In today’s ultra-competitive markets, the companies that effectively manage customer relationships are more likely to succeed than those who don’t.
Day in, day out, businesses encounter an array of acronyms, with ROI, EOD, B2B, and NDA to name a few, yet one acronym is particularly important: CRM.
Simply put, CRM or customer relationship management refers to software that tracks interactions with prospects and customers.
What can I do with a CRM?
A CRM will store contact information for both existing and potential customers including name, email and phone number, calendar events as well as any other identifying information a company chooses to track. Many CRMs can also group multiple contacts at a company level, which is helpful for finding all contacts related to a particular company.
Beyond contact information, CRMs log communication with all contacts, including emails, phone calls, voicemails and in-person meetings. Some CRMs even offer the ability to track project stages.
For companies that are still on the fence about CRM, it’s worth considering the benefits CRM systems offer. Here are five of the biggest.
5 Reasons Why Your Business Needs A CRM Today!
1. Customer Data is Central
Streamline your sales and marketing with a central customer data hub. Forget searching through numerous emails and notes to find a certain contact, or the outcome of your last chat. A CRM provides a full, accurate record of your entire interaction history with a potential or existing customer that’s accessible with one click. You will never have to manually reconstruct a timeline of touchpoints again.
2. Improves Communication and Collaboration
In addition to making life easier for staff, CRM systems also improve communication at the organizational level. With a CRM, staff can immediately assess what’s already been done with a contact and what’s next. Your staff wont need to reach out to their colleagues to get interaction history, because the information they need is already in the system.
3. Management Made Easier
CMRs can streamline the process of tracking customer interactions and the project reporting. Simply put, a CRM will make data entry uniform, meaning managers can easily combine and analyze data to understand the overall health of the sales organization. Keeping activity recording consistent also reduces friction when passing a lead from one colleague to another, switching territories, or reassigning a previous colleague’s opportunity list.
4. Scalable with your Business
If you run a micro business with a handful of customers you can probably get away with manually tracking everything. But think ahead to one, two, or even five years from now. Presumably, you want to triple revenue in the years ahead, and the time you’ll spend recording interactions and customer information is eventually going to take over your days.
With many CRMs contain the ability to integrate with other systems, such as accounting software and marketing automation tools, the efficiencies of a CRM will not only grow with your business but save time in your day for other areas of work.
5. Improved customer experience
A benefit that often goes unrecognized is the use of leads to a better overall customer experience.
With a CRM, your customers are easily and accurately segmented. Essentially, their needs are identified, and because the status of a company’s relationship with them is accurately tracked, companies can interact with them meaningfully at the right times, leading to more sales, faster sales and higher customer retention and satisfaction.
Ultimately, there’s a very simple question you should ask yourself if you’re considering a CRM: Do you want to grow your business? Your ability to do so is dependent on contacting your contacts at the right intervals and providing them relevant information at the right time, and you simply can’t do this effectively without a CRM.
OnePoint specailise in off-the-shelf and custom CRM solutions for businesses of all shapes and size. Chat to a OnePoint team member today on (07) 3444 0045 or contact us online.