Why Small Businesses Should Choose CRM
Customer Relationship Management (CRM) is a system that companies use to manage customer interactions. It includes all sales and marketing operations aimed at optimizing the quality of the customer relationship, increasing loyalty and maximizing revenue and margin per customer. A lot of small and medium-sized businesses (SMBs) define CRM as a 360 degree view of the customer on one application. Choosing the right CRM solution can offer the following benefits:
Having more in-depth data in one centralized system allows for less timewasting activities throughout the day. As Michele Tessier, Digital Sales Supervisor for Inside Sales, Neopost USA, explains: “CRM solutions help you identify buying patterns and trends, enabling you to better customize your marketing efforts by knowing more about the companies you are targeting.” A CRM solution can instantly supply metrics that can be used to measure an individual’s performance and identify weakness that can be discussed in future sales meetings or training sessions. Investing in CRM is a way of establishing a workflow and a business process in one system, offering endless business benefits.
More Organized Processes
A CRM tool, often called a Contact Management System by small businesses, provides a one-stop solution that enables you to access data regarding every facet of your business. CRM gives the departments within your company a 360 degree view of all customer interactions. It allows for: recording of every interaction with customers; a vision of past and future activities, and will do the work of providing reminders, setting up appointments and follow ups - which are tedious tasks to do and keep current with.
Better Lead Management
CRM gives you the ability to manage leads from the infancy stage all the way through to the new customer stage. So whether are talking to a prospect, sending a quote out or creating a proposal, the system can manage the whole thing from start to finish. It provides visibility, speed, efficiency, collaboration, data intelligence, accountability and a better customer experience. This improved customer experience is obtained from better more accurate segmentation, better need identification and history analysis which help identify the right times to engage the customer.
Efficient Prospect Management
Many small businesses do not realize that, when they are using an Excel spreadsheet or just manually entering data, there’s no mechanism in place to efficiently keep track of prospects. A CRM tool gives you the capability to make sure prospects do not get lost in the system. Imagine you’re getting more appointments with a particular segment and, depending on your business sector, you may be organizing direct mail or emailing campaigns. This enables you to forge a link between prospects and customers. This engagement process helps you understand a certain dynamic, as long as you ask the right questions. What you have got to remember about CRM is that you need to know what questions to ask of the data in order to be able to get the answers you require.
A More Structured Approach to Performance
Closely monitoring activities and tasks means you clearly know the needs of your customers, enabling you to follow up in a more structured manner. The ability to create KPIs (key performance indicators) between engagement processes is important. For example you can establish the effort you need to make, by physical mail, telesales, email, social media or another channel, in order to achieve engagement.
Improved Customer Engagement
A good CRM solution ensures that your customers are more easily and accurately segmented and their needs are clearly identified. This means you can interact with them meaningfully at the right times, leading to more sales, faster sales and higher customer retention and satisfaction. A good CRM solution enables you to manage sales and marketing campaigns by physical mail, email, SMS or social media for example. This means small businesses can communicate with customers via their preferred channel, increasing customer satisfaction and engagement.
A Better Understanding of Your Data
Data is one of the most valuable strategic assets your business owns, and, if analyzed the right way by your CRM solution, it can be of unlimited value. According to Patricio Robles’s article ‘The Five Biggest Benefits of CRM Systems: “Popular CRM platforms typically offer a variety of homegrown and third party tools that enable companies to understand their CRM data and learn things about their customers that wouldn’t be possible otherwise.”
Six Reasons to go Digital with E-signatures
For many businesses, digital processes end at the point where documents require signatures. Enabling customers and suppliers to sign documents digitally cuts costs and speeds up processes, freeing up staff to get on with the job of generating revenue and growing the business.