Customer Relationship Management (CRM) is a strategy for managing all your company’s relationships and interactions with customers and potential customers. It helps you stay connected to them, streamline processes and improve your profitability.
More commonly, when people talk about CRM they are usually referring to a CRM system, a tool which helps with contact management, sales management, productivity and more.
CRM is the foundational building block that allows empowered consumers and connected employees to do business in ways we could not imagine just a few years ago. Historically, CRM strategies have focused around operational efficiency gains like reduced marketing costs, increased revenues from salespeople, shorter sales cycles, or better customer service productivity. Its no wonder that CRM is widely deployed in all companies – both big and small.
Today CRM is evolving, and companies are using it to support their customers in their end-to-end journeys. This customer obsession delivers business results that far exceed productivity and efficiency measures.CRM, used the right way, delivers higher levels of revenue and company profitability through winning, serving, and retaining customers.
Here is a snapshot of 4 of our top 10 trends that you should pay attention to in 2015.
We recently asked a group of small businesses to identify their biggest challenge regarding sales and marketing. 70% of respondents said engaging, qualifying and following up with leads was their biggest challenge and 61% said prioritizing and tracking activities and follow-ups for their sales team was also a problem.
CRM systems are designed to help your small business solve challenges when it comes to following up with leads and managing your sales team’s priorities.
As a small business, you probably use an organizational process that has worked well up to this point. Maybe you’ve used Excel to keep track of new purchases and contact information, or maybe you use several different apps for your data.
Whatever your process has been, you’re looking for something more. (or you wouldn’t be reading this!)
In research conducted by Gartner, it mentions eight essential building blocks of CRM initiatives: vision, strategy, customer experience, organizational collaboration, processes, information, metrics and technology.
CRM systems are a part of these building blocks and can be implemented once vision has been established. CRM Systems are part of your overall strategy and will help with organizational collaboration, processes, customer experience, information and metrics.
CRM systems are designed to help your small business solve challenges when it comes to managing your sales and marketing initiatives.
In a recent survey we conducted, CRM users ranked the ways a CRM has helped their business. 67 percent said using a CRM system helped them follow up on opportunities and leads and 56 percent said it helped customer relationships because the interactions were accessible in one place.
CRM is often misunderstood as an application or a tool, but in the real sense of the term it is a way of doing business. There can be innumerable reasons for businesses to implement CRM. However, let’s take a look at few of the most apparent benefits of using CRM.
360 degree view of business Organizational-level data sharing Reduce cost on customer acquisition Centralized customer interaction Improved customer support Increase customer satisfaction High rate of customer retention Boost new business Increase revenue at low cost
Thus CRM is becoming increasingly important among businesses. With an ever increasing customer expectation there is a need for organizations to adopt new business services and strategies – CRM provides this versatility in enhancing sales, customer support and success in business.
Essentially CRM works by collecting leads or consumer information. Analyzing the collected information to understand customer or market requirements. Adjusting marketing campaigns accordingly to increase sales.
CRM also serves for customer service and support–making businesses efficient and improve customer satisfaction.
In any business, the bottom-line of CRM work flow is to (1) Initiate Marketing, (2) Process Sales, (3) Schedule Orders and (4) Provide Support .
An acronym for Customer Relationship Management, CRM is a term originally defined and designed to improve customer service. Today it almost relates to an entire business strategy. So while the term refers to a systematic approach to handling customer relationships, it transforms into providing holistic approach to a business strategy.
Customer refers to an entity that acquires or consumes goods or services from a desired firm (through the process of purchasing or renting) for a mutually decided price and has the ability to choose between different products and suppliers. In this sense a customer is also known as client, buyer, purchaser or user of the products/services delivered or provided by a firm or organization also called the supplier, seller or the service provider. Continue reading “What is CRM?”
CRM (Customer Relationship Management) cloud apps allow sales managers to monitor and analyse their team’s activities so they can forecast sales and plan ahead. For sales reps, CRM cloud apps make it easy to manage customer profile and case history information, freeing up their time and empowering them with expertise.
For marketers, analysing the effectiveness of marketing campaigns on your Web site, in email, or with Google AdWords is crucial, to ascertain the who, what, how and why of what leads are working.
The Salesforce CRM cloud-based apps let Indian marketers track sales leads and sources, route leads to the right salespeople in real time, and provide the analytics that reveal the bigger picture.
What is CRM changing in the realm of customer service?
For sales managers, CRM cloud apps provide real-time visibility into their team’s activities so they can forecast sales with confidence. For sales reps, CRM cloud apps make it easy to manage customer information so reps spend less time handling data and more time with customers.
For marketers, nothing is more important than tracking the sales that result from leads generated through marketing campaigns on your Web site, in email, or with Google AdWords. CRM cloud apps let marketers track leads and sources, route leads to the right salespeople in real time, and provide the analytics to see what’s working and what can be improved.
For customer service
Your customers have questions about your products. Today, they might go to Google or Twitter to look for answers and only contact your call center if they can’t find what they need. To deliver stellar customer service, you need to connect all the conversations that happen on social networks with the internal knowledge your agents use every day. That way, your customers get answers fast and are happy. And it costs you less.
Zoho’s Sales Force Automation (SFA) solution drives sales force performance and profitability by giving you everything you need to sell smarter. By automating your processes, it frees your people to concentrate on creating leads, closing deals and growing your customer relationships. Zoho SFA makes it simple to perform:
CRM software today fills a number of departmental needs in a company, and touts benefits for marketing, sales, support, and even other areas like inventory and project management. Often championed on the merits of features and functions such as integrated email, simplified record keeping, and powerful reporting, the fact is that as the CRM industry has matured, the need to compete has resulted in a need to differentiate on the basis of “features and functions”, sometimes leaving little room to translate those features and functions into general benefits and bottom line results for those who aren’t already well versed on how they translate. At the end of the day, CRM is about improving efficiency and results on every level in an organization. Here are three ways that happens in a sales organization: