5 Ways in which CRM or Sales Platform Software can benefit your business
Every business, from a sole trader to the largest corporation, needs some way of managing its relationship with its customers and engaging with them. Customer relationship management software, or CRM for short, provides that function. CRM software can be self-hosted on your computers on your own premises, online, or cloud-hosted. The software can be single user or multi-user. How, then, can your business benefit from implementing CRM software? Here are five ways in which your business will benefit.
1. Increase sales:
Increasing sales is the most common reason for adopting CRM strategies. CRM software enables you to follow quality sales leads and to reduce wasted time following up prospects that are unlikely to buy from you. CRM software helps to reduce the length of your sales cycle and can improve your conversion rates. You can easily identify weak links in the sales process, for example, unanswered emails or calls that are not followed up, and quickly deal with the issue.
CRM software helps to reduce the length of your sales cycle and can improve your conversion rates
Because CRM software enables you to check customer buying histories to identify potential leads, it can create upselling opportunities and encourage repeat customers. It also helps you to identify your most valuable customers and enables you to create a customer reward system or personalised communication to increase engagement and conversion.
2. Increase profitability and efficiency:
To be profitable requires efficient processes across your business operations that ensure sales opportunities are not lost and costs are minimised. Using CRM software in your business gives employees the ability to access important data quickly to better serve customer needs, or more quickly address a critical business process. CRM software can also track customer engagement, such as emails and calls, and enables necessary actions to be routed to the right department. Similarly, best performance hotspots are easier to identify and reward employee’s that provide excellent service.
CRM software enables the implementation of standard operation procedures, and the use of universal forms and processes across your business operations, ensuring employees are using the same templates, forms and procedures to perform their tasks. In addition, CRM software can integrate processes like accounting, inventory control and sales to give a seamless pipeline, avoid duplicating tasks, and to provide faster service delivery.
3. Enables you to make fast, reliable strategic and tactical decisions:
A well-informed manager with access to real-time data can react quickly to changing market trends. CRM software enables you to gain accurate insights from real-time and on-location data. This means you can quickly fine tune your strategies or tactics to take advantage of an opportunity or to avoid a problem.
CRM software enables you to gain accurate insights from real-time and on-location data
CRM software helps you allocate resources not just in needy areas, but also in promising ones. The more accurate data provided by CRM software also allows you to pull together the best practices from different departments to further improve the overall business operation.
4. Improve data security:
Compliance with the General Data Protection Regulation is mandatory for all businesses processing personal data, such as a list of your customers. CRM software enables confidential customer data and trade insights to be securely kept in a centralised system instead of in a motley collection of laptop and desktop computers. This allows you to focus your budget, human resources, and capital infrastructure on one item - the CRM system. You can set parameters so that only authorised employees can access the data, and there is only one channel to be monitored for any possible breach.
5. CRM increases the productivity of mobile workers:
Mobile computing technologies today allow field teams and mobile workers to access CRM data, such as customer personal information, purchases or product information and delivery schedules, while on location and to make decisions or create reports wherever they are. CRM software can check inventory in real-time; check the customer's credit limit; alert the mobile worker of out-of-stock items, and process order approval in minutes. You can even deliver the quote during the meeting, saving you the task of scheduling another meeting just to offer a custom quote, which helps shorten your sales cycle and reduce costs.