Managing customer relationships can be overwhelming.
Spreadsheets, emails, a few stray post-its notes—keeping track of your customer contact information, order histories, and ongoing engagement is cumbersome if you have to keep switching tabs and files.
No wonder it can feel like a constant uphill battle!
Yet, in today’s dynamic commerce landscape, businesses must deliver excellent customer experiences to survive.
Here’s the truth—customers expect businesses to know what they want before they do! And nope, a mirror ball isn’t going to help you.
According to McKinsey, nearly three-quarters of consumers expect companies to deliver personalised interactions.
Hence, it’s no surprise that Customer Relationship Management (CRM) software has quickly emerged as a transformative platform that benefits businesses and shoppers alike.
In fact, revenue in the global CRM software market is projected to reach US$88.19 billion in 2024.
Moreover, CRM’s advantages extend across the entire sales cycle. Put another way, it’s your secret weapon for managing and analysing customer interactions and data throughout their journey.
What exactly is a CRM, and how does it work?
At its core, CRM aims to empower businesses to store and manage all their customers’ data efficiently.
Whats more, this data serves as an absolute goldmine of valuable insights for businesses to harness. It’s the equivalent of putting the light on in a dark room. In creating a single smart suppository for customer information, companies can automate marketing activities, and sales processes, forecast future sales, better understand each client and much more.
The CRM process involves a dynamic collaboration between Marketing, Sales, and Customer Support teams.
Like all technologies, there’s no one size fits all. Therefore, to access the relevant benefits for your business, you must choose the right solution. This requires exploring and understanding all the different features and determining which ones are right for you.
Here are 5 key must-have features for high-performing CRM solutions
1. Usability factor
When it comes to navigating your CRM, smooth sailing is key. Opt for a platform with user-friendly dashboards and customisable workflows to ensure seamless navigation for your team.
2. Integration mastery
Don’t let your CRM be an island. Choose a solution that plays well with others. For example, look for features that enable seamless integration with email marketing, social media, and other essential tools to create a powerhouse of functionality.
3. Revenue tracking
Keep your finger on the pulse of your sales with a CRM that gives you the inside track on profitability. Capture real-time insights into revenue performance.
4. Security assurance
When it comes to your data, it’s better to be safe than sorry. Select a cloud-based CRM that’s a fortress of security, compliant with regulations like GDPR and CCPA, and equipped with backup systems that’ll weather any storm.
5. Efficient data handling
Say goodbye to data chaos, and hello to smooth sailing. Choose a CRM that acts as your anchor, centralising customer information and updates in real-time, ensuring everyone’s on the same page.
Now you know what to look for, let’s explore the benefits of a CRM for your business.
What are the benefits of a CRM?
According to Forrester’s CRM Playbook, 58% of global software decision-makers are implementing or expanding their CRM applications.
When effectively integrated, CRM is a powerful tool to help you enhance your business in the following ways.
Build Awareness
Using a CRM lets you gather deep insights into your target demographics, allowing marketers to craft precisely targeted campaigns and measure effectiveness across various channels.
Attract Leads
Streamline lead capture and enable your marketing teams to access valuable customer data. Sales teams leverage this data for personalised outreach and timely follow-ups.
Convert Leads
Use your CRM systems to facilitate lead scoring based on historical data, guiding sales reps in identifying and prioritising high-potential leads. Automated reminders ensure no opportunity slips through the cracks, while centralised customer information aids in building trust and guiding prospects through the sales funnel.
Delivering Exceptional Service
CRM platforms provide a unified view of customer interactions, empowering support teams to resolve issues quickly and efficiently across multiple channels. Access to historical data enables personalised support, enhancing customer satisfaction and loyalty.
Boost Upsells
Leverage CRM analytics to identify upsell opportunities by analysing past purchase history and customer behaviour. With targeted email campaigns and proactive outreach managed within the CRM, businesses can maximise upsell potential and drive additional revenue from existing customers.
Now that you know the advantages, the next step is to decide which CRM system is right for your business.
How to select the best CRM for your business
Navigating the CRM solutions landscape presents some challenges. With many options available, it’s about identifying the right fit for your business. This requires considering factors such as internal resource availability, deployment criteria, customisation options, cost, and scalability.
Here’s a list of critical questions you must ask to get started.
- What are your specific business needs and goals for implementing a CRM system?
- How scalable is the CRM solution to accommodate your future growth plans?
- What % fit does the CRM have in meeting your business needs and goals.
- What is the user experience like, and how intuitive is the CRM interface for your team?
- How seamlessly does the CRM integrate with your existing systems and tools?
- What customer support and training options are available with the CRM provider?
- What is the total cost of ownership, including implementation, subscription fees, and any additional costs?
- What security measures does the CRM have to protect sensitive customer data?
- How does the CRM facilitate data management, data analysis, and reporting?
- What are the success stories or case studies of businesses similar to ours that have implemented this CRM system?
Before you go
CRM software is an essential business asset, centralising customer data for efficient marketing and account management. It prioritises nurturing customer relationships to improve productivity, sales, and overall business performance. Making the wrong decision is not only costly but could be detrimental to your success and reputation, so it needs proper analysis upfront.
Are you about to embark on digital transformation and/or explore CRM platforms? Need help? Get in touch with our team—we’re here to help.
