Those who work in the marketing or sales department might be familiar with the concept of Customer Relationship Management or as we call it, CRM. The benefits CRM brings to your business are many, although if you are one of those people who have never heard of the technology or are new to it and are interested in learning more about it, then this article is definitely for you.
Before we dive deeper into what CRM software can do for your business, let us understand what CRM is.
Short for Customer Relationship Management, CRM is a software that helps you organise and keep a track of your interactions with your customers, therefore helping you improve your customer service.
Even if you have never used a CRM system before, you must have heard the term reverberating through your industry. You must be aware that a lot of companies, which also include your competitors, have implemented a CRM software or are in the process of implementing one simply because it saves time and resources, while increasing your sales.
But what can a CRM software do for my business?
The short answer, quite a lot.
The technology today has reached a point where it becomes an important part of your business, it has come far from just being a vessel to store in customer contact details, a CRM software can now provide a series of seamless features which boost and assimilate the efficiency of fundamental functions within your business.
The average return on investment for CRM is $8.71 for every dollar spent.
(source: Nucleus Research)
Benefits of CRM
The primary benefit of a CRM system is that it helps in organization of leads, account details, customer information, and sales opportunities in a single centralized database, hence making it easier for you and your staff members to manage this data. When you have all the information stored in one place, you are able to access it quickly and easily, helping you make quicker decisions, which in turn leads to quick implementation.
A CRM system offers you various options, and with the help of these options you can capture and enter leads into this system. This helps in reduction of manual data entry tasks which will save your staff members’ precious time. Not only this, it also diminishes the risk of duplication, therefore ensuring that your data is free of any errors.
CRM software works as a centralized database unit that provides data to several departments through one source. It allows your departments to collaborate with each other easily, hence helping staff members address customer inquiries faster. It also helps automate tasks that are repetitive that can consume a lot of time otherwise, therefore employees can focus better on important tasks.
CRM system gives you and your employees easy access to real-time data which can help increase the conversion rate epidemically.
Industries that use CRM the most
Nowadays, most industries use CRM. In fact, research shows that every industry in Malaysia uses CRM.
The banking sector right now greatly depends upon CRM software. This CRM software is tailor-made specifically for the banking industry to facilitate personalized management of the clients/customers on the basis of their identifications, preferences, and behaviours. The CRM system for the banking industry is designed to have a more customer centric approach.
A retail business includes selling goods or services. Therefore, the main goal of the retail industry is to attract as many customers as they can through advertising and marketing. With an effective CRM system in place, the managers of different departments and the supervisors can set goals and implement several measures to achieve those goals.
Any good Law Firm CRM system stores client information like their contact information, names, addresses, legal information, any notes from earlier conversations with that client. When you have data on previous conversations with clients, you are able to connect with them on a more personal level. CRM systems for Law Firms will give you encouragement for better interaction with your clients.
Customer Relationship Management in the healthcare industry is a procedure of managing past, present, and future conversations with your customers so that you can meet their needs.
The healthcare CRM system in-house medical podium that helps in managing patients as well as their health information/data. Simultaneously, it is a custom made healthcare solution that bridges the conversational gap between patients and healthcare providers.
The CRM software that is specifically made for the insurance industry plays the part of a customer engagement domain/platform that assembles customer interactions within several channels with the help of data derived from different systems of the industry.
Wrapping up
The role CRM has played in the different industries is unprecedented, no matter the sector. Businesses that still haven’t implemented CRM software development are lagging behind in the race. Now that you know how CRM can help you boost your business, don’t continue making the same mistake, rather go for an exceptional CRM software.
Author works as BDE at Vindaloo VoIP Solutions (VSPL) since 2016. Sandip has 10+ years of work experience in VoIP Software Development Industry. VSPL is VoIP software development and solutions provider that offers FreeSWITCH, Kamailio, OpenSIP, WebRTC and Asterisk Development.