CRM or Customer Relationship Management is a system that aims to improve the relationship with existing customers, find new prospective customers, and win back former customers. A CRM system can be beneficial to both small and large scale businesses as long as it is implemented appropriately.
Benefits of a CRM
CONNECT WITH CUSTOMERS
As your company grows, so does your customer database. Eventually it becomes more and more difficult to centralize and streamline your communications with customers, both potential and existing. Without a clear understanding of the history and current status of each relationship, the ability of staff to exceed client servicing will be severely restricted.
Firstly, CRM systems help organisations better understand their customers.
Secondly, with the help of CRM you can save all activities, projects, sales, live chat messages, email exchanges, invoices, orders, contracts, or customer service requests that a contact has ever been involved in.
In other words, a CRM system allows you to know better who your contacts are and what they want.
SEGMENTATION
Nobody wants to do business with a faceless crowd. Everybody wants to deal with a perfect audience. You can do it by segmenting customers and prospects into target audiences. When you know whom you’re addressing, you can attune your offer, tactics, and sales.
CRM allows you to break down data by categories and criteria, making it easy to create focused lists. Improved productivity through better time management as CRM prompts users when important events occur, or if actions are missed.
Gain more value from existing technologies. One example is Microsoft Dynamics 365 that utilises familiar solutions including Outlook, Office 365, Skype and Sharepoint.
INCREASED REVENUE
A CRM helps you improve levels of customer satisfaction, and retention – happy and long-term customers entail increased revenues.
By understanding your customer needs and behavior, you will be able to identify the correct time to promote your product. A CRM will also help you segment your customers and give you insight into which are the more profitable customer groups.
Up-selling and Cross-selling, both strategies can be easily conducted with a CRM, with this you will have an understanding about customers wants.
SAFEGUARDING BUSINESS
In order to comply with the data privacy requirements of the new EU regulation, it’s important to have a CRM software that has inbuilt GDPR-related functionality.
CRM helps to safeguard business is by providing the technology that helps organisations to digitally transform and develop new business models that will ensure future competitiveness.
Through smarter processes, connected apps and new insights gained from business data, CRM allows organisations develop new customer centric business models that support strategic growth plans.
Is your organization looking for a membership management software CRM? Tejora powers all small, medium, and enterprise-class organizations.
