Are you into a small business?
Do you know the secret to sustain in the industry for longer duration?
Well, there can be many ways to give a much-needed boost to the growth prospects of your business. But, what about sustainability?
With competitors of your business everywhere, you can bank upon your loyal customer to survive the brunt of high competitive intensity. Believe it or not, the word of mouth is still an effective mode of marketing. If happy customers strengthen your brand image, unconvinced customers can play the spoilsport.
Here comes the role of Customer Relationship Management (CRM) software as an important tool for making the most of your customer base.
If you are waiving off the idea of implementing a formalized CRM for your small business after considering it an extravagant affair, then it’s time to check some facts:
CRM software increases the revenue of salespersons by 41 percent, by reducing sales and marketing costs by 23 percent.
CRM software streamlines sales activity to register 30 percent higher profit than businesses which are still not open for it.
With CRM software, businesses enjoy happy customers! It helps in improving customer retention by 27 percent.
What CRM Software Can do to Your Business? Be it a small company or a large enterprise, a good CRM strategy is important to achieve business goals. Those businesses which are serious about their survival in the competitive landscape can be benefitted from CRM in the following ways:
1. Increased SalesWith the help of a best CRM software, you can follow quality leads in real-time and reduce the sales cycle. You can also filter leads and sales prospects based upon chances of conversion and approach them accordingly. This way, the win rate is likely to improve.
From valuable customers to weaker links, all can be identified using CRM software, so that respective actions can be taken. Loyal customers can be retained further using the customer reward system and personal communication, and weaker links in the sales process can be approached directly to find out reasons for unanswered calls and emails.
2. Increased ProfitabilityProfitability is not just about increased sales but also includes minimized costs at different levels of business operations.
Customer requests and feedback can prove detrimental in improving product or service quality. For instance, if several customers are complaining about a lacking feature in a product, the engineering team can take an immediate decision of modifying the product design accordingly.
With CRM, employees can track customer requests and get real-time data to serve their needs and address critical issues, if any. Furthermore, the overall cost of product redesign, maintenance and replacement of defective items can be reduced, as necessary actions can be taken at the right time.
3. Well-informed Strategic and Tactical DecisionsWith the help of real-time data provided by a CRM software, decision makers can understand market trends and customer requirements better. Accordingly, they can make the most of a growth opportunity or avert a crisis.
Strategic decisions regarding the launch of a new product or market expansion can be taken confidently after analyzing the big customer data and market reports provided by a CRM software.
4. Enhanced Data SecurityConfidential data related to customer preferences and trade insights can be stored safely in a centralized CRM software than in separate systems. A well-structured CRM ecosystem provides limited access to only authorized users to prevent any chance of security breach.
To make the best use of this technology, you need to select the best CRM solution for your company. The purchase decision can be based upon factors like business objective, scalability, price, etc.