I was chatting with one of my clients and had a discussion related to the various tools that he is using in his business. He was so excited about announcing his new business model and management. I take a pause and intervene further to know how he is so confident in these pandemic times relating to his business goals and success. I got an idea when he used the term online business CRM. I thought I must write how and why a CRM can be utilized for the business owners here. Let’s learn more about this business tool and understand everything about it.
What is a CRM?
People do business with people and this kind of tool helps businesses to understand their client sphere. CRM or customer relationship management is the process of handling communication with new or existing potential clients. There are so many processes and development involved to analyze the growth, marketing, and budget specifications for any company.
How CRM can help your business?
We all have heard the word KYC which simply helps businesses to know their customers. Think of a case when you’ve got your customers profiling on the frontline to offer them or further business facilities! Yikes! You can ease the marketing for your people to collaborate with them and of course, they will obsess too much if they get what they need.
What type of CRM your business needs?
As we discussed above the need for a CRM for any business. Now the important point here is to know what kind of CRM your business actually needs. Well, there are mainly 3 types of CRMs available.
- Operation CRM- These are the tools that manage the operational part involved in your business. Mainly their focus adhered to marketing and sales process automation. They do utilize your customer’s journey map or client data to create a marketing flow. If you need to learn more about operational CRM and its features, please check Simply CRM as they’ve got a great explanation on their features tab. The point again remains there: who should use this type of CRM? Well if you think your business needs a better contact and lead management tool which further helps your sales and marketing department, you should go for it.
- Analytical CRM: Again they utilize your customer’s journey map and apply some AI to make business decisions to further help you understand the customer behavior applied to your product or services. Business owners who need assistance in customers’ past data analysis or mining the strategic data such as age, gender or location, etc specific to create a trend for the specific customer or model, these types of CRM come into the picture. It further saves your time to spend in creating spreadsheets or in manual hard work.
- Collaborative CRM: As the term itself suggests, this part or role of CRM is to make your customer’s data available to your department or stakeholders. One good thing is that the operational and analytical CRMs can also be utilized as an alternative to this CRM but there is a difference. The collaborative CRM is more concerned with customer satisfaction and hence trace the records of customer obsession and further customer retention.
So now we are discussing the 10 ways that can change your business forever if you adopt a CRM in your business.
- Centralized access: Consolidate your data at a single and fast accessing address book. This is like a coffee machine, you take it whenever you need it without asking to make one for you. Having said that, the more instantly your customer data available to your team, the more business you will generate.
The average ROI for every single dollar spent on CRM, Source- Nucleus Research
- Sell decently and on a fast track:
You get a wide room after saving your time from manual spreadsheet editing, loading records, etc. The saved time could be managed in building funnels and hence more real-time conversion.
- Integrate more: CRM allows you to integrate numerous tools such as email platform, event manager, calendar so that you can get all in one resource for incoming requests and further process synchronization.
- Stay connected- More room to get a deal on the cloud as you’ve got access through your smart devices where a single sign-in can get you a new deal instantly. This further improves the business operability and flexibility of work.
- Be smart- Analyze your CRM data and learn about budget investment by learning what’s working and what’s not. This budget analysis helps you plan your investment further to get a better return.
- Expose more to your customers: You get a great opportunity to honor your customer support request. Your customer support team gets a history of the previous conversations and thus could assist in a sophisticated way.
- Customer retention and satisfaction: This is an important part and purpose of using a CRM. Your team members could easily understand in actionable or followup created for a customer as a part of their resolution and hence it helps further customer retention and satisfaction.
- Language Support: If your business serves across the globe, support, and services in a specific language are a crucial part of it. So you should go for a CRM tool that helps you resolve this on a priority basis.
- Real-time reports: You can generate real-time reports and analytics data to assess your business growth and success. The customized reports get you all the business insights so that you can learn more about areas of improvement.
- Data security and privacy: As a business operator, you have got access to protect your data and hence you can decide how your business data should be used.
So it’s all about using a CRM tool in your business processes. If you have any queries or questions regarding finalizing the type of CRM or choosing the right CRM tool, you can always approach us. Also, thanks a lot for reading our blog post. Hope this helps you out in some ways. Please do share it with your friends and colleagues to help them out.