5 Reasons Why Your Business Needs a CRM Solution
With low market entry barriers, high competition, and an economy that now operates upon a global scale, the need to ensure happy customers is critical to the success of your business. Hence, it becomes imperative for business owners to implement effective customer relationship management (CRM) strategies.
I recognised early on in business that a CRM system was necessary in order to clearly and effectively manage the day-to-day operations, including customer-side 24/7 campaign tracking and reporting. A CRM strategy allows our tech team to work closely with our account managers in order to provide live, up-to-date progress reports for every client’s campaign and to produce complete, trackable, multi-accessible records of every project we work on. Essentially, developing this initiative is what has allowed us to stay ahead of digital marketing trends
Still not convinced that you should follow down the CRM path? I’ve outlined five reasons that might just sway your mind:
You can’t always rely on your memory
One of the chief motives for implementing a CRM system is that it’s the best way to keep a record of your clients’ details and their associated tasks and events. Let’s face it, you’re pretty limited with how much data you can really store away in the old noggin, therefore it’s a good idea to leave it up to a reliable computer system. This also encourages you to grow your business, as you can be safely assured that you can handle large quantities of clients at a time thanks to a comprehensive and reliable record system.
Keeping track of metrics helps you to prove your success based on tangible data
If you’re trying to prove to an existing or future client that you are a successful business, fluffy promotional language will only get you so far. Customers want to see clear numbers that reflect just what you can do for them. A CRM solution enables you to elicit statistics, such as conversion ratios, without the need to set up a time-consuming Excel spreadsheet formula, or to extract data from dodgy calculations you scraped together at midnight. Certain CRM systems even allow you to create custom reports that you only need to set up once, then you can use it forever.
It’s important for everyone to know where a client stands
When all team members handling a client are entering the most up-to-date contact they’ve had with said client, your business is obviously much more likely to build positive and intimate relationships. A CRM system can capture information about your customers and their behaviours to thereby craft tailored marketing strategies, which is a huge competitive advantage, particularly if you’re up against large corporations. Furthermore, salespeople can know when to chase a hot lead and when to back off, while other departments can keep one another on top of their clients’ satisfaction levels.
Risk management is important
By keeping a record of all client-business activity, you have a greater chance of avoiding dropping the ball and stumbling into sticky situations. This is particularly essential during times of handover, when a new team member takes over a client. CRM systems already have all the necessary information there ready to be accessed by the new account manager, ensuring a seamless transferral of responsibilities. They also enable missed sales targets and dissatisfied prospects to be easily pinpointed and rectified.
Accurate records of your past performances can help you predict your business’s future
Finally, by assessing your CRM reports, you can compile a relatively accurate ‘future view’ into your revenue stream by identifying the leading indicators of your profit metrics. CRM systems store a wealth of handy information that can be extrapolated to give you a reasonable overview of what you can expect in the coming months, thereby allowing you to adequately prepare your business for the future.
Of course, these are just a few ways CRM solutions can help you to leverage your business. In reality, there are plenty of pillars supporting the need for CRM, which vary according to whichever industry your work in. The crux of an effective CRM solution, however, is the idea that positive customer relations naturally equate to a flourishing business.