A small business is like a prototype for a large setup.
A Customer Relationship Management (CRM) system is good for any setup, big or small, which has a market, a customer base and a sales team. The presence of these three factors necessitates a CRM system for a variety of reasons.
As the name suggests, a CRM system not only improves and regulates coordination between the management and customer but also accrues a number of other benefits to the company.
Here is a list of few.
Ever noticed people buying card holders or looking for wallets with multiple slots for cards? The need to organize and record one’s contacts is as much a commercial need as a personal one; in fact even more so in the case of businesses.
CRM systems allow for a clean and convenient storage of customer information which is accurate and updated time to time to prevent mishaps. It saves businesses the hassle of filing documents in overflowing folders and stocking shelves with files almost puking out papers. It also makes the business efficient and technologically advanced.
- Sales Performance
With good organization come good results. It is no surprise that with well-documented data, it is easier to follow up on repeat clients, consumer trends, upsell opportunities and future leads in the least amount of time. CRM systems maximize performance while optimizing time.
What is key to improving customer relations is giving them the experience of communicating with a humans and not organizations or worse, computers. In order to achieve this, CRM systems help in making communication personalized for each client to make them feel valued. With CRM unattended emails and calls will be catered to with engaging conversations rather than mechanical feedbacks.
- Secure Data
Like in every relationship, with greater disclosure comes greater responsibility to maintain privacy. CRM systems enable business to lock data with strict security measures by only granting access to a few select officials. This prioritizes customer confidentiality and also allows time to overlook other departments by making surveillance easier. Any breach of privacy is more conveniently tracked and checked.
- Sales Team Productivity
It is reported that CRM systems enhance productivity of sales teams by 14.6%. This is because the team can make decisions and run reports right in front of the customer made convenient by easy accessibility of client information. Information like personal details, purchase history and delivery schedules can be monitored on spot without time lag, making the field representatives more efficient and productive.
- Faster Decision-making
Responding to constantly evolving market trends and keeping up with changing customer preferences are factors that determine the best players in the industry. Along with the productivity of ground force, it is equally important to keep the managerial staff on board. CRM systems help managers in making tactical decisions about market changes faster and better. This is not only beneficial but also crucial to keep the business in the game.
- Centralized Information
By centralizing information using a CRM system, you are making the data available across the board to officials who need to access it anywhere anytime. This also helps keep track of any changes made and updates revisions and edits in the version available to the rest of the team. Unlike the age-old methods of documenting on spreadsheets in files, this system minimizes the risk of miscommunication and hence uninformed decisions.
- Higher Profits
With all the benefits listed above, you may ask how CRMs are really benefitting small businesses. The answer is easy.
A small business may be a new competitor in the market or an old one looking for means to upscale its business. In either case a promise of higher profits won’t harm. With increased customer satisfaction and better sales productivity, the company’s performance reflects in better returns on investment ($8.71 on every dollar invested). This is also reported to have increased sales by 29%. Seems like CRM is the new catalyst for better progress!
SmartVT is a counseling company helping businesses grow through its vTiger development services such as CRM customization and much more. From minor vTiger upgrades to vast usage, we have skilled and experienced experts to offer whatever development service you need. Currently based in Montreal, Canada, we are available through call or email any time you need us.