As a business owner, you need to wear many hats. For every business decision, small to big, your employees are dependent on you in one way or another. However, managing a business is anyway no child’s play let alone juggling all these responsibilities on your own!
But thanks to growing technological advancements, there are some aspects of your business that you can completely automate. Let’s take your customers for example. Your customers are crucial to your business. Bringing in new leads, nurturing them into customers, and then later retaining them is a whole cycle in itself.
However, your sales and marketing can easily track your customer’s journey, have better follow-ups in place, and have all your customer data in one place thanks to a magic potion of technology; Customer Relationship Management software, popularly known as CRM!
As a business owner, you must have heard about the term CRM software from your peers, competitors, or employees. So without any further ado, let’s dive into what they are and why everyone is talking about them.
CRM stands for customer relationship management. It is a technology that can help businesses keep track of their customers and potential customers. Imagine having all your customer data in one place! Wouldn’t it make it quite convenient for your various departments like sales, marketing, service, customer support, etc., to pull out the information they require, regularly follow up, understand customer’s interest & their position in the sales cycle and improve the procedures based on customer information?
Well, CRM software does just this by creating a centralized space for all your customer information.
Imagine having a lead coming to your business website, exploring their desired products but then disappearing into thin air. This could be because of various reasons, like Maybe he or she doesn’t like the product Your sales team didn’t follow up
Your customer service team did not whip up a customized offer based on your lead’s interaction on your website they only heard from you once or twice after visiting the website. Now all of these loopholes can be removed with an effective CRM system.
Here’s a glance at the North America CRM market size from 2017 to 2028 (USD Billion)
These are some of the statistical figures backing the popularity of CRM software amongst businesses. Now that you’ve received a fair understanding of CRM, how it works, and its current state in the market, let’s dive right into how it can boost your business growth.
Here are some ways through which CRM can accelerate your business growth:
Getting leads on your website is great but what’s next? With CRM software, you can make sure that your leads do not slip away due to a lack of communication from your sales team. Also, it gives you better insight into your customer behavior, their demographic & psychographic data, their typical movement along the marketing funnel, etc. These insights can help you develop a marketing plan that will penetrate deep into your target market and attract more potential customers.
“Acquiring a new customer costs 7 times more than retaining an existing customer.”
Plenty of research has shown that the probability of selling to an existing customer is way more than selling to a new customer. Nothing against acquiring a new customer, but maintaining long-lasting relationships with your existing customers is extremely crucial for your business too! and CRM software can help you build a lasting relationship with your customers. With CRM software in place, you can constantly stay in touch with your existing customers by sending newsletters, company updates, offer updates, new product launch updates, etc.
Your sales team can also keep staying in touch with your existing customers by providing them with personal, more customized solutions.
As we have already mentioned, selling to new customers is a tough nut to crack for your sales team. That’s where CRM software comes to the rescue of your sales team. With the help of CRM, your sales team can identify and prioritize those leads that are highly likely to convert as per the lead’s interaction on your website.
Your sales team can also reduce the time to close a deal with a 360-degree view of your potential customers. Additionally, you can also leverage upsell or cross-sell opportunities by suggesting products that can be a good fit for your customers. Instead of reaching out to dead-end leads, you can use your existing customer relationships to find undiscovered territories.
According to a report by Capterra, 47% of people that presently use CRM said that using CRM had a remarkable impact on customer retention.
Having a deeper understanding of your customers, their behavior, your active campaigns, and your current sales, and marketing touchpoints can not only help you better serve your customers but will also help you ultimately retain them.
To each retained customer, your cost of acquiring new customers reduces, and your profit increases.
The customer relationships you’ll build today will serve you in the future. Whether you are a small business or a large enterprise, customer relationships are going to take you a long way. If you have questions about CRM compatibility with your business, you can discuss your questions with us!
To talk to us about your business structure and viability of CRM, book a demo with us at: https://calendly.com/onehash/anand?month=2022-10
-Blog written by Anand