June 19, 2020
Entrepreneurs are more concerned with business growth and are more willing to invest in tools and software that improve growth. However, business today should not sacrifice customer satisfaction in pursuit of growth factors and growth promoters. CRM software is an all-round tool that promotes company growth and while improving customer experience and satisfaction as well.
In order to speed up growth therefore, companies should integrate and utilize a good CRM. While we also notice that a ‘good CRM’ is not an expensive CRM, good means the software should fit and work well for the teams using the app for an improved business process.
But what is CRM? Industries should define and develop strong understanding of customer relationship management and CRM software, appreciate the intuitive CRM functionalities and how the tools blend with business operation processes.
This article contributes to the twenty-seven ways CRM can help speed business operations for your company.
1. Data management
Data management is a priority for every organization that is interested in understanding how to get more in the current dynamic business market. Getting a suitable data management tool is therefore key for businesses that are more concerned about growth. CRM helps to organize customer information, sales opportunities, account details and leads in a central database. This makes it much easier to manage company data. By enabling access to information across the many company departments through a centralized data source, CRM improves productivity thereby increasing business growth rates.
2. Eliminates or reduces manual data entry tasks
With CRM software, a company has several options for capturing and filling in needs into the business database. These digital options therefore help sales teams to reduce manual entry, which saves a lot of time. This system also saves the company the many risks of double entry, reducing time wasted on data cleaning and verifications.
Features such as automation, automatic reminders, notifications, one-click updates and imports reduces employee hours and makes workflow smoother. The ability to schedule and send customized messages and email in bulk to all company leads and customers makes CRM the right tool to speed your business growth.
3. Makes sales team coordination easier
Imagine working with a properly oiled machine whose wheels run smoothly to have a task completed. This kind of system makes work easier, and consumes less energy to complete tasks. Similarly, companies that are in CRM business make activities of their sales teams accurately coordinated and smoothly run. Productivity is increased, and more leads are converted within shorter periods of time. This way, CRM makes it easier to manage activities of your sales team, and consequently speeds up your company growth.
Additionally, you will be in a position to monitor every team member, their activities, current sales and positions of their deals. This makes it easier to identify team members who are doing better and reward them in turn. On the other hand, you will also identify those members who are facing difficulties closing deals, be able to step in, evaluate the circumstances around the bottlenecks, and advise them to improve and carry out the business activities in a more productive way.
4. Segment and identify company’s best accounts
Companies should be in a position to segregate prospective buyers from key buyers. CRM helps your business grow faster by classifying the best accounts in your business. Your teams can therefore focus and serve key customers more effectively.
According to creatio, segmenting your accounts makes it easier for teams to identify untapped markets, which consequently spreads your reach and exposes your company to new opportunities.
5. Precise and opportune forecasting
The ability of a company to forecast customer needs makes them better placed to answer to customer needs and increase customer satisfaction. Future markets are easily strategized, and ratio of deals closure increased.
6. Monitoring ongoing tasks
CRM software helps businesses to monitor progress of every activity or task right from the beginning. It helps the team to monitor details such as:
- 1.When the process started
- 2.The time an employee was assigned the task
- 3.When the client received the output
7. Increases employee accountability
It is open truth that only a few employees will remain accountable to all their customer interactions. CRM therefore helps to increase employee accountability by monitoring their interactions with clients throughout the business process. It also gives the management an opportunity to identify problems and rectify them before they affect the business process.
8. Streamlines reports
CRM has an interactive user friendly reporting tools that makes it easier to generate and display reports such as call logs, total sales, lead status and many other valuable business reports.
Statistics on CRM and CPM worldwide utilization
This section covers some key CPM and CRM statistics.