5 Advantages of Effective Customer Relationship Management (CRM)
As the years pass we had some major improvements in technology and we moved in to the digital era. Digital era as it was expected affected our lives and made people change the way they operate. Electronic devices, internet etc. became a must and thus organizations saw that as an opportunity to evolve their operations and take it to the next level. One of the game changing tools of digital era that can help businesses scale faster and work smarter is CRM. If you are a business owner, sales manager, marketer etc. you have probably heard the term CRM hundreds of time! But do you actually know what CRM means?
CRM stands for Customer Relationship Management. CRM is basically a system that allows organizations to manage business relationships and the data and information associated to them. With CRM you can store customer and prospect contact information, accounts, leads and sales opportunities in one central location so the information is accessible by many people in real time. Now you may wondering what are the advantages that CRM can provide to my organization? What can actually the CRM do for me?
1) Improve the data you have: You have data coming in from your employees. This data might be too much, too fragmented and stored in disparate locations. A CRM system will help you manage your data and improve the quality of the data by making it accessible to many people in real-time, connected to a central database.
2) Take action on data: A CRM system can help you get the insights you need to take action on your data. For example find out which accounts have been neglected and set up activities to activate these stagnant accounts. Without such insights your sales teams are left in the dark and opportunities might be lost.
3) Manage your sales team activity: With CRM system you can instantly track what is your sales team up to. Are they making calls to prospects or existing customers? Are they chasing opportunities? Basically in few words you can monitor if the sales people are doing what they supposed to do (try to sell!). A sales manager can give teams direction to meet business goals, all within their CRM system. By doing that you will align your salespeople to mission critical tasks.
4) Grow Sales: Sales, sales, sales! As we all know in an organization is all about sales! Yes, CRM system can help an organization to grow its sales by better managing your sales team. The key to that is that activities tracked in the CRM system must be clearly ladder up to the larger goal of increasing sales. If for example your sales team is being tracked to increase prospect calls in order to increase territory coverage, it is very possible that your CRM system will help you to increase sales.
5) More informed decision making: CRM system gather the data that you think is important and that you want to change, enabling you to review that data and make decisions based on that data. Essentially with the use of CRM system you have the advantage to access to all the information you need, fast and in real time which might not help you to make better decisions but it can certainly help you make more informed decisions. So as we realize CRM can be considered a very useful decision-making tool.
In conclusion we come to a point and realize that CRM system can serve as a vital nerve center to manage the many “connections” that happen in a growing business. For a small organization a CRM system may simply used to put data in the cloud making it accessible in real time, across any device. But as an organization grows a CRM can quickly expand to include more complex and sophisticated features to help employees collaborate with each other and with customers, send customized emails, gather insights from digital media and get a picture of your “business health” in real time.
Improving customer communication and response as well as quantifying the insight information gained is of strategic importance and vital for the survival and growth of Companies.
Nowadays , there are CRM solutions to suit the needs of small to medium as well as large Organizations as well as to accommodate sectoral needs such as real estate, retail and wholesale, services, hospitality and catering etc.
At ConiCon we know customers and we know how to connect the dots of your Customer Relationship Management program.