What are the Key Characteristics of a CRM Solution?
A good CRM solution includes a contact database, details on inventory, purchasing, invoicing, and the ability to offer multichannel payment capabilities. This means you can send out invoices and have your customers pay them through an online payment solution. So instead of having to wait that 30 days or an extended period of time, you get paid immediately. Such an all-inclusive solution allows small businesses to operate and function on a daily basis. CRM solutions offer businesses a way to manage customer data and customer interactions together with the customer life cycle and contract life cycle. CRM solutions also enable you to access business information, automate sales, automate the order process and handle marketing and customer support and service, along with the employee–vendor relationship.
Creating and Tracking Customer Leads
The main thing that most companies look for in a CRM solution is the ability to separate their customers and prospects while managing their sales and marketing processes. This could involve the creation of leads and tracking them through the entire customer lifecycle from initial contact. The problem is that many organizations decide to invest in a particular type of software accounting package for their basic accounting and wages. But then they decide to use an entirely different system, perhaps involving spreadsheets, to manage their marketing activities. And as there is no link between both systems, this leads to inefficiencies.
CRM Solutions that Grow with Your Business
A good CRM solution can solve this problem by linking up a customer list, for example, to an accounting system. This means companies can look at data and leverage if for investment cases. For example, you may have employed several people to carry out a specific marketing operation. By analyzing what you find in your CRM you can then establish the number of contacts you need to make, or how many mail shots you need to send out in order to achieve a specific result. The great thing about a CRM solution is that it allows you to be as in-depth as you choose. Therefore if you wish to add more information to it you have the capability to do so. You may start off choosing two modules and then moving forward you may wish to upload another module. This agility enables you to grow your solution as you grow your business.
Cloud-Based CRM Solutions
Digital technologies have profoundly changed the way we do business and this is characterized by CRM’s move toward the cloud where it is easier to store data. As Scott McKissack, Senior Manager CRM, Neopost USA explains: “Digital CRM involves a convergence of digital marketing, social business and big data coming together to create new business strategies in order to identify new customer behaviors and enable communication via new business channels.” Digital business transformation however is still all about business. And the way people handle the adoption of the transformation will determine if it is evolutionary or disruptive. One of the biggest changes caused by digitization is the growth in SaaS (Software as a Service), making technology much more accessible. Today businesses can access software via the web, giving them the scale and reach of becoming a big player.