Why is CRM important?

 

It’s a widely accepted fact that the customer base of a business is one of its biggest asset; if not THE biggest. From this, we can extrapolate that for a business to successfully exist and prosper, it has to manage relations with its customers in the best way possible; a CRM software helps it do just that (and more). In the modern world, a customer is not satiated with merely a high-quality service or product; they need to feel engaged and they want a business to give them the respect and personalised care experience that makes them feel like they belong. With a CRM, a business ensures that it establishes long-term relations with its customers by knowing every pertinent detail (their needs, behaviours etc.) about them, at all times. A satisfied customer is more likely to return to your company for more purchases and when they always feel welcomed by your brand, it establishes a sense of loyalty within them. 

Using a CRM has many tangible advantages and here are a few of them:

  • Keep a comprehensive customer history:

    With modern CRMs, you are able to add custom fields against customers which allow you to keep as much information about your customers as you deem important. This excess of storage capability allows a business to deal with newly acquired customers as well as keep a record of all the previous ones astutely.

  • Important business analytics:

    With a state-of-the-art CRM tool, you are able to track all the purchases made by customers and apply important analytics on all sales data to find out the product category that is the hottest among the customers or the customer demographic which has the highest level of interest etc. These key analytics can play an important role in strategy formulation and targeted marketing.

  • Keep everything interconnected:

    A CRM can integrate with all your favourite enterprise applications like email servers, accounting software and data sources etc. to give you the unified experience that makes collaboration a seamless affair and saves a lot of time.

  • Acquisition of new customers:

    In addition to letting you maintain historical customer data, a CRM can also help you acquire new customers by identifying hot prospects and leads.

  • Personalised customer experience:

    By segmenting customers based on preferences, behaviours or other factors like purchase history, age, geography and level of engagement/interest etc. a business can send segment-specific emails, newsletters and other information (product launch videos etc.) to its customers. This enhances the chances of engagement and also increases the levels of customer satisfaction.

  • Sales pipeline management:
  • A CRM lets you have a holistic view of your sales pipeline at all times. You can see the deals that have been stuck in the initial stages for an extended period of time and know that they need to be removed and also have eyes on the prospects that require your immediate attention. Some CRMs also allow you to add your very own stages within the pipeline in the bid to have a more organised view.

 

 

How to choose the best CRM