Over the past few years, the unprecedented growth of the online business has motivated every business to sell their products through various online mediums. But in online businesses, most of the companies are more concerned about selling products rather than providing a good service to the customers. As a result, they are losing a chunk of customers because these days customers are also very fussy, demanding, and always inclined to a business that offers a better customer experience. A plethora of studies have claimed that 1 in 3 customers will leave a brand after receiving just one negative experience.
Here, comes a customer relationship management (CRM) which not only helps you to manage your customers in every way but also identifies the prospective customers for you and helps you to win back your former customers. A CRM system can be brought into effect with software that facilitates collecting, organizing, and managing customer information in a hassle-free way. These days, CRMs are no longer associated with large organizations where databases are huge. Nowadays, CRMs are advantageous to even small and medium-sized organizations. CRM can be an imperative management tool in your arsenal which can streamline all your business processes. Now, with the help of a CRM system, you can create personalized campaigns for your customers and motivate them to purchase your products. This will certainly uplift your company’s sales and growth.
Now, let’s dig into deeper what are the benefits of using a CRM for your business?
- Improves your customer retention as well as revenue:by implementing a proper CRM strategy, now, you can improve customer retention rates for your business. This will automatically enhance your business profit and growth. As per the Harvard Business Review, only a 5% reduction in your customer defection rate can uplift your profits anywhere between 25% - 85%. With the help of accumulated data, your business team can proactively address at-risk accounts and also satisfied customers and will motivate them for repeat purchases.
- It helps you to find out the right customers: Your business will never proliferate if you don’t approach the right customers. “Without a CRM system, 79% of all marketing leads are never converted to sales.” Maybe you are spending a hefty time in finding and attracting new leads, but are you able to convert them all to your business profit? Here, enters a CRM system from which your sales and marketing team will get a complete view of leads and prospects. Now, they can create engaging communications to turn these prospects into customers.
- Improves customer satisfaction: This is another prime benefit of using a CRM system for your business. Now, by implementing a proper strategy, you can solve your marketing, servicing, product purchasing, and selling in an organized way. Moreover, now, you can also provide better service to your customers by addressing and understanding their issues. To resolve an issue of your customer, your team can now easily retrieve all the past information and activities (purchase behavior, preferences, last purchase, etc.) so that they can find a quick solution to the problem. This will certainly improve customer satisfaction and 86% of customers are willing to pay more if they receive better customer service from a brand/company.
- Improves internal productivity: Adopting the right technology helps your employees to get rid of all uphill tasks. Now, they don’t need to identify and enter data manually rather everything is automated (sales, service, and marketing). Your employees now can spend more time talking to the prospective and existing customers and this will strengthen the relationship with your customers.
- Better internal communication: A CRM strategy will certainly build stronger communication within the company. Now, any information or data can be easily shared between the departments. Each employee can answer all the questions of the customers and can know what’s going on with their products or services. Every employee can work as a well-informed team which will enhance your company’s efficiency and productivity.
- Optimize your marketing strategy: This is another imperative benefit of CRM which you can’t ignore. A CRM helps you to prepare a more and targeted marketing strategy for your business. Now, you have adequate information and idea about your customers, so you can promote your product perfectly in front of them. A CRM will help you segment your customers and gives you a better insight into your customers. Once you have all this information, you can set up relevant promotions for different target groups at the right time.
These are some of the prime benefits of CRM for your business. But choosing the right CRM software for your business can be a tricky one because the markets are thronged with so many options. Certain factors that you should consider are how customizable the software is and its safety & security features.
To maximize the growth of your online business, you need to prudently choose CRM software for your business which will help you to establish a good relationship with your customers. Because at the end of the day, happy customers will bring unparalleled growth and profit for your business.
About the Author
Jaidev Chatanat is a thought leader in the space of marketing intelligence, customer service and digital transformation. He has been an advocate for applying the right digital transformative strategies and techniques for many decades for fortune 500 companies.
He is reachable for consultation on firstname.lastname@example.org