems in your business will be to save money. Considering some of the previously listed reasons though help to make sense of it – work is made more efficient, conversion rates improved and tasks automated, so any subscription cost will be more than offset by the resultant savings.
It’s not the easiest nut to crack to find a solid, reliable solution for your sales team. However, you need to look at CRM as an investment, not an expense and focus on key metrics that can help you acquire more customers from the same number of leads. No matter if you have already gained some experience with using CRMs, or it would be your first try, you need to choose wisely.
