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How Can CRM Help You Grow Your Business?

On Tuesday, 10 Jun 2014
How Can CRM Help You Grow Your Business?

If your business has a large and/or growing customer base, then a CRM tool is one of the best investments that you can make to increase sales and boost customer loyalty.

CRM has enabled entrepreneurs to cement their relationships with customers; the main asset to a business.

1.Improve Lead Generation and Visibility of Sales Cycle

The sales team is valuable and possibly one of an organization’s most important assets. Having a large percentage of high-quality leads in your pipeline will help improve your odds of closing deals. A CRM tool acts as a sales force’s compass, helping the organization understand where it stands at present and what its future course of action should be.

2.Automate Tasks Impacting Your Bottom Line

CRM offers a unified single user interface at a single point without the need of multiple applications for different tasks. CRM will automate many easily overlooked tasks, saving a lot of time and efforts. By centralizing information, users can access and edit shared data about every customer touch point, phone call or email marketing blast your business makes, whether you are in the office or on the road.

3.Integrate Customer Communication Systems

Many CRM systems let you integrate your email and even social media activity, so you can manage, prioritize and respond to customer email and social media notifications in one place. CRM further enables quick resolution of customer queries which contributes to customer satisfaction.

4.Retain Existing Customers

It is significantly cheaper to retain existing customers than to acquire new ones. Companies need to focus on building customer loyalty and encourage longevity. This is the foremost reason why web based CRM solutions are suitable for new organizations. CRM tools helps to understand spending trends of existing customers and make service improvements. Additionally, you can build detailed customer profiles – all of which aids the reduction of customer churn.

5.Refine your Marketing Messages

Typically, sales organizations use CRM to track pipeline or bid-to-win ratios, but it can do much more. CRM can assist you to understand who has bought what, how much they spent, and give updates on market expansion.This data is essential when it comes to launching a marketing campaign or promotion and hitting the right potential buyers. With CRM, you can segment your customer list by profile, purchase history, and so on, helping you better refine your marketing messages to the target audiences.

6.Analyze and Improve Employee Performance

CRM plays a crucial role by making sure that employees are working effectively and adding value to company’s business. You can take a close look at how many deals your sales team closes, check the success of their cold calls based on length of the chat and where the lost deals go wrong and use all the data stored in your CRM to find ways to improve.

7.Forecast Reports

Business growth is easier when you can tell at the beginning of the quarter what your results will be at the end. With CRM on hand, you can predict how many of your deals are likely to close and when, be prepared for your quarterly results, take action early so that you can always be a step ahead of competition and gain better results.

What's your take on Customer Relationship Management?

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