The 3 main reasons why Customer Relationship Management (CRM) is important are:
- Up to date information
Customer information is always up to date, and easily accessible to all authorised staff.
Automation enables the streamlining of complex customer interaction processes, which saves time and reduces errors.
Finally, it provides businesses with reporting tools. Understand your customers better and detect where you can improve the sales team.
What is Customer Relationship Management?
Let’s start with defining Customer Relationship Management. It’s the combination of practices, strategies & technologies used to manage and analyse customers in order to build better relationships with them & better service their needs which in turn drives sales growth.
Many organisations look for better ways to manage their customer contacts and interactions, as they outgrow other systems they have been using including Excel .They have been relying on applications like this for their sales because most employees find it relatively easy to use. However, while software like Excel is an excellent tool for calculations, projections and general reporting, organisations often find that they just need more than it can deliver to help them manage customer relationships.
One of the main reasons for the move to CRM is the need to have up to date information available to all authorised staff regarding interactions and activities with Customers. They want the 360 degree view of the customer which captures every interaction.
Up to date information
Having the best possible relationship with your customers has proven to ensure the success of your business. So let’s dive in to how your CRM Suite will help with ensuring good customer relationships.
Any updates to the customer record will be available to all immediately unlike when using Excel. In Excel it is difficult to ensure all information is kept up to date globally. This includes updates on leads, where they are currently at in the sales process, closed sales, information on future requirement,…
Clients have pointed out in the past that they have lost valuable client data when employees left them. Information was not available centrally so it was lost to them. Once you move to your CRM suite this will no longer be an issue. Updates on leads (where they are currently in the sales process), closed sales, information on future requirement etc. will all be there. So, you and your team can focus on your customer and not on trying to figure out what happened in the past with them or what is supposed to happen next with them!
Once you have your new CRM Suite up and running you can automate tasks. Customise your CRM, so it’s driving your workflow. This leaves you extra time to focus on building customer relationships and closing sales. And, of course, you can also automate tasks, schedule calls/emails, so you don’t miss opportunities.
When discussing clients we include potential leads. An efficient CRM Suite ensures new leads progress through your CRM correctly. Prioritize the ones with most potential to convert to Sales. Assign leads according to product type, industry, geographical location or whatever criteria you want. Additionally, assign them to the best sales person, and ensure a quicker conversion to opportunities and sales for your organisation.
Rich dashboards with comprehensive charts are essential in a CRM Suite. Firstly, in a good sales dashboard you receive insights regarding the current stage of sales. Secondly, it allows you to detect trends. And finally, it enables you to detect issues and act on them.
Additionally, a excellent CRM Suite will help identify who in the team may need some additional coaching. It’s easy to spot where someone may need help by keeping an eye on their activities and conversion rates etc. Time invested in developing the sales team brings the right rewards. It will also help the team in your organisation to work more collaboratively. Sharing documents and information helps them to close deals more rapidly and ensure good customer service.
Firstly, Customer Relationship Management keeps your customer data up to date and accesible. Secondly, automation streamlines business processes. And thirdly, it gives your business valuable insights.
There three main benefits speed up the sales process. Additionally, they ensure high conversion ratios from lead to sales. And finally, they enable good relationships with your current customers, which will in turn ensure customer retention and renewals.