CRM or customer relationship management software helps organizations in managing their interactions with existing consumers as well as potential customers. The software allows firms to improve profitability by streamlining various processes related to contact management, sales management, customer service, and more.
Companies use it for handling interactions with individual customers, suppliers, colleagues, b2b clients, and so on. From finding new customers, winning new business, to providing further support and offering add-ons, CRM helps at various points throughout the relationship.
The consumer relationship management system receives data from a variety of online/offline sources like the company’s database, consumer transaction history, survey forms, forms filled while buying something, etc. These days, CRMs have turned into social CRMs that retrieve information from customer interactions taking place on social networking sites like Twitter, Instagram, and Facebook. Besides this, SCRMs use statistical models combined with advanced algorithms to analyze unstructured data and point out the patterns visible in the market.
What is the value of the CRM system for a business?
Retaining customers and creating loyalty can be achieved by building a relationship with consumers. The same customer loyalty retention percentage helps the company in maintaining as well as increasing profits.
The customer relationship management system’s simple user-interface helps firms in communicating with the consumer, collecting data, and retrieving its true potential in the simplest possible way.
The system also tracks deals stuck in various stages and sends alerts to the sales reps. CRM work wonders for sales reps as they can keep track of in-person meetings, voice mails, phone calls, and email communication with the prospects.
Selecting the right CRM software for small business
Small businesses and startup administrators often remain unsure when it comes to deciding whether they need a customer relationship management system or not. But, the basic need to organize customer data in one place and the urge to take the business to the next level lures them towards buying the same.
Irrespective to the size of the business, a consumer relationship management system can help in automating customer communication, improve retention rates, increase sales revenue, and enhance the customer relationship. Every year, at least 47 percent of the small businesses that adopt CRM immediately experience efficiency in operations. Thus, these days, several software vendors cater to the unique needs of small and medium-sized companies.
At times, some amount of customization might be required to ensure the software fits the business needs. No matter if the firm opts for a ready-to-use, deployable CRM or design their own, there are some key factors to be focused.
Some of them are- organizational objective for buying CRM, functionalities that the software needs, pricing, scalability, ease of use, mobile optimization features, and the kind of after-sales support that the organization would require.
How can CRM system prove to be a company’s most valuable asset?
It is the first system that employees from various departments access whenever a customer contacts the company with some or the other query.
No matter if it’s one of the suppliers, vendors, partners, customers, or prospects. CRM acts as a shared database. The software integrates with accounting, ERP, HR, company websites, and other systems in the firm.
Making notes, sending emails, scheduling appointments, placing or cancelling orders, setting follow-up reminders for associates and managers, raising tickets for complaints, and hundreds of other actions can be performed by programming a single CRM system to do so.
How can CRM Solutions help your business to grow?
Besides offering better customer service and improving retention rate, there are several other features provided by the custom CRM software providers in Mumbai that help a business to grow.
- Creating personalized offers for every customer
When you visit a brand’s website to browse their products, the first thing that you might come across is a pop-up suggesting you to register and set up an account. Now, you might wonder why do small and large company websites keep on harassing website visitors with such pop-ups? The answer is simple; once you register and log-in using the account credentials, the site can track your activities and make product recommendations based on your interests.
CRM can integrate with the web portal, analyze the data with AI and ML solutions, and create tailored upsell; cross-sell offers to be pitched when the customer contacts the firm next time.
- Reduced cost for sales
Selling is essential for the organization’s growth. However, it’s not rocket science; new customer acquisition is a complicated and expensive exercise. Again, consumer relationship management system comes to the rescue. It even helps the customer service team in exploring and pitching the best cross-selling or product renewal opportunities.
Sales experts suggest that only 5 to 20 percent of the prospects can be converted into customers by pitching new products. On the other hand, the same sales executives can pitch and convince an impressive 60 to 70 percent of the existing customers to purchase new products from the brand. The consumer relationship management system is the best tool when it comes to auto-generating tailor-made offers.
The existing trust that you have earned after years of service can help in increasing repeatable sales.
- Increasing employee productivity
CRM and newly appreciated SCRM systems have the proven ability to increase employee productivity in multiple departments
Several studies from the Harvard Business review have proved that technology helps the company’s executives to quickly wrap-up process-heavy tasks. Manually entering consumer data and finding customer contact information in large sheets are the things of the past. Automation across customer service, sales, retention, data analytics, and marketing helps in strengthening the relationship with existing customers better than ever, without spending much time.
How much does it cost to build a CRM system?
Help desk and agent console can cost around $24,000 to $31,000. Setting up just the knowledge base for your customer service or sales team can cost anywhere between $5,000 and $6,000. Most importantly, setting up a CRM for accounts, contacts, tasks, and leads management along with dashboard can cost between $36,000 and $50,000.
Remember, the cost for developing cloud-based CRM entirely depends on the features and functionalities that the company wants in the system. Besides biggies like Microsoft Dynamics, SAP, and Salesforce, several locally developed solutions can be accessed as a service as well. If you wish to get details for the best suitable CRM options, you should consider discussing your requirements with engineers from Smart Sight Innovations.