CRM is a major buzzword in today’s business world. Brands are rapidly adopting new CRM practices to meet the latest technology and social needs of the customers. Business owners and sales managers have heard they can significantly benefit from CRM, and yet many are still unfamiliar with CRM solutions.
So what does CRM mean anyway and how can it help you?
What does CRM mean?
CRM stands for Customer Relationship Management, a system that allows businesses to manage customer relationships and the data associated with them. CRM is a tool that let you build a closer relationship with your customers and grow your business.
Why CRM?
The foundation of any business is its customers. You, being a seller, interact with people who want to buy your product. These connections grow more sophisticated and numerous as your business grows.
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Eventually you will need to manage and share the information of your customers across your organization. A CRM can serve as a nerve center to manage these connections.
How Does CRM Benefit My Business?
1-Decision Making
CRM allows for reliable decision-making through quick access to relevant information. For example, many CRMs can segment your customers by profit and you can use this information to target other customers with similar attributes.
2-Touchpoint Management
CRM helps you understand your customers’ needs and identify the best time to market your product. It can optimize your marketing resources efficiently through event alerts and follow-up schedules.
3-High Quality Lead Generation
Many CRMs feature lead generation, leveraging existing contacts to intelligently present you with other potential customers. These leads have been curated because your brand tends to resonate with other people/businesses like them meaning they are more likely to convert.
4-Pipeline Reports
CRM allows generating real-time pipeline reports. These can be used for production forecasts, in-turn increasing efficiency and predictable cash flow management.
5-Product Quality Management
CRM compares previous and current sales to provide insights for sales managers. They can understand at-a-glance strategic strengths and weaknesses, allowing them to improve product quality according to hard data.
6-Improved Customer Relations
One of the top benefits of CRM is better customer satisfaction and loyalty. Activities like servicing, marketing and selling to the customer can be carried out in systematic way, increasing consistency and efficiency.
7-Data Security
Critical customer data is secured. CRMs can grant different authorization levels for teams and individuals to perform their roles and responsibilities while protecting data from unauthenticated parties.
8-Automated Email Marketing
CRM systems can integrate with email services like Mailchimp, these can automatically send email at a scheduled time to targeted customers. Email marketing is one of the MOST effective forms of digital marketing.
9-Increased Revenue
Through the generation of new leads and effective marketing to existing customers, CRM increases revenues for your company.
10-Scalability
CRMs can be tailored to your business’s needs scale with its growth.
