Customer relationship management, or CRM, is a tool specifically designed to help businesses manage their interactions with customers. It aims to deliver great customer service by investing time in the customer base and prospects. This helps them retain customers and increase their spending. CRM software is a tool that is important for any business to be able to manage its customer base, sales, and marketing. When it comes to CRM, facts can also teach you how to use the platform in your business model. You might be unaware about CRM facts that help a business run smoothly. That is why we have listed down some facts about customer relationship management that you should know.
Facts About Customer Relationship Management
The CRM system allows you to maintain accurate records of emails, phone calls, conversations, meetings, and quotations. This erases the need of juggling spreadsheets or notes which can easily get misplaced or lost in translation. You can manage your past and latest leads throughout the entire process. This means, from their initial contact with the sales pipeline to the closure of any deal.
The system helps you set and monitor tasks for yourself and colleagues to make sure that they follow up on them. This helps you report on all your activities and also in creating sales forecasts. The system aims to provide you with a holistic view of the customer. So, you can keep all the information you need to know in one place that is easily accessible.
When it comes to CRM facts, there might be a few that you are unaware of. We have listed five of these below.
1. 87% of Companies are Cloud-Hosted
Desktop powered client solutions were the norm for many decades. New software tools are available as technology advances each day. This results in desktop powered client solutions being overtaken by cloud-based systems.
The cloud hosts a vast majority of CRM solutions. Therefore, the process of access information remotely is much easier for employees. It allows for more efficient communication along with other benefits.
2. Businesses Make CRM a Constant Priority for Capital Spending
As any system, CRM is evolving and adapting according to our need. Hence, it is a more desirable approach for organizations and businesses. Many organizations invest a large sum of their budget into these systems because of the vast benefits it offers. Currently, it has become a multi-billion-dollar industry due to its high demand, which isn’t decreasing anytime soon.
3. The CRM Industry Can Result in the Creation of Numerous of Direct and Indirect Jobs
It is a common misconception that AI-based technology will reduce the size of the workforce and manual labor. However, CRM debunks that fear. The industry has expanded to create new jobs to meet the digital demands of these software. Shifts in skillsets create more learning opportunities, which is apparent with the evolution of CRM.
4. CRM is On Its Way to Become a Worldwide Business Norm
As listed in the Economic Impact of Ai-Assisted Customer Relationship Management report by the IDC, CRM’s growth of the next 5 years is very impressive. People are understanding the advantages of this system. Moreover, it is becoming clear that CRM solutions are the roadmap to a successful business. Soon, any business that does not implement CRM solutions will be overshadows by one that does.
5. CRM Systems have a Centralized Database of Information
CRM software provides a centralized database that contains all of the information you could need about your customers. Hence, it is easily accessible by any employee, making it easy for them to use it in their customer interaction. For example, a sales representative can see which products certain customers are interested through their previous interaction with the company. It will keep a record of the interaction you have with customers. Consequently allowing you to observe and improve your marketing efforts and sales pitches.
Why Should You Use Customer Relationship Management?
Now that we have discussed CRM facts, it is worthwhile to discuss some of the numerous benefits of the software.
The system can automatically section your contact list according to a criterion, making it easier to find a particular customer or group of customers. Location, age, gender, buyer stage, etc., can make it easier to sort the list. This leads to a more meaningful and valuable interaction with your customer as you understand their profile.
Reviewing you past performance is a crucial part of improving your sales strategies and boosting performance. The CRM software can help you generate automated reports to identify key trends and expectations of your future sales cycle performance. This way you can streamline your metrics and goals to suit those projections.
Streamlining your interaction with customers is essential. Even more important is to ensure proper communication within the company to ensure smooth processing and productivity. CRM software can help employees interact with each other thanks to its internal communication tools. These include sending notes or alerts, tagging each other on different projects, sending messages or emails on one cohesive system, or even observing how employees interact with customers.
Which Types of Businesses Can Benefit from CRM?
Businesses of all types can benefit form the use of CRM technology, from solo freelancers to enterprise-level corporations and organizations. With the key functions of organization, marketing automation, communication, and centralized task management, they make the foundation of any business’s success. Consequently, they speed up every day processes and tasks significantly. Therefore, the entire process from internal communication to marketing and customer interaction becomes efficient and productive.
CRM Tools and Platforms
When you look for a CRM, you need to search for CRM facts such as cost, the features and tools it has to offer, and how user friendly it is. Along with how well it integrates with other programs. Here are some of the most commonly used platforms.
Keap has marketing tools that allow you to move through sales tasks seamlessly. It is easy to use for startup companies and entrepreneurs. Moreover, small businesses find CRM useful in organizing their contact data to deliver better service.
This software has an intuitive user interface and a wide feature set making it easy for businesses to attract, manage, retain, and nurture their leads. It contains a built-in phone and email, visual deal pipelines, intelligent workflow automation, and more.
A free version of this software allows enough functionality to improve various processes at no cost. It has training resources including learning guides, email signature generators, invoice template generators, and marketing plan template generators.
In conclusion, there are more CRM tools out there to choose from. The one you go with will depend on your business type, budget, and business size. In addition, there are many more facts about customer relationship management that can show its resourcefulness for customer relations.