Customer Relationship Management (CRM) is the art of dealing with your customers. It’s the trick behind luring them with your brand’s offerings, convincing them to try you out and then gathering feedback of their experience. And while you do so, you end up getting closer to your end-users.
CRM involves some planning and tactics using which you develop new leads, enhance your understanding of your current consumers and sustain your loyal customers. It is a blend of science and art that enables you to improve your perception about your target audience and devise marketing, sales and customer service strategies accordingly. It is an innovative business practice which, if done correctly; can skyrocket your sales and subsequently increase your revenue figures. Overall, CRM software is one of the most useful tools for enhancing the image, reputation, and credibility of your business; thus, improving its prospects!
The following are the most commonly used terms in a typical CRM software. These are also the different forms of CRM that highlight your current standing and relation with your target audience.
Contact - Contacts are a database of your target profiles listed in your CRM. Most CRMs also have company or account information and allows you to sync individual profiles to a specific company or account.
Leads - Out of all your contacts, those whom you think are more likely to purchase your products or conduct business with your team, are your leads. Since leads have higher chances of generating business, therefore, you should focus on them.
Opportunity - When leads take a step ahead and show their interest, it turns out to be a fruitful opportunity for selling your business. For effective CRM, it’s better to prepare a list of interested clients/customers and pinpoint the opportunities.
Quote - On the verge of selling your product to your interested leads (opportunity), you quote a sellable price. In B2B sector, initial quotes lead to further bargain, until you arrive at a final quote - the price at which you finally sell your product.
Deal - If you successfully make a sale, it’s a won deal. And if you don’t, it’s a lost deal.
Profiles - Profiles are your CRM professionals using the CRM application. Each of them should have paperwork role or permissions in regulating the software.
Campaign - An effective CRM should be able to make a list of contacts and companies, significant for conducting marketing campaigns.
Tag - Tags are additional data within your CRM, through which you filter and sort your customers.
Activity - Anything that happens within your CRM module is an activity. New leads, contacts, opportunities, deal; everything falls under the CRM activities.
Conversations - It’s a live forum within the CRM module where you organise all interactions made with your audience, and track them, from time to time.
Irrespective of the size, nature, and kind of your business, the following features of a CRM application are the most useful:
Centralized Database - A centralised database stores all your customer information and customer-specific activities at a secured place, thus providing updated real-time data, under all instances.
Contact Management -CRM allows you to manage all your contact details including their physical address, email, phone numbers, etc. Sales professionals can access the contacts, whenever required.
Leads and Opportunity Management -Sales employees can optimise sales by focusing more on leads and profitable opportunities. With this module, they can maximise their effort towards managing leads and turning them into opportunities and ultimately make a sale.
Sales Force Automation -Regular sales procedures like processing orders, managing leads, forecasting sales and scheduling sales calls are mechanised into a system. It reduces time, effort and cost of paper work of the sales staff.
Target Marketing -Marketing team can use CRM to identify leads, opportunities and closed deals. Using such data, they can track the most relevant customers and have real-time results. Through CRM, they can also filter email customers and notify them about upcoming promotions, offers, and discounts.
Customer Service -Using different tools like Service Level Agreement (SLA) and case management within the CRM module, the customer service team can provide live support and handle all queries and complaints concurrently.
Reports and Insights-An efficient CRM enables you to generate lead management reports, customer service reports and marketing reports; thereby providing useful insights into business performance against the Key Performance Indicators (KPIs).
In today’s world when most businesses are globally spread, there is a significant need for incorporating a CRM software in your business, for the following reasons:
Track Customer Requirements - With the entire world being an audience, it’s essential to keep track of their changing interests, requests, and other requirements. CRM helps you to differentiate customers and categorize them into like-minded groups.
Maintain Live Status - With a powerful CRM, you can keep a track on the current statuses of your clients. Processing orders, scheduling delivery and scheduling client visits; all client-specific work status can be synced into a well-organized system.
Uniform Access and Share Records - A CRM allows you to integrate your records and make it available at a single place. All your customer-related information can be shared across multiple devices and platforms, thus, maintaining a single database for an easy and centralised management.
Be Future Ready -CRM software provides consolidated information about past events and thus helps in making better predictions for the future. Through an effective CRM module, the top management can track past data and can accordingly plan their future strategies and business propositions.
Implementing a CRM solution demands a strong commitment to both time and money. CRM software is most impactful in bridging the buyer-seller gap. However, before integrating a CRM, ensure that you go through the following checklist:
First,whether your current number of target audience is way too large for your current customer relationship management system. If yes, there is a grave need to opt for an upgraded CRM which will ease customer management and make your work simple.
Second, you want to improve your perceptions about your targets and take your relationship to a newer level. Having a customised CRM software will not only store useful customer insights but will also direct you towards your future customer acquisition strategies.
Third,you also want to improve connection among your employees and boost engagement in your professional zone. To win over external audience, your business needs to have a well-connected team, who, with their collaborative efforts will bring more customers/clients to your business portal.
Fourth,your marketing team also wishes to optimise their efforts and align their strategies with customer management. Since marketing and sales go hand-in-hand, your business can have a synergy.
Fifth, you also want to simplify the lead handling procedure. Soon after you get a lead, you will want to store all essential information at one place. And with the help of a CRM, you can organize leads and arrange the relevant data, within a centralized module.
And Finally, you will definitely want to improve productivity, maximise output and generate more revenues. The CRM software reduces time and effort of all manual procedures and automates your ways of handling and dealing with customers.
Customer Relationship Management is an integral part of Marketing, Sales and Customer Service divisions in a business organization. Here’s how the CRM software plays a pivotal role in:
Modern CRM solutions condense the sales cycle and optimise your sales efforts. From following-up with leads to creating customer or client-specific quotes; CRM software drastically enhances the output of the sales team. With this, you can track the sales status in real-time and ultimately boost your revenue.
CRM increases the scope of marketing. It helps the team to identify key prospects and leads, and study the emerging opportunities from a specific target group. CRM data gives a futuristic vision of marketing campaigns and enables the marketing team to plan their further course of action, with maximum impact!
Improving Customer Service
Undoubtedly, innovative CRM tools and software enhance your customer service and improve relationship with your key targets. From handling queries and complaints to asking feedback; you can make good use of your CRM software. Thanks to CRM software, you can also check the progress of your customer service and easily meet your customers’ expectations.
After implementing CRM software in your business, it’s time to maximize the use of the software and thereby boost your productivity. Here’s how you can do it.
You can start by discussing the advantages of running a CRM with your colleagues and team members. It’s good to encourage and motivate your team towards using the software and enhancing their performance.
Depending on the size of your audience, conduct thorough review and analysis of your CRM database and develop quality customer lists, who are more likely to purchase your products.
Update the database of your CRM software with relevant information, from time to time. If needed, allocate a separate resource for keeping the database live and up-to-date.
To cut it short, Customer Relationship Management (CRM) software is highly beneficial for any business. Having a CRM helps to streamline procedures, tasks, activities and modernize the art of dealing with customers. With a CRM software at your disposal, you can establish yourself in front of your audience, improve their perception about your business, and ultimately make an unmatched difference in terms of customer service and quality solutions!