Customer relations management, or CRM, is a crucial tool for businesses in the modern-day business environment.
Businesses without an effective strategy for dealing with an influx of information and engagement risk losing out on business to more savvy competitors.
It can be overwhelming to deal with the potential massive amounts of information out there, but an effective CRM system can help turn those opportunities into revenue for your business.
An effective CRM can help to not only keep track of customer requests on an individual case by case basis, but they can also help connect different departments together.
A company that does not have effective communication between departments in place risks displeasing customers and losing out to more competent competitors.
It is also important to be mindful that your customers don’t particularly consider how things work behind the scenes, they simply want their problem dealt with quickly and efficiently.
Nucleus research estimates 70% of businesses using CRM don’t properly tie it to customer service, resulting in missed opportunities and making a gap in the market for businesses that can.
Information is key
In order to suitably respond to any customer query, your staff need to know all they can about your business.
A competent CRM system can gather relevant information from a variety of different sources, from your company’s website, telephone, email, SMS, marketing materials, social media and more diverse sources.
To be able to inform customers, your company’s employee’s need to be fully informed. Without a forward-thinking CRM system in place you are relying solely on your employee’s being knowledgeable about your business and its service product offerings in order to provide the end customer with the adequate amount of information required.
For a small company with only a handful of employees and customer queries this might be feasible, but for medium or large sized businesses this soon becomes a very unrealistic prospect.
An effective modern-day CRM system will consume and disseminate all the relevant information about your company and make it available to your employees when they need it most.
This helps builds trust with your customers, which makes them more likely to recommend your business to others.
According to a study from Nielsen, 92% of consumers around the world trust word of mouth advertising, making it the highest trusted form of advertising.
It is in any business’s best interest to do all they can to promote a positive enriched customer relationship and this can be achieved by creating a fundamentally accurate information data supply that is consistent, timely in delivery and personable.
New-Age CRMs allow for customer prioritisation
If your organisation does not currently use a CRM system, or your CRM system does not effectively track lifetime customer value, then it is highly probable that you will have limited insights into who your most valuable customers are.
This can sometimes be an eye-opening experience for businesses, because when you’re not cogently tracking metrics it can be easy to believe that your most valuable customers are the ones you interact with the most.
With a modern CRM system, you can keep track of vital customer statistics that empower your business to better understand your customer base and allows you to prioritise who your most valuable customers are.
Keeping your customers happy is the key to long term business success.
Mobile CRM systems increase productivity
If your CRM system is tied to your office computers and doesn’t feature mobile access through a browser or dedicated app, then you are potentially losing out on key business opportunities.
Research has found that mobile access to a CRM increases workforce productivity by 14.6%. Adding social and mobile access capabilities to CRM increases productivity of sales
people by 26.4 percent.
These are significant increases to your workforce’s productivity that you are simply missing out on by not adopting an effective cross-device enabled CRM system.
In an age where consumers are making more and more purchasing decisions on their mobile and tablet devices, being tied to your office puts your business at a great disadvantage to capitalise on this growing market of end users.
Data is king
A good CRM system tracks data holistically, collating information that is not just limited to your clients for your sales team, but also general and business social information.
One key metric is the length of a sales cycle, with a dynamic crm system you will be able to more accurately develop revenue forecasts and identify poorly performing client projects or sales opportunities. It makes it much easier to track performance levels and helps you to better identify areas where your business can improve.
Customer personalisation can lead to increased sales
Gathering more information on your customers allows your business to personalise your service offering to the individual needs of each customer.
Though it may sometimes seem counter-intuitive, research has found that 69% of consumers would be willing to provide more private information in exchange for a more personalised service.
Consumers want highly targeted products that appeal to their needs without having to search for it themselves.
An effective CRM system can not only gather all the information you need, but it can also help you to manage and make use of that data in a way that provides a more personalised service for your customers, thereby increasing customer satisfaction and revenue potential.
It can be extremely difficult to develop a personalised experience for each of your customers without a comprehensive modern-age CRM system in place and it only gets more difficult as your customer base grows.
With an inability to collect and aggregate your customer data efficiently and comprehensively. It can be an incredibly time intensive process to keep all customer records up to date whilst also being able to tailor your service product offering to each individual customer’s needs using dated data collection and processing systems.
Automation and aggregation
Automation is the key to generating efficient revenue streams and it is becoming highly influential as time goes on.
Research indicates that we are moving towards a data-driven economy where understanding your customers is the key to unlocking future revenue growth.
There is a world of data available that can help your business to target new markets and existing customers effectively, but gathering and analysing this data manually is virtually impossible.
There is simply too much data available and the rate at which this data is formed and changes is too quick for humans to keep on top of. Making use of new emergent technology and relying on robust and dynamic CRM systems is the key to staying on top of the competition and riding the waves of technological progress.
By investing in a modern-age CRM system that truly understands your organisation’s needs, your business can not only better understand your customers and its position in the market, but also drive new commercial opportunities and generate more revenue from existing clients.
To find out more about how an effective CRM system can help your business speak to one of our experienced senior CRM consultants today.