Why Customer Relationship Management (CRM) tools are essential for all businesses.
What is a CRM?
Put simply, a CRM is a tool used to manage interaction with your current and potential customers. It uses technology to help improve business relationships, specifically focusing on customer retention and ultimately driving sales growth.
One important aspect is that the CRM can compile data from a range of different communication channels, including a company’s website, telephone, email, live chat, marketing materials and social media. Leveraging such technology, businesses learn more about their target audiences and how to best cater to their needs.
The growth of CRM solutions
More and more businesses are investing in CRM systems. In 2018 the overall use of CRM Software rose from 56% to 74%. It is also found that 91% of businesses with over 11 employees now use a CRM, compared to 50% of those with 10 employees or less (Super Office).
One of the main reasons that businesses have turned to CRM’s is the increase in accessibility. With 48% of users accessing software from a smartphone, and 48% accessing from a tablet, the improvements of mobile CRM have been imperative to its success. 74% of businesses stated that CRM software has significantly improved their access to customer data. (Super Office)
Some of the most popular CRM solutions
There is a big market for CRM solutions, but it’s can be difficult to determine which CRM really suits your business. Some of the most popular solutions in the market today are HubSpot, Salesforce, Zoho, Microsoft Dynamics, Fresh Sales and Insightly.
Salesforce has a 19.6% share of the market, which is currently the largest share. HubSpot is 3rd most popular marketing automation software in the UK. However, beyond usage stats, the most important feature of this CRM to its customers is ease of use, with 55% of customers taking preference over schedule management and its ability to get a clear snapshot.
Salesforce 150,000 Customers, 7,200,000 Users
Zoho 80,000 Customers, 20,000,000 Users
Microsoft Dynamics 40,000 Customers, 4,400,000 Users
HubSpot 60,000 Customers, 200,000 Users
Insightly 25,000 Customers, 1,500,000 Users
Why invest in a CRM Solution?
“Having the right CRM can increase customer retention by up to 27%” – Salesforce
There is more demand than ever before to invest in a CRM solution. CRM’s not only provides your business with technology that accurately store your customer data, they also support your growth and help you become more customer focused. The right CRM’s will make you more efficient, more effective at selling and build a stronger relationship with your customers and prospects.
Here’s are just some of the key benefits of a well implemented CRM.
1. Help you to focus on your customer
Do you really understand how your customers behave? Do you understand when your customers are ready to buy and their specific needs at that time?
If you could access a platform that defined every unique communication, this would define and develop opportunities to increase the retention of that customer. As a business, you should always be looking for new ways to understand and engage with your customers with the right information at the right time.
2. Improves business flexibility and response rates
The right CRM solution provides the backbone to internal systems and processes that improve customer relationships. Have you ever needed information relating to a particular customer, but ended up wasting time going through various departments? It’s not just frustrating when this information isn’t readily available, it’s also immensely time consuming. Understanding the relationship between you and that customer ensures accurate, efficient and tailored support.
3. Complaint management of client details
Spreadsheets have proved incredibly useful over the years, but it’s easy for them to become outdated, inaccurate and fall into the wrong hands! Your client data is one of your most valuable assets and the right CRM can not only help with GDPR compliance, it can also help you identify who to communicate with, when, and with what information. Spreadsheets and other similar tools can’t!
4. Marketing Automation
There is little point marketing a product or service to someone it will never be relevant to. If you could understand what the customer previously needed from you, or their future requirements, you could tailor future marketing campaigns to their specific needs. It’s smart marketing. Expand your opportunities by increasing your cross-selling and up-selling business, create campaigns and interactions that are relevant for your audience.
Which CRM is right for you?
When working with our clients to select a CRM, we take into account a number of factors and objectives before making our recommendation and helping the client to implement the solution. Below we’re outlined some things you might want to take into consideration:
Inbound marketing and sales software that helps businesses convert leads into sales and build relationships with customers.
Pros: Free version of software, Easy to use, HubSpot Training Academy
Cons: Not great for larger businesses, Technical Support is costly, some tools are not unique and can be found slightly cheaper elsewhere
Complete CRM software that offers different applications for all aspects of business. Salesforce offers CRM, Sales, Customer Service, Marketing Automation, business Analytics and mobile application.
Pros: Your company data saved in the cloud, Simple management, Easy to track activities on tasks, calls, emails, and pull information together.
Cons: High cost package with third-party applications, reports are intricate and difficult to produce, Complex for smaller businesses.
Web based CRM system used to improve customer relationships and attract new customers. Zoho meets the needs of both small and large businesses.
Pros: Clean Interface, Realtime access to customer data, Automatically Tracking emails,
Cons: Plug ins can complicate Setup and implementation, Zoho requires you send all emails from Zoho using POP3 server
Cloud based software that combines CRM and Enterprise Resource Planning (ERP). Combines data from Dynamics, Office 365 and third-party data sources.
Pros: Tightly Configured with other Microsoft Products like Outlook,
Cons: The cost is high, and increases as you add more users, Errors are vague and difficult to troubleshoot
Allows you to organise customers, contacts and lead with a 360-degree view by checking their background, email trail, calls and data related to projects. Insightly helps build lifelong relationships
Pros: Links to Mail Chimp and Xero, reasonably priced, Easy to use
Cons: Not great social media integration, mobile app is difficult to find recent activity
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