CRM software is the medium through which you can build connections with your existing customers and prospects in a personalized manner rather than the old and traditional contact management practices.
Businesses nowadays can’t ignore the benefits of the Customer Relationship Management (CRM) software altogether.
What is Customer Relationship Management software?
A database in which the information regarding customers like contact information, records of customer interaction, and transactions data are stored to help the sales and marketing team of the company to acquire as well as retain more customers. Such software is known as CRM software.
CRM can assist you with optimizing the sales processes, customer services, marketing campaigns, and technical support as it tracks the leads and customer interactions. You can anticipate your targeted customer behavior and their needs using CRM software and then work to meet them.
Customer service: A part of CRM Enterprise software
Many of you may be wondering about whether CRM is a part of enterprise software applications or is it an entirely different product from it? Well, the answer is: it can be both.
CRM can work on both fronts. As a unique software, it comes with a package of sales force automation, marketing automation, and customer support. Meanwhile, as a part of enterprise software,
CRM is one of the five pillars of ERP whereas the other four are financial accounting, supply chain management or distribution, manufacturing, and human resources respectively according to an expert from an Enterprise Application Development Company TatvaSoft.com.
CRM is a system that helps you develop and deploy a strategy to manage your interaction with all past, present, and future customers. From potential market identification to customer loyalty retention, CRM covers all types of customer-oriented activities. It also includes information generation and distribution as well as data capture, and analysis. CRM is a technology-enabled system. Though CRM has its own database, it can integrate with other channels of interactions like an ERP system very easily.
Advantages of CRM Software for Better Customer Service and sales
Customer support through personalized communication
As per the recent survey, approximately 41% of the customer churning happens because of poor personalization. However, CRM allows you to personalize each new interaction with your customers as it puts all the information at your team’s disposal.
For example, your team can pull up the records of the previous interaction with the customer immediately when they contact your team. Now, suppose the customer had a history of poor experience with your brand, then acknowledging that your team can act or take decisions accordingly to avoid potential customer churn. Also, if the case is exactly the opposite, then your team can track their purchases and reward the customer for their loyalty.
Strengthening Relation with Customer
When customers start trusting the company, only then customer relations can be built. CRM system can help the companies with that. CRM software has a database that stores customer information which companies can easily use at relevant times. And there can be many interactions that might take place between the customer and the company. So, it is recommended to keep the log of each interaction for any future references.
It can happen that certain detail or a piece of data that might seem small at the time. But can turn out to be critical to find a solution in the future. This is beneficial for the customers as well as for the service teams too that work on long-term support cases. Therefore, it is necessary that you store the customer data in a more organized manner, which your support team can easily access whenever and wherever they want to. Such practice strengthens customer relations over time.
Sending out Automated Business Mails to Customers
One of the top advantages of CRM tools is Automation. It is used by companies to streamline their business processes. One such function is communication. Nowadays, business owners are streamlining their communication with clients through automated responses.
Getting an instant confirmation for their request makes customers happy. But that is just one of the major use of automated responses, there are more of it. You can also add links to request forms, price lists, FAQ pages, wikis, and other relevant documents with the help of canned email responses. You can also create different canned responses for each departmental email address.
This will not only automatically sort the basic questions from customers to employees, but it can also effectively reduce them. Sometimes companies spend so much time generating resources and documents that no one uses, but automated emails are an effective way to direct the audience to the resources you have already created before.
Automating Customer related Tasks
I don’t have to explain to business owners how converting leads into a customer is a challenging process. You need to address their needs properly, you need to sort the onboard issues, you need to create and send reports. Every task needs to be executed with the utmost excellence and a touch of personalization. Though all these tasks are necessary for the business, not all of them are an effective use of your time.
You can get your hands on a powerful CRM solution designed to automate those mundane everyday tasks. Automating such tasks will not only save your time but will also improve the efficiency of the work while allowing you and your team to focus on more important business activities.
Enhance Customer Experience
CRM can help you improve the customer satisfaction rate of your company. because the CRM tool is basically a roadmap to the customer’s specific requirements. Reps can easily analyze past engagements as every interaction is stored in a centralized software to discover the best route to approach a customer. This method can be proved very effective for high-value clients.
Studies show that the top 10% of customers that are most loyal to your brand, spend on an average three times more than an average customer spends. This might look like a good thing but the businesses are also under pressure in such conditions where they have to satisfy their customers’ needs before they take their business anywhere else.
CRM offers data and resources that are helpful for your business to create positive customer interactions. Businesses can easily optimize their data management system and enhance the customer experience if it uses CRM to their advantage as discussed above.
Final words: what do you need: Enterprise CRM software or Standard CRM software?
What is better? Enterprise CRM software or Standard CRM software?
Well, the answer lies within the size of your company and its requirements. Also, your vision for the near future.
If you are the owner of an SME business that doesn’t have any plan of entering into the global market domain anytime soon then a standard CRM software is the best solution for you. Though it has a lower price on its price tag, it can effectively increase sales for your small organization.
On the other hand, if you own a company that manages different departments with different teams that regularly interact with the customers but work with the same information, then enterprise CRM solutions is the perfect pick for you. Though this option is expensive, eventually it will pay for itself by enhancing your customer services and boosting your sales.