CRM (or customer relationship management) tools are a mainstay of modern business practice – an essential component for keeping customers happy. Yet, there are still many companies out there that are not using them. And this is a problem. Those that aren’t engaging with CRM software are missing a simple and affordable trick to improve their customers’ experience and grow their brand.
The benefits of CRMs are quite extraordinary. Data suggest that using CRM boosts sales by more than 29 per cent and can increase productivity by more than 34 per cent. Furthermore, companies that invest in them get back more than $8.71 for every dollar they spend. The economic returns to implementing CRM solutions are real and lasting.
The following post describes some of the specific benefits your organisation can expect after implementing this software.
Consolidate All Your Communications
When customers interact with your business, they expect you to record your communications with them. They don’t want to have to explain themselves all over again each time they approach one of your reps.
CRMs are clever in this regard because they bring all of your communication channels together. It doesn’t matter how your reps speak to clients (whether via phone, social media or email), CRMs log all the essential information. It means that any rep in your organisation can pick up where the last one left off, without having to rely on memory or conversations with their colleagues.
Automate Data Entry
Linked to this is the fact that CRMs automate data entry. Colleagues don’t have to use their precious time to record emails and calls manually. Instead, CRMs simply collate important information within the system and then make it easily shareable via the cloud.
In terms of sales, reps can click buttons to log calls by the stage of interaction, giving their colleagues a clear picture of how close a lead is to closing. Summation, weighting and visualization tools make it easier for other people to pick up where the last rep left off.
Increase Customer Retention
Customer retention – or the ability of firms to hold onto their existing clients – is a crucial indicator of brand success. Data from Capterra, for instance, suggest that companies using CRM solutions increase customer satisfaction rates by more than 47 per cent.
Segment Your Customers
Companies that segment their customers can often achieve higher returns. Collecting data and then partitioning lets you filter people by:
- Probability of conversion
- Lifetime value
- Client size (if you are a B2B business).
Improve Administrative Task Efficiency
Manually entering data and browsing through email chains takes your colleagues a lot of time and, therefore, costs you money. But by automating data collection, CRMs eliminate this waste completely, allowing reps to dedicate themselves to the most impactful tasks.
Data back this up. Evidence suggests, for instance, that more than 34.6 per cent of sales professionals believe CRM tools have had a positive effect on their bottom line. Furthermore, companies that use these software tools can increase their conversion rates four-fold.