What is “CRM”? You might be familiar with this term if you are a business owner or sales team executive but what does it basically means?
‘CRM’ stands for “customer relationship management” in other words; it means a system that allows organizations to better manage their business relationships and the business data. A CRM system enables its users to store contact information and other relevant data of customers and other prospect accounts, leads and sales opportunities in one centralized location, generally in a cloud to make information universally accessible in real time.
As the businesses grow, there is a need to manage customer connections and other information in verity of ways. There is also a need of a strong foundation for customer relation, especially for a small business. A CRM solution can help the user get client data from the cloud in real time, to any device and as you grow the CRM can evolve to accommodate more complex and sophisticated features that would help sales team collaborate their efforts, send customized emails, gather insights from social media, and help you get a complete picture of your business health.
Advantages of CRM
This is a very common problem that is often encountered by the business as they grow; the data is not properly organized in one place, it is often in a spreadsheet & notes that get misplaced and there is no collaboration of leads with other members of the sales team, this creates lag as how you perceive the customers involvement with the business. A CRM solution can help you organize your collective approach to a smooth functioning level and help you achieve the maximum lead generation pace.
Better sales team monitoring
Managers today face a serious problem of monitoring sales employees, they are pretty much blind as to what they are doing and that creates an inability to keep them accountable. There is need for more insights on the opportunities and deals the sales team is working on. Thus a CRM system is required that not just keep you up to date but also tells you the value and the potential of a deal, the stage deal’s in and also keeps track of the competition.
Prevent data loss
Information and data are the bloodline of any organization when it comes to sales, it gets more and more complex as the organization grows, it gets hard to schedule follow-ups with clients & potential prospects, and organize the data in the notes and post-it’s, the data is also lost with non availability of team member or if he leaves the organization. A CRM solution can help you organize the data, and help you overcome these data losses.
Another feature that a CRM solution offers is a fast and an easy way to store data in a cloud that can be universally accessed by any member of the team even on the go. CRM solutions like SalesForce even provide mobile apps that will share the information with your entire team instantly and the problem of data stored on personal computers and hand written notes can be overcome, making your sales approach mobile and your sales reps in the field equipped with the modern tools of success.
No doubt the “customer is the king” but ‘kings’ also can be rich or poor. Your approach of shooting arrows in the blind might not work as you grow, there is a need to profile and bifurcate the clients & prospects to industry and region and help you choose your profit segment and refine your efforts. Good CRM solution will help you identify patterns in the customers most valuable to your business and help you achieve optimization of efforts in realizing your targets.
A solution for success
CRM is an important strategy for business that wants to expand and diversify. CRM platforms are customized powerhouses that can bring together data from all corners of an organization as well as outside of it to provide a view of the business’s customers and consumer interaction. CRM is already a $21 billion industry and is expected to grow to a $36.5 billion worldwide market by the end of 2017, the exponential grow in the demand of CRM solution is the result of the unique advantages it brings to the table. Looking from a financial point of view, a CRM solution can offer a business a return on investment of nearly $6 for every dollar spent. On a per sales person basis, research indicates that a CRM solution can deliver up to an average of 41 percent increase in revenue. In addition, CRMs contribute to a 23 percent decrease in sales and marketing costs on average, even customer retention can be improved by 27 percent with it. And with the new alliance of cloud and big data technology it makes the CRM more successful & effective than ever.