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Importance Of CRM In Business Growth

Importance of CRM

Managing customer is an important part of the business. If a company can keep its customers happy, it will have more chances of success. Automation has been able to address the issue with a Customer Relationship Management (CRM) System. The importance of CRM is not limited to the use of technology but is a strategic process to know about the customer’s needs and behaviours.

CRM is essential to make effective bonds with clients and gain loyalty. It is more inclined to business policy than having a technical solution. It is a powerful tool to help businesses collaborate with teams, eliminate friction, manage contacts and automate daily tasks.

In this blog, we will understand what CRM is and how it is used. In addition, we will have a look at some of the most efficient CRM software for your business growth.

What is CRM?

A CRM manages, organizes, and collects customer-related information to track buyer’s journeys. The process helps businesses make strategies keeping customer’s needs upfront. CRM enables companies to gain insight into customer behavior to modify business processes. Understanding the customer makes business processes responsive to their needs. 

Why is CRM Important?

CRM is important for retaining existing customers and also managing new ones. CRM finds out a customer’s purchasing habits, preferences, and opinions. Different types of CRM software plays a vital role in business growth. In addition, the importance of CRM is undeniable in individual profiling and market analysis. Here are a few reasons for deliberating on the importance of CRM.

1. Customer-Centric Business Growth

Generating valuable leads is the best method to increase sales in a small business. CRM platforms eliminate friction arising out of customer experience and multiple preferences. All your business development depends on how you manage your customers.

CRM allows brands to architect their business according to the needs of customers. It aligns sales with marketing and customer service. It is a tool that helps to achieve business goals with minimum effort.

2. Aligns Your Team

Cross-team alignment is an integral part of business success. The alignment between sales and marketing streamlines the buyer’s journey. It not only helps the business process but also helps understand customer’s needs.

With the help of CRM solutions, internal teams can easily share their critical data and client information to work as a cohesive unit. It means customers have a good experience interacting with your business team. Moreover, the clients remain loyal to your brand and will promote it further.

3. Share and Synchronize Data

CRM streamlines time-consuming tasks like data streamlining and data synchronizing. Manual data updating is outdated and is time-consuming. All contact records are immediately synchronized and updated in the system.

Synchronization of data and interaction between teams is important. It maintains an accurate record that is shared within the platform. The importance of CRM also accounts for personalized customer experience. In addition, CRM becomes a single source to manage your data.

4. Automation of Recurring Task

The main importance of CRM is that it’s an efficient tool to automate recurring and monotonous tasks. It speeds up your job, improves efficiency, and saves time. CRM automation also includes contact updates and data entry.

Some other automated tasks with CRM include – email sequencing, follow-up communication, and sales workflow. CRM also helps in chatbot conversation, campaign analysis, and lead nurturing.

5. Simplified Customer Interaction

With automation, there are many opportunities to reach and engage customers. Most companies are using social media for businesses doing live chats, video calls, and email to engage customers. CRM solutions have evolved over the years to meet challenges in customer management. A wide range of services is integrated with engaging customers.

For example, call tracking is used with the help of CRM to track and record calls. Live chats and chatbots are used to handle FAQs. In addition, CRM is used for social media engagement and sales and marketing videos and tracking engagement.

Types of CRM Solutions

The importance of CRM is undeniable for a successful business. It is easier to generate revenue by utilizing the benefits of CRM with successful relationship management. Technology plays a key role in improving CRM in business processes.

CRM solutions fall into one of these four categories:-

1. Managed Solutions

It is a tailored package involving a customized suite of CRM packages. Managed CRM solutions comprise of outsourced and custom solutions. The solution is cost-effective; however, businesses will have to compromise on functionality.

2. Customized Software

CRM solutions are integrated with existing software for creating tailored results. Software engineers and consultants mostly adopt it. These kinds of solutions are time-consuming and costly. Choose this solution only if you are sure about the process and what you are looking for. It is the most expensive option; however, the cost will vary according to the price given by the software designer.

3. Solutions Off-the-shelf

Most of the software companies implement CRM solutions with the existing packages. Lower versions of CRM software may suit small businesses. However, the advantages are few and may not be a good idea for standard software operating for many companies. In addition, the software may not be precise for many businesses, including the price. The key to implement is having a flexible approach without compromising too much on features.

4. Outsourcing Solutions

Many application providers are giving web-based CRM solutions to companies. The approach is best if you want to implement the solution quickly. It is also suitable for a business lacking in-house skills and looking to build from scratch. In addition, the answers are ideal for online e-commerce companies.

How to Implement CRM?

CRM is not a plug-in tool that can be used as your technical stack. Companies to gain ROI must implement CRM with a strategic plan. Most of the CRM projects fail due to poor implementation and lack of user adoption policies.

We have eight practical tips that businesses can adopt:-

1. Adopt Top Management Involvement

All businesses must understand the importance of CRM software in business growth and CRM systems as linked to the customers. CRM adoption will only be effective if people will use the system. The major reason for the CRM system to fail is the lack of support from senior executives.

CRM is a project that includes all parts of the organization. Management should get involved in the process and also motivate and build integrity amongst teams. Top management brings culture and involvement to the entire group. Getting leaders onboard is mandatory for CRM to be implemented and become a useful tool.

2. Appoint a Project Manager

While implementing a new CRM system for your business, appoint a project manager. A dedicated project manager will ensure smooth implementation with hands-on practice for the team. A project manager is important to orchestrate the show and look for any flaws in the system.

A project manager will ensure the implementation of all necessary steps in inducting the CRM. In addition, it will ensure time-bound completion and meeting of the desired results. While the performance can be tedious, the team should learn the system with enthusiasm and interest.

3. Have a Dedicated User

A project manager is different from a dedicated user. He is the person appointed to know the entire system, functioning, including troubleshooting. In addition, the designated user will be responsible for supervising the training of the whole team on CRM.

Whenever other users face problems with CRM, it will be the dedicated user’s responsibility to guide and come up with a solution. It is also the vendor contact point for information, updates, and ensuring security.

4. Launch with Enthusiasm

Enthusiasm plays a significant role in anything we do. It keeps the entire team motivated and strives to achieve the objective. Internal marketing may achieve goals in isolation, but you need your whole team together with CRM implementation.

The top management plays a vital role in keeping its team motivated and productive. The mantra is to view failures and success as collective fame and fall. Individual laurels and criticism will do no good.

5. Set up Guidelines

CRM software is as good as you make it and as good as the data fed into it. It is where setting usage guidelines in common becomes important. For example, companies have to set data registers and sales records. If one person enters the sales record and the other does not, it won’t be easy to get accurate data from CRM.

All team members must be confident in handling CRM software. If all Data is not entered correctly or not entered on time, there will be inaccurate results shown by CRM. Companies should set up guidelines for all members to be efficient with the software. The CRM guidelines should be made easily available with clear details.

6. Training

Training is an important part of making your team confident in handling CRM software. There is always skepticism with any new tools within the group. Management needs to have means and ways to address the problem in the right way. Training makes people confident and efficient.

You can choose the right style of training. It can begin with a classroom session and then be given practical hands-on training on the software. The company’s onboarding process must also include an introduction to CRM software. It is an effective way to allow people to learn CRM from the start.

7. Define your CRM Strategy

CRM is more than a tool; it includes your growth philosophy and strategy. It means you have to define how CRM will change and determine your company’s work. It includes all the steps taken right from implementation to using the software. In addition, it also encompasses means to measure goals and make a business growth plan.

Best CRM Tools for Business

Here are some of the best CRM tools that are great for business growth:-

1. PeppyBiz

It is a great tool to consolidate business communication into a single platform. The CRM is effective for marketing, sales, and team support. The platform has integrated AI tools to provide a holistic view to customers. The CRM platform is suitable for small and medium enterprise companies and for costing you can connect with them directly.

2. HubSpot

source: hubspot

HubSpot CRM provides you CPQ tools, sales engagement, along with sales analytics. Companies prefer HubSpot because of its inclusive nature and valuable user service; HubSpot charges your sales with expertise, precision, and efficiency. The platform is perfect for two members or a 500-member team.  However, there are paid versions also available according to your business needs.

3. Zoho

source: zoho

Zoho is easy to use and affordable for business startups. The CRM combines marketing, sales, and help desk into a single platform. In addition, the Zoho suite also offers custom apps, finance, and integration, depending on your business needs. With the Zoho CRM application, companies can add new unbounce forms. Companies can create contacts from social media ads, add form submissions for leads and lead submission forms.

4. Agile CRM

Agile CRM provides streamlined tools like drag and drops with simple features. Passing information and managing tasks become easy with interface channels. The CRM software provides marketing and sales channel integrated support; the platform works well for a wide range of teams up to the enterprise level. 

5. Keap

source: keap

You can organize your information and resources about leads with Keap CRM. Your day-to-day tasks are sped up with sales and email automation features. In addition, Keap has payment and invoice integration, which allows acceptance of credit cards, generating invoices, and tracking payments. The CRM is suitable for companies having 1000 to 50,000 contacts with a plan of $40 per month.

Conclusion

The importance of CRM cannot be overlooked with growing competition and the use of technology. There are a lot more CRM strategies to be done before implementing CRM into business folds. It requires commitment, preparation, and cooperation across teams. However, most important is a mindset and a motivated team.

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