The benefits of adding a CRM to your business.
Improving customer service
Fundamentally, a Customer Relationship Management (CRM) system helps businesses manage customer data. This technology allows companies to improve their relationships with existing customers, locate prospective customers and regain lost customers. CRMs used to be associated with large corporations with vast databases of customers but these days they are proving just as beneficial for SMEs.
All business owners understand the importance of excellent customer service and this technology facilitates this through collecting, organising and managing all aspects of information about customers. This helps improve your relationships with clients and is an extremely powerful sales and marketing tool. Here are some of the benefits that a CRM can add to your business.
A significant benefit of having a CRM is that it can improve customer satisfaction levels by delivering a more efficient service. This is achieved by connecting with clients at several stages throughout the client’s journey in a methodical and precise way. Starting with the initial contact with a prospective customer, then servicing, marketing and selling the product in a seamless and harmonious process which can continue post sales as well.
By having a more efficient communication tool and process with clients you are able to provide a better service because you will have greater knowledge of their issues and needs, and knowledge is power. If, for example, there was an issue with a client, a CRM would allow you to access all information about that customer, including purchasing history and any other information to enable you to resolve the issue expeditiously. This allows clients to provide regular feedback regarding your products or services enabling you to make improvements where necessary.
Increasing the number of loyal customers
A CRM will increase your levels of customer retention by proactively addressing any issues facing client accounts that may be looking at taking their business elsewhere. With estimates for the cost of acquiring a new customer ranging from between 10 and 20 times the cost of retaining an existing customer you can understand the importance of this. Additionally, by connecting with customers at the right time you can encourage repeat purchases and increase the customer lifetime value.
As well as improving external communication methods a CRM helps improve internal communication between different departments. Through sharing customer information, customer relations, sales and marketing teams can work more efficiently maximising sales opportunities.
The marketing department can accurately deliver targeted campaigns directly at their chosen market segment which results in cost savings and better results. By segmenting your target market, you can cherry pick your most profitable customers. Because you understand the purchasing behaviour of customers and their actual needs you can promote the right product at the right time to the right customers.
Helps analyse business performance
Importantly, a CRM gives you the knowledge to help you analyse how your business is performing by highlighting leads from marketing campaigns, revenue streams and profitability of customers groups.
A CRM can help optimise the performance of your business by increasing upselling and cross selling opportunities and thus increasing the value of each customer. Both of these sales methods should fit in with your overall business strategy.
Businesses are on a continuous quest to find a competitive edge and a CRM can give you that simply by developing long term lucrative and harmonious relationships which most importantly leads to a more profitable business.
And remember, if you still need help, speak to our Expert Panel in your area: https://www.businessbutlerswansea.com/business-experts/ Whether it’s customer relations issues or technology advice, we have Business Butler Verified Experts near you for every area of expertise. All initial consultations are completely free.