What is CRM?
The full form of CRM is Customer Relationship Management. It is a collection of software or applications that help companies to maintain records of their interaction with their prospective clients. The software also retains all the data and information related to the clients for business purposes. Thus there are a lot of CRM benefits for businesses.
CRM software develops consumer associations and boosts the work output of employees. CRM accelerates the sales percentage of any size of business with its amazing features and enhances overall business efficiency. Companies can install the best CRM software and expand their business associations.
A compound annual growth rate (CAGR) of 15.1 percent has been shown in CRM usage growth between the years 2012 and 2017. By 2020, the demand for CRM software is estimated to rise to US$ 48.4 billion. As per records, the companies that have installed CRM mobile applications saw an amplification in productivity by 15%. CRM provides approximately $8.71 as the return of investment per dollar that is spent. Businesses that use CRM software witnessed an increase of 29% in sales and a forecast sales accuracy by 42%.
Due to the need for accessing CRM software by different employees from different devices, cloud-based CRMs were developed. And the number of corporations using cloud-based CRMs in 2008 was 12% and the number has now risen to 87%. The revenues earned through CRM software are projected to reach up to $80 billion by 2025. These studies show the CRM benefits statistics over the years.
Advantages of CRM software
The benefits of CRM can be understood from its increasing demands. However, the benefits of CRM for small businesses are stated as follows:
- CRM records and stores information and provides easy access to customer data by authorized users and secures the data from external threats. The data is automatically updated. The automation in this aspect is extremely beneficial for online businesses. It can be utilized to analyze user behavior on the business platform and to provide a better buying experience in the long run.
- CRM provides you with a suitable schedule to meet all the deadlines. Once you are able to meet the deadlines, you can easily make your work more constructive. The response to the customers will also become highly enhanced creating a deeper and stronger relationship.
- Communication with clients is easier as the customer service department can reply to client requests through CRM. These platforms can be specifically used to bridge the gap between the customers and the service provider by building a proper communication channel. The channel can be utilized to meet the queries with prompt answers and solutions. A satisfied customer becomes loyal immediately and will also encourage peers to avail similar benefits from the online platform.
- CRM helps you to find better leads and presents data analysis. The generation of leads depends on many factors. By using CRM software, collecting information regarding the target audience wanting similar services is easy. In fact, targeting a new segment is easy and data-supported.
- CRM helps in understanding customer needs and demand and markets products in turn according to the client’s previous and recent purchases.
- Client management, including marketing and finance, is made easier.
- Campaigns for specifically targeted leads can be customized and personalized so that the impact is greater.
- Recurring tasks can be computerized so that the employees can concentrate on the more important tasks.
- CRM can be connected to other useful applications to make your task easier.
However, there are CRM implementation risks as well. One of the main CRM issues is the threat of being attacked by hackers who can interfere with customer data. The automatic process can also be a problem for some. Thus companies have to face the challenges of CRM implementation and accept the CRM advantages and disadvantages as well.
Additional Helpful Resources
Kinds of CRM
The 3 components of CRM are
- Operational CRM that incorporates sales, marketing, and service computerization.
- Analytical CRM aims at customer support by making an analysis of data related to sales and marketing.
- Collaborative CRM through which the different departments of a company share information.
Best CRM software for small businesses
It manages the activities relating to the customers by gathering information and keeping track of customer transactions. It provides the best solution for client problems and presents a variety of tools to help grow your business. It is user-friendly and you can track your performance from anywhere and get updates from your team members by connecting with them instantly. Any action concerning sales can be accessed instantly.
Salesforce offers an organized platform for improved information that will aid your business to identify, documenting, and storing user information for future use. Proper categorization of user data will bring a better strategic formulation. In fact, the communication channel can be used to create better brand value in the market. The customers will feel at home while using the online platform and get better support from the team.
SugarCRM monitors and predicts sales and maintains customer relations with the present clients and helps build new ones. Automated and customized processes increase work productivity and it can be operated on mobiles also. Leads can be easily captured through marketing campaigns. It is multilingual software that manages projects of the different departments. Security policy allows users to access data related only to their work. It identifies and rectifies bugs automatically. It draws attention to important tasks by setting dates on the calendar. It also provides an opportunity for better leads. It also shares information with other apps from Google.
SugarCRM is used to shorten the sales cycle and provide immense satisfaction to the consumers. The platform can be used for enhancing employee productivity by creating a unique channel for interdepartmental communication. The management will be able to create an apt process alignment via this platform as it can be easily integrated with a lead generation system.
Zoho CRM generates more leads and governs various sales territories. It augments your business sales. Revenue can be predicted and targets can be consigned to be attained in time and it can also help improve the performance of your business. It records the customer contacts and segregates customers based on territory. With this feature, it can identify the regions where sales surpassed the targeted amount. The recurring jobs can be automated and the sales team can spend more time addressing important issues. Sales reporting can be done without any trouble. The sales personnel will compete among themselves to send more emails for promotion.
Zoho CRM is used for a better impact on the brand via social media marketing. It becomes a lot easier to target and convince social media users on Facebook and Twitter. Proper categorization of the leads and managing the approach in a strategic way using the CRM software will definitely aid the management team to meet its goals. On the other hand, Zoho CRM can also be managed via a smartphone. It means that a business owner can perfectly handle CRM tasks on the go. The smartphone-enabled platform is a big win for the service provider, as well as, the business owner. The mobile platform is designed for both iOS and Android users. Zoho can be used for generating more revenue by utilizing its benefits.
NetSuite CRM guarantees outstanding customer relations and experience generating leads. It also provides customer support after-sales. Provides account integration, marketing, and sales force computerization, predicts sales, and analyses customer data. It is multi-lingual and manages workflow.
NetSuite CRM offers a turnkey view of the entire project. Customer behavior can be monitored and managed in the most righteous way. This elegant platform is developed for all kinds of online businesses, irrespective of genre. The cloud storage also allows the designated users to access data anytime and makes it more productive for the team. It is capable of delivering quotes, integrating commerce capabilities, forecasting sales, and managing commissions. Apart from the traditional services, NetSuite can be used for customer service management, SFA, marketing automation, etc. This platform can be used by global businesses also.
Base CRM or Zendesk Sell
This platform keeps the reps informed of the deal updates and helps them to examine the data. It creates equal opportunities and keeps the sales team notified about the highest value leads. Sell manages the customer relationships by making them happy and the customers, in turn, promote the business. The sales data and information is at hand always. Connects your company website to automation marketing implements and provides the leadership to the marketing team and saves time. Also lessens the managerial burden and enhances work productivity and suggests a scientific way to go about in the future.
Zendesk has evolved into an elegant CRM platform where customer management becomes a cakewalk. It generates excellent details regarding prospects, co-workers, vendors, pending deals, pricing strategies, competitors, etc. It is an all-rounder online platform that can be perfectly used to make an online business easier and more efficient. Whether you like to interact with the customers on the business platform or on social media, this software is a great solution to avail. Zendesk will integrate all the available information of a customer in an apt way. The presentation of the info will also enhance the understanding of a customer’s behavior on the platform. It can be effectively used by small domestic to large multinational businesses.
In fact, this platform has the immense capability of transforming itself once the business grows bigger in volume. The dynamic platform can be utilized and transformed as per the specific requirements of the user.
Microsoft Dynamics CRM
Microsoft does not need any introduction. It keeps a record of consumer behavior and provides data that will help your business to attain success. With close observation and data charts of customer interaction, you can understand their demands. Customer segregation allows you to know the more interested ones and data analysis reports inform you about the sales prediction and regularly keep you updated about your company’s performance. Information can be accessed both online and offline and the software provides the option to integrate with other Microsoft products.
This elegant platform can be used to create a unique environment for the staff to work in an organized and consolidated way. The reporting tools, search filters, etc offer accurate access to the stored data for better decision making without sparing too much time. This elegant platform also provides a common dimension for the various management disciplines to integrate, coordinate, and perform together. In fact, when you are using Microsoft OS or Outlook, you can easily integrate this platform into your system. The business efficiency will definitely increase in due course of time due to the enhanced communication after its integration into the business.
Really Simple Systems CRM
This CRM software grows along with your business, providing you with an absolutely free CRM initially. It is a complete package for small businesses which provides customer service and aids in sales and marketing. It’s easy to use and makes data search and collection trouble-free. The CRM data can be accessed from wherever you are and does not need any installation or backing up. Data is regularly updated. Security is provided by the General Data Protection Regulation. Email marketing is computerized and thus efficient. Every customer request is also dealt with with equal seriousness. This platform is considered to be one of the most efficient CRM Software for Enterprises.
The digital world is becoming more competitive and harsher for online businesses. It is hard to gain customers and retain them unless you have a strong and productive modus operandi. These are the CRM platforms you can use for a better business and manage your leads. You will easily increase your lead conversion rate and increase your business in the long run. Choose the most prolific CRM software suitable for your business and make a huge impact.