Imagine a team of digital marketing reporting back to their administration about their customers. Each of them gave different reports and has chosen to record different sets of customer feedback. The administrator will have a tough time predicting his team's sales funnel due to the various sets and lack of a uniform method of collecting that data.
A few spreadsheets and an approximation of the best conclusion are not sufficient to keep track of hundreds of customers and their dealings with your company. So, what’s the key to success in almost every business?
CRM- Customer Relationship Management is software that helps businesses grow sales through collecting and managing customer data. Moreover, it also allows you to clearly see the whole customer’s journey from awareness to purchase and how each of your customers moves from one stage to another. It is a historical view and analysis of all customers, it does so by enabling assembling, organizing, and managing customer information—all in one niche.
But the question is
● Whether the CRM software is only for large-scale organizations?
● Why is it important?
● Does CRM differ in type?
For all your queries we got you covered as we dive deep into this article.
The answer to the first question is an absolute NO. Designed to keep track and streamline your processes, advantageous to even small and medium-sized organizations, a CRM system can be one of the most effective management methods for organizations of all sizes.
Now let’s understand the benefits of CRM: Firstly you can manage your energy the right way with the CRM, as a small business owner has thousands of things to get done while they are running out of time and energy such as managing emails and calling their customers which results in spending less time optimizing the energy and focusing on sales.
According to IBM, 64% of businesses boosted the sales ratio using CRM.
Marketing Automation Strategies with CRM
For every small or big business CRM allows automation strategies with which you can create marketing automation in the form of email, text messages, and even leverage social media like Facebook and WhatsApp to send notifications follow-ups and other messages.
CRM tracks the lifetime value of customers
Another reason why CRM is so important for every small business is that it allows you to track the lifetime value of your customers. Also, by automating the majority of the sales process by using a CRM, you're essentially increasing the effectiveness of your marketing campaigns and a high ROI (return on investment). A good CRM provides business owners with time by managing interactions with customers and ultimately allowing the business owner to become more productive.
IBM research shows in 2021, businesses using the CRM leverage their customer relationship by 74%
How does it differ?
Quick overview of types of CRM and which one will best suit your business:
Operational CRMs are used to drive sales, boost marketing, and run service automation systems more efficiently.
Analytical CRMs are used to assist marketing, sales, and support teams with finding better ways to keep their customers happy, with heavy reliance on customer data and information gathered across various sources.
Collaborative CRMs allow an organization to share customer information with others to gain loyalty and acquire new customers to drive sales.
Competition has now gone global to out beat your competition and make them insignificant. You need clarity, control, and speed in your marketing, sales, and customer care operations. An effective and efficient CRM allows you to do all the work in one place with ease. It creates a simple solution for not only managing the business but also staying in touch with customers.