CRM
February 28 2021
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When these systems are up and running, it's great. They allow companies to focus on the relationships with their customers and make it much easier to bring in customers, gain their trust and sell more during the (longer) relationship.
In this article, you'll discover what CRM is, what businesses it's for and what the benefits of using it are. When you're done reading, you'll have a clear picture of what you need to do next to move forward.
Let's get started!
What does a CRM do?
In a nutshell, CRM systems offer a way to collect and manage data about people who are important to a business. This is primarily data about customers and potential customers but can also be data about partners, resellers and even suppliers.
There can also be functions to keep track of interactions in multiple channels, such as email, phone calls and website. This allows the company to get an overview of where prospects and customers are in their buying journey and also create standard processes for consistent customer service.
CRM can help...
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Salespeople: to see previous contact that a customer or lead had with the company. This allows them to customize their next activities and messaging to increase relevance and boost sales and upselling.
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Marketers: creating personalized campaigns based on where you are in the customer journey. Supporting and simplifying the sales process with information and views needed to make a purchase decision
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Customer service: view customer information and past cases to get the full picture and better offer the help the customer needs.
Which companies should use CRM?
I would say that almost every business can and should use a CRM. Whether you work in a B2B or B2C company, there are clear benefits and a system that is right for you.
There are CRM systems for brokers, NGOs and everything in between. The range has exploded so much that no matter your size or industry, there's a range of options to suit different needs and objectives. There are even systems tailored for selling to government, local authorities and councils.
So even if your company isn't IKEA, there are benefits and advantages to using a CRM and working with the methodology. The real key to success lies in how you work with CRM - not how big your company is.
Many systems are also scalable. This means you can add functionality as you need it. You can start simple and cheap - and let the system expand as your business does.
Benefits of using CRM
If I told you that for every dollar you invest, I'll give you eight back. Would you say that was money well spent?
Those are incredible numbers!
And I can promise you that it is not a pyramid scheme. This is also not an example taken out of thin air but the reality that companies that effectively use CRM build for themselves.
Nucleus found that for every dollar a company spends on CRM, they get $8.71 back!
And here's the best part: That figure was only $5.60 three years before. So in 3 years, the benefit of (or cost of NOT using) CRM had increased by 1.5 times.
But what other benefits are there? With a CRM you can...
Reduce costs
Every business is always looking for ways to minimize costs, and with CRM, this saving comes in the form of higher efficiency.
A well-designed system presents everything salespeople and others need to know about customers and leads. What and who they should focus their time on also becomes clearer.
A properly implemented system gives the sales organization the support they need to make even better decisions and sell more. This way, you can do more with less and don't necessarily need to recruit more people to make more sales.
Building stronger relationships
Because information about customers and leads is collected and presented clearly, it opens up opportunities to strengthen the relationship by giving them what they need, at the right time.
Through the CRM, marketing, sales and customer support can create a common view of the buying journey from the customer's perspective and become more relevant in dialog with the customer.
As more and more companies create unique and positive experiences for their customers beyond their basic offerings, this personalization will become even more important.
After all, you don't want to be the one who stands out for the wrong reasons, do you?
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Keeping communication consistent and clear
As a customer, it's annoying if you feel like the company you're dealing with is out of touch.
Even if I know that it doesn't necessarily mean that the main offer is bad, I still get a negative impression of the company. For example, if I receive an email asking for a product review more than once, sending suggestions for products I've already bought, or getting a call when I've already asked them to stop.
With the structure that a CRM can provide, you can avoid many of these little annoyances. You can also keep your communication clear across multiple channels and internal functions.
Popular CRM systems
When it comes to CRM systems, it's a jungle out there. Literally the deepest Amazon.
The CRM market was worth $56.5 billion in 2019 and according to Gartner, it's only going to get bigger.
So to make it easier, here's a small selection of popular systems for different sizes of businesses.
Executive summary
CRM allows companies to focus on building relationships with their customers and streamlines mainly sales and customer service, but has benefits for marketing as well. Companies that effectively use CRM in their processes gain great advantages over their competitors.
If you have questions about CRM, you can read more or contact us directly - ask us, we are experts!
