Which CRM Category is best for Your Business
CRM systems are not just vital sales tools; they offer serious business power. They are a central point for storing all your customers’ data, emails, phone call history, page visits, social media communication, webchat, sales progress (be it cross-selling or upselling), and special deals or discounts. CRM can also be the key to your business intelligence. You could ask questions of your data to inform product development, use it to group prospects, and target them with sales campaigns step by step.
In this article, we will look at different benefits that you can bring to your company using a CRM system. Below are some examples.
Loyalty for any business is of absolute vitality. Using a CRM system, you can automate marketing campaigns to encourage repeat business and win new customers through referrals. With CRM, this is your reality now.
Twenty years ago, things were very different. The majority of businesses relied on spreadsheets to keep track of their customer interactions. CRM platforms used to be very expensive and also limited to large companies. However, by 2004, open-source solutions began to appear, and as a result, a price war broke out. The new CRM systems were considerably cheaper to install allowing access to business intelligence for everyone.
CRM is constantly changing. For example, the need to track and report social media interactions only emerged in the early 2010s. There is no doubt that the speed of technological evolution is rapid and is still happening. Consequently, CRM systems evolve with them in order to keep themselves up-to-date and useful.
For about 10 years now, cloud and API (Application Programming Interface) developers have been driving through real mass adoption of CRM. They have tried to make it accessible and affordable for all. For the first time, storing data and sharing it in a meaningful way across multiple systems is an option for any size of business.
CRM is King in this customer-focused world.
Most CRM systems have a dashboard or interface that provides a snapshot of the information you need and then allows you to drill down that information for further analysis. For example, this could include key client information, sales and pipeline statistics, or marketing metrics. This is all in addition to the fact that many systems can be tailored to meet specific business needs and processes. It is worth considering what you want to achieve before making a purchase.
At this point in this article, let’s look at various uses of CRM systems for any business. In this article, we will be looking at them from a different perspective and have categorized them into 3 rather unorthodox classifications.
An operationally-focused CRM system will include a sales force automation module to drive prospects to conversion and record all interactions. This reduces duplication of team efforts and keeps customer communications seamless.
The marketing automation module is there to deliver, track, and measure emails and social media campaigns. Some have a scoring system for segmenting customers and retargeting. A service automation module, however, allows you to manage ticketing systems, help desks, and other customer service options you provide.
Most CRM systems have some basic analytical tools built into them. But, if you are looking to analyze data from multiple sources to make high-level commercial decisions, you may want to go for something more sophisticated with more advanced tools.
Ask yourself what information you need to drive your business forward and then check the providers and find out who is capable of delivering this information in an intuitive way. For example, you may want to pull a data set of customers who used to purchase a product from your company on a regular basis but no longer do. Why have they stopped? Would an offer help if it was an item of low value? Does this customer require a phone call? Do you want to receive alerts for trigger points or are you happy to interrogate the data yourself?
The more analysis you intend to do, the more likely you should consider the analytically biased system.
Collaborative CRM systems work best for businesses that form part of a wider supply chain that need a cohesive approach. They can manage data sharing between companies at every point in the supply chain. This way, all parties can collectively drive continuous improvement and increased responsiveness to customer needs.
Because they are handling huge amounts of data, these are the most complex CRM systems. Remember, there may be information that suppliers need to keep confidential. In this case, permissions as a base for access to this information need to be considered.
How to go about it?
Start by asking yourself what you need your system to do and what the roadblocks may be. Then ask your CRM supplier to match your needs and include training. Multiple pieces of research show that just a 5-percent increase in customer retention can boost lifetime customer profit by 50 percent on average across a number of industries. So, asking the right questions, tailoring the systems to your needs, and then training your staff will lead to the success of your business.
CRM is not a silver bullet. But, if it is used well, it can certainly provide a golden opportunity for you, your employees, and your business. The key is to understand what you want to do. Then all you need is to assign team champions and then ensure that everybody is on board and correctly records information. Your data is only as strong as it is clean.
Your processes also need to be defined clearly for you and your team to benefit the most. Companies that work like a clock did not initially start this way. There are always problems and mishaps on the way, but the key is to know how to deal with them in a time of crisis and lead the company to the most profitable point. If your team is trained and knows how things are taken care of within the company, you will have nothing to worry about.