In the current fast paced business environment, a good CRM software plays a critical role in the growth story of an organization poised for hyper growth. In this post, Let us learn about 5 Key Benefits of using a CRM Software for your business.
1. Better Customer Segmentation and Personalization:
CRM Software helps you centralize your data by bringing all the contact information into one single platform. With all the data in a single place, you are now more equipped to segment your contacts effectively.
With better segmentation, your communication with your contacts are now more personalized. This ultimately helps the organization improve conversion rate thus helping reduce sales cycle duration and increase revenue.
2. Improved Customer Satisfaction and Retention:
Overtime, the CRM Software becomes a repository of your interaction with your customers from multiple sources such as past Email communication, Chat conversations, past Incident history, Interests, past Purchase history, etc. This data helps your Sales, Marketing and Service teams better serve the contact so that they can provide them more contextual solution to their problems. This helps improve customer satisfaction ultimately helping increase customer retention.
More satisfied and happy the customers are, more are the chances of them referring your products and services within their networks, which ultimately increases your business prospects. Remember that a prospect is 20x more likely to buy a product or service from you if it is recommended by one of their friends. Your satisfied customers become your product evangelist and become your free sales army advertising about your products and services with free word of mouth marketing.
3. Automation of key Business Processes:
There are many business processes performed by Sales, Marketing and Services teams. Some of the commonly expected business processes are listed below.
- Sales: Lead Management, Account Management, Cross Selling, Up selling, Quote Management, Sales Activity Management, Invoicing, Report & Sales Analytics, etc.
- Marketing: Customer Segmentation, Campaign Management, Activity based workflow Management, Reports and Marketing Analytics, etc.
- Service: Request Tracking, Ticket Assignment, Knowledge base Management, Chat bot, Performance Reports, etc.
A Good CRM Software is equipped to automate all of the common business processes. This can significantly bring down the time taken to do the same tasks manually. Now, the team can achieve more in lesser amount of time.
4. Productivity Improvement of Sales, Marketing and Service Teams.
With the help of a CRM Software, your team members in Sales, Marketing and Service teams would now spend lesser time on data entry and operational tasks. This would help them focus on more important tasks.
- Sales team can spend more time interacting with customers and closing deals rather than spending time scrambling through multiple mail chains and their rolodex.
- Marketing team can focus on increasing customer engagement with more personalization instead of working on low ROI marketing techniques which is usually the case in absence of any organized data about contacts.
- Service team can now focus on solving more complex customer issues rather than spending time on smaller repetitive queries whose resolution response can be automated.
5. Real Time Reports and Analytics
One of the primary reason why businesses fail is because they fail to take right corrective action at the right time. This usually happens when the leaders do not get timely insights on the whereabouts of their business and the KPIs which decides the fate of their business.
In conventional organizations, they still tend to rely on periodic (Quarterly, Monthly or Weekly) reports prepared manually by an Analyst in their team. Rarely do they realize that by the time they would uncover certain issue in the numbers, the data would be stale by that time.
Modern businesses need fast paced solutions to keep tab on their numbers in real time. Modern Cloud based CRM Software helps them achieve that by providing real time reports and analytics so that they can keep track of the status of their business on real time and take strategic action instantly to meet their business objectives.
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