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Customer relationship management, briefly known as CRM is software that helps to build a long-lasting relationship between companies & their customers. It refers to all strategies, techniques, tools & technologies used by enterprise for developing, retaining & acquiring customers.
For most businesses, they are the most valuable & important assets is their customers. As the business grows, it becomes necessary to have one central place where all the information is stored. Hence, CRM stores all detailed information on overall purchase history, personal information & even purchasing behaviour pattern.
The best part of CRM is that all the parts of the organisation can benefit from CRM i.e. the sales & customer service to recruiting, marketing & business development.
The average CRM user adoption among sales reps is 73% and the average ROI period is 13 months.
91% of businesses with more than 11 employees already use CRM.
CRM can help you increase sales by up to 30%.
CRMs help you improve customer retention and satisfaction rates.
CRMs improve data accessibility which shortens your sales cycle.
( Source: Hubspot)
Types of CRM :
An operational CRM assists the business in managing their day to day marketing, sales & customer service operations. Operational CRM is software that focuses on streamlining customer interaction with sales & marketing. Operational CRM also provides service automation, in other words, CRM gives us the ability to handle tasks more efficiently with fewer steps. You can organize teams and set tasks to increase visibility and organizational transparency. Most operational CRM allow you to set privacy permissions on viewing specific, sensitive data on sales reports, meeting notes, and so on. Integrations with social media, email clients like Gmail and Microsoft Outlook, and other digital tools allow data to flow into the centralized platform.
Analytical CRM is the process of supporting decision-making processes that improve customer interactions or increase the value of customer interactions. Analytical CRMs make it easier to manage the processes of customer acquisition and retention, as well as keep track of customer details. This is an ideal solution for companies that want to collect and analyze a large amount of data.
The three main functions of an analytical CRM system are:
Customer Acquisition: Turning prospects into customers and upselling where possible.
Customer Retention: Keeping current customers happy and coming back for more.
Managing Data: Tracking customer interactions and other information that can improve your bottom line.
Collaborative CRM is when all stakeholders are in control of the customer process. Collaborative CRM is designed to improve the customer experience A true collaborative CRM system will allow managers and supervisors to communicate and share thoughts, ideas, workloads and tasks with their superiors and employees alike. Another aspect of collaborative CRM is the ability for company employees to communicate, share and collaborate easily with customers, partners, suppliers and vendors. Collaboration between all stakeholders is the desired end goal.
Advantages of CRM software for Business
1) Maintain a centralised database across the sales organisations
CRMs allow your entire sales org to keep all prospect information — over any duration of time — in a central database. This allows for quick cross-team access as well as the ability to easily manage all information via a shared location.
2) Automate data entry
With a CRM, your team will never have to spend time logging emails, calls, meetings, and interactions — all of this information will be automatically collected and aggregated within the system.
3) Ensure team communication is facilitated
CRM ensures that communication within the team is facilitated. This communication is critical in maintaining a specific brand image among all reps who are interacting with prospects as well as ensure reps are learning from each other and working together to reach quota.
4) Keeping the same software till the company exist
As your company grows, your CRM will grow with you. Whether it's tracking more leads, organizing more contact information, or recording a greater number of interactions with prospects, CRMs are meant to grow alongside your business.
Using proper CRM software will only help boost the productivity of your organisation as well as help you keep all information regarding prospects in one central location. Not only that an effective CRM will help foster important business relationships.