CRM, Customer Relationship Management system is a tool that collects, organizes as well as manages all of the customer-related data so that it can help you track your customers, their interests while enhancing your customer experience and improving the data management, too. It is a rich set of strategies, processes and software that helps to keep your customer and their data as well as increase your business potential helping you have a trustworthy platform within your pocket.
Just imagine, you are going for a trek, and you are in need of putting a lot of different items into your bag. If you had an item that can be used in a 7 lot of ways, won’t your baggage will be lighter and won’t be smarter in packing in other kinds of stuff for your trek? The same goes with the use of CRM, as already said, it is a rich set of strategies, processes and software that helps to keep your customer within your pocket and increase your business potential.
If we peek into today’s generation, we come across several principles and tactics when it comes to the success of an enterprise or a business – either it is from product development to sales, to innovation, to branding and much more, which does matter. After reading a lot of blogs and papers, the one factor that actually proved to stand out, the one business trait that nobody discusses much these days are ‘relationships’. Maintaining relationships acts as a catalyst to the growth of any particular business planning to sustain itself in the market. Just like a human body would collapse without its backup, the spinal cord, similarly, there is no business without its niche, without a market of customers who are influenced to buy their product. That one trait that will add the highest value to the service that you’re providing or the product you’re selling is the ‘customer relationship’ that you’ve maintained throughout your journey, consistently.
There are for sure a lot of key factors that are playing the topmost role in keeping up the level of and for a company in the competition. There are several other tools, that is helping a business boost its status and maintain yearly revenue in millions of dollars.
While the talk in the market says, CRM also falls under the category of being the backbone behind the running of an accelerated company. Now, knowing all the talks of CRM, let’s dig into the fact of, “How can CRM accelerate the growth of a company?”
- By Boosting Customer Satisfaction:
Let’s say, you go into the restaurant. You are impressed by the food and you are willing to come again and again. In the meanwhile, you are receiving offers, news on new updates of Menu and Food, you get invited to the taste-testing and various other kinds of stuff related to the restaurant. How will you be feeling? Won’t you be feeling satisfied as a customer? So these kinds of updates can be done with the help of CRM. CRM helps in finding the customers and potential customers, for the business to engage with them.CRM helps us to keep track of our performance by making the customers give feedback to the business and its works/products. With the help of CRM, it opens the window towards the widely spread social media, which can help a business to maintain its existing customers and drive more prospects. One key fact that all the existing businesses in the market must know is that every customer is judging you by the way you maintain relationships with them, having a CRM strategy automatically gives you as a company/business a competitive edge over those businesses who don’t have one.
- Turning Valuable insights into the assets:
Imagine you go on shopping once a week, and every time you go you get lost in the piles of clothes and varieties of different options that the clothing store has to provide. But, if someone would assist you every week depending upon which clothes you need and which section you mostly visit, wouldn’t it be awesome and easy for you to shop around? It would be like killing two birds with a stone, one saving time another saving time to think.
Similarly, CRM will help to reconnect to your primary vision by analyzing your business inside out and help to achieve the best marketing blueprint, the best sales training, the best advertising taglines and basically to stand out in the marketplace. The most important thing that a business often forgets is the complete analysis of your business as a whole which would bring raise critical questions like:
- Which are the customers more likely to do repeat purchases?
- Which are the customers least likely to do repeat purchases?
- Which customers lead to the most profits over time?
, that will accelerate your business in the right way.
- Improving the Internal Communication:
Let’s suppose I am the Class Representative, and it’s my duty to check and know what is actually happening in the class. Despite being the CR, I am unable to establish good communication with my classmates to schedule and run the class smoothly, won’t it be a regret for me? Yes, it will definitely be. If I had a good plan and good tools with me to have better communication between my fellow mates, the class would have been running smoothly.
Similarly, if a business needs to run smoothly in a market with the strongest team, it needs to have better communication especially internal. An enterprise-wide CRM tends to bring together all functional areas in the company for the common purpose of optimizing the customer experience. An effective CRM tool allows sales, marketing, service, shipping, logistics, IT and finance employees to see what stage a prospect or customer is in and what takes need to be completed in a given time frame. Moreover, with the use of CRM, all information is accurately stored and easily accessible in a central location in an on-demand and timely format. This helps to immediately improve communications between departments and key players within your organization.
A CRM strategy is one of the most underrated aspects in the business world where entrepreneurs and investors put the least emphasis on it. The scope of CRMs are no longer just for large scale organizations with huge databases of customers but are advantageous to even small and medium-sized organizations. A CRM can be one of the most powerful management tools to be kept in your business’s arsenal.
It is what you do when nobody’s seeing it that makes the difference.