Why Should your Business Invest in a CRM?
A CRM system is a package of business strategies, software and processes that facilitates organizations to build long-lasting relationships with their customers.
According to a research, loyal customers are worth up to 10 times as much as their first purchase. Therefore, for expanding business operations providing a seamless and outstanding customer experience is important in order to retain the customers.
Nowadays, markets are filled with a number of software solutions which help organizations enhance their customer relationships. However, the most popular solution used by organizations for improving customer relationships, as well as gaining new leads, is CRM system by far.
CRM stands for “Customer Relationship Management” and refers to all techniques, strategies, technologies and tools used by companies for generating, retaining and acquiring customers. The software helps in smooth and seamless interaction with customers at each and every step in order to maximize profits.
The software is apt in gathering customer’s data from multiple channels. Hence, CRM is capable of storing detailed information on personal information, overall purchase history and even purchasing behaviour patterns of the customers.
What does CRM software stand for?
CRM software is a business application tailored with one primary purpose – improving customer relationships by providing businesses with efficient and smart tools for developing successful business strategy. Considering the aforementioned point, it is obvious that the CRM definition includes much more than it seems initially. It’s worth noting that implementation of this efficient tool can definitely help organizations in competing with rivals and taking an edge over them.
The best thing about CRM is that all these data are safely stored in unified database. Therefore, it makes it easy for the user to access and manage highly important data via one data source.
CRM has tracking features which are efficient in recording numerous customer interactions online. In addition, CRM helps in the automation of routine processes and provides managers with tools which help them in tracking and measuring company’s growth and productivity.
For a business to be profitable, proper alignment of the CRM strategy, customer needs and overall business objective is paramount. Companies should pursue their objectives with keeping customer needs and desire in mind. A properly developed CRM strategy results in better customer acquisition and retention.
In other words, a CRM software helps in accelerating crucial business operations, such as marketing, sales and services, to enhance customer experience and loyalty from initial contact to repeat purchases. Since, CRM software is meant to streamline company workflow, it can help businesses to fill the gaps between sales, marketing and customer service departments helping organizations with all sizes to meet their goals and objectives at a minimal cost.
On-premise vs Cloud deployment
The decision of deploying CRM should be made wisely. Companies should make sure that the deployment model meets their business objectives. While companies might benefit from on premise deployment but they shouldn’t dismiss the advantages of a cloud CRM deployment.
With on premise CRM, a company needs to purchase the license beforehand. The software is located on the company’s servers and is a good choice for companies with strict security policy. This type of implementation process involves more time and IT resources. In this deployment, it is the buyer’s responsibility to ensure the constant maintenance of the on premise CRM system. The vendor still provides technical support and maintenance post CRM implementation.
On the other hand, a cloud CRM, stores data on the vendor’s servers. In this case, the users have all the access to the database anytime and from anywhere and most importantly, the vendor takes all the responsibility for security and seamless operations of the system. The only requirement for cloud based CRM system is an excellent internet connection, accompanied by a monthly or annual subscription which the vendor charges for hosting.
Nowadays with technological advancements and user spending more time on mobile devices, CRM vendors have understood the importance of Mobile CRM.
With reference from research conducted by Aberdeen Group, 65% of sales representatives who use mobile CRM have reached their sales quotas, while the same results are noted with only 22% of reps who used a CRM strategy without a mobile approach
Companies like Salesforce, Microsoft etc. have come up with Mobile apps where a user can easily access their CRM dashboard from their mobile devices.
Top CRM selling companies
There are a number of companies selling CRM in the market but selecting one among them is a nerve wrecking task. Being said that, here is the list of some popular CRM software available in the market:
Should your Business use CRM?
Regardless the size of your business, a CRM software provides consistency and helps in proper decision making. Even if you are a small startup with a small customer base, a CRM system can gradually increase the value of the organization.
All in all, CRM is an efficient business tool that will mark the future of your business. Businesses across the globe have already recognized the potential CRM can offer, especially in customer satisfaction. Therefore there is no question whether a business should use CRM or not.
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