How CRM System Can Help an Organization to Grow?
No matter the quality service you offer, unless you can manage your customers efficiently and provide best-in-class customer assistance, the bitter truth is, you are doomed to failure.
Plus, the fierce and ever-intensifying business competition makes customer retention and acquisition challenging today more than ever – clients expect prompt service, hyper-personalized interactions, and a seamless customer journey with narrowing attention spans and flimsy loyalty. It is where a CRM can help – a catalyst for thriving in the competitive business world, providing a top-class customer experience.
But how CRM system can help an organization to grow? If you want your business to grow with ease but find customer management intimidating, read on to know more about CRM software.
What is a CRM?
A CRM/Customer Management is a software specially developed for helping enterprises manage, track and nurture their relationship with their business clientele. It is a group of methodologies and systems that acts as a centralized repository to bring your marketing, support and sales departments into one single glass pane and help streamline the sales process.
The core functions of a quality CRM are:
- Offering 360° view of clients
- Monitoring deals and tasks
- Automating and streamlining customer-related operations
- Enabling cross-departmental collaboration
- Enabling marketing automation
A business must curate a realistic and effective CRM strategy and implement it efficiently before implementing a CRM – you have to synchronize the activities of all departments and involve them in the strategy – you can boost sales, generate more revenue, and improve customer service through combining business operations and technologies.
What Companies Use CRMs?
Any company, be it small, medium, or large, can implement a CRM tool to acquire and retain customers and deliver proactive customer assistance.
CRM better suits:
- a B2B company with a more involved sales cycle that requires consolidating a massive amount of client data to understand its audience better, for instance, pharmaceutical industries and manufacturers, marketing agencies, HR software vendors, and more
- a B2C customer-centric company that involves a comparatively complex sales cycle, for instance, financial institutions, hospitality service, airlines, retailers, car dealerships, and more
Different CRM Capabilities
The core CRM capabilities that make a quality CRM package:
- Contact Management: Consolidates customers’ contact data, for example, names, social media accounts, mailing addresses, etc., from multiple communication channels into one searchable customer database.
- Interaction Tracking: Tracks customer interaction history and adds notes, documenting them in holistic profiles unique for each customer.
- Opportunity Management: The capability to quantify sales opportunities – you can track down the prospects who are most likely to turn into winning deals.
- Lead Management: Helps sales teams to identify and move high-value prospects through the sales funnel based on Quality Scoring and convert them into paying customers.
- Forecasting: Helps augment forecasts for future revenue and sales figures analyzing historic trends past and present data/trends for a certain period.
How CRM System Can Help an Organization to Grow?
Acquire Right Customer for Elevated Business
Hundreds of leads may flow into your company daily but, if your salespeople cannot efficiently identify the opportunities to turn them into sales, all your efforts and time will go in vain. What statistics say is even more awful – only 5-10% of marketing leads convert, whereas 95-90% of them never buy.
Thanks to quality CRM tools that come with best-in-class email automation, social media integration, lead and contact management, and more that make the lead generation, capture, and nurture effortless for your salespeople – with fewer efforts and time, they can improve conversion rates, sell more, and bolster productivity even faster.
Enhance Customer Experience: The Key to Business Success
The rule of thumb for increasing revenue and making a business grow faster is to improve customer experience – the more satisfied the customers are, the more likely they are to re-subscribe, re-purchase, and recommend your service to others.
Thanks to CRM software that ensures every essential customer data, like interaction history, demographics, and more, is at your team’s fingertips. As your teams have quick access to client data, they can better understand customer pain points and pull up details to personalize communication, tailor offers, or recommend products/services based on each customer’s preference – all that a business needs to create a more consistent customer experience and increase sales.
Decrease Sales Costs
New clients are one of the main components of uninterrupted business development, but it is not that easy to acquire leads. The best thing is, now you can offset lead generation expenses through deals to your current client base.
Get better visibility into the cross-sell, upsell and referral possibilities in your existing client portfolio and see how radically your repeatable sales boost, speeding up your sales cycle – thanks to CRMs that help build brand awareness and credibility among the consumers.
Take the following functionalities of a CRM into account to reap the benefits:
- Optimize Sales Cycles: Prioritize high-value opps and prospects to close more deals faster based on customer interactions.
- Clarify Upsell and Cross-sell possibilities: Visualize the opportunities through CRM’s intuitive dashboard to encourage customers to opt for add-on sales or purchase complementary /related products.
- Enhance Customer Touchpoints: Identify the engaged and interested clients and follow up with them at the right time for optimal outcomes.
- Increase Referrals from Current Customers: Unveil the potentials in the current customer base and win new business rather than spending time and effort on cold calling and low-value prospects.
How Veloxy CRM Platform Can Help?
Let’s dive deep into how veloxity, the world’s most trusted CRM system, can help you level up your business and flourish like never before:
- With Veloxity’s Opportunity Pipeline, visualizing the sales pipeline at different levels and viewing the potential revenue at each sales stage has become effortless – thanks to its interactive Kanban views and out-of-the-box chart options.
- Let your admins, even the non-technical ones, be more productive. Enable them to use Veloxity’s intelligent lead assignment rule builder to define rules and route new leads to the right reps for super-efficient follow-ups and inbound lead qualification. Plus, you can capture new leads from your website using Veloxity’s out-of-the-box web forms and assign them to sales reps based on the rules you have set.
- With Veloxity’s super-powerful quoting capabilities, creating quotes from within your opportunities and sending them to the prospects have now become a matter of a few clicks only.
- Use Veloxity’s best-in-class searching facilities and visualize your key business metrics with its pre-defined/customizable charts and reports. Plus, get the most out of your data using veloxity’s powerful ML-based analytics.
- Now your employees can be even more productive as the power of fully functional CRM is in their pockets now – thanks to Veloxity’s native mobile app.