Customer relationship management (CRM) has never been as important as it is in today's interconnected and highly competitive business world. Customers have higher expectations than at any other time in history. The same could be said for their options.
This is evident in the blossoming field of customer experience. 84% of companies that invest in upgrading customer experience report an increase in revenue.
CRM software is one of the best ways to monitor how your company is performing and how your customers' needs are being met. At this stage, 91% of businesses with over 10 employees are using some form of customer relationship management software.
Let's take a look at what CRM software is and how it can help make your business more competitive.
Why Customer Relationship Management Is So Important
Technology has completely changed the way that we approach business, in every conceivable way. In most instances, it's made our lives easier and our businesses more profitable and efficient. It's also made many business processes far more complex and harder to keep track of.
Let's take a deeper look at why you need to be using customer relationship management software if you aren't already.
Transforms Data Into Insights
There's a world of different between knowledge and wisdom. To illustrate the point, imagine data as individual points on a graph. Interesting, perhaps, but not very useful for business purposes.
Now imagine having multiple points on the same graph. Suddenly, you can plot charts and calculate trajectories. You can speculate on reasons for rapid ascents and puzzle over the reasons for sudden plunges.
It's no secret that the Buyer's Cycle has become longer and more complicated than it's ever been before. This means that there are more opportunities for things to go wrong and negate all the hard work you've previously done.
CRM software keeps all of a customer's pertinent information in one centralized location. This way you can tell where the customer's at in the buyer's cycle. You can use this data to help steer them in the right direction, towards the ultimate goal of actual conversions.
More Accurate Reporting
Good communication is the cornerstone of maintaining successful business relationships. It helps to ensure that everyone's on the same page and working towards the same goal.
Traditionally, there's been a sense of rivalry between different departments in a business. For example, sales teams blame the marketing department for not generating useful leads. The marketing department then complains that the sales department isn't doing their job well enough and shifts the blame back into their court.
With crm software, you're able to generate the most detailed, useful business reports possible. You can segment your data to an almost impossibly granular level. You can take the guesswork out of almost any business process, knowing precisely what's working and what isn't.
This is especially useful when it comes to reporting to the c-suite and investors. Those that hold the purse strings are notoriously reluctant towards any kind of hunch or intuition. This can make it difficult to justify the need for things like research and development or a marketing budget.
CRM software also helps your organization work towards more intangible goals other than simply focusing on the ROI. There are other things that need to be focused on in a business, as well. CRM software can help you keep track of brand awareness, customer loyalty, even how long people are spending on your websites so you can measure how your inbound marketing is working.
Automation
Automation is a mandatory aspect of any business process that you hope to remain scalable. If you're serious about growing your business, that should be all of them.
Technology's a funny thing. It's intended to spare us work but often has the unintended effect of creating more work at the same time.
For instance, think back to when social media marketing was first becoming established as a serious business discipline. All of a sudden, companies didn't have to just focus on creating excellent products and necessary services, you also needed to be entertaining and interesting and engaging on social media. There were many a marketing intern who were suddenly tasked with finding relevant articles and pictures of cute animals to share on their company's social media accounts.
CRM software allows you to automate as many business processes as possible so you can get back to actually running your business. This isn't just to save you work, either. Not only do customers have higher expectations than ever before, they also expect it faster than at any point in history. 80% of customers that communicate with a business via email expect a response within 24 hours.
Automated marketing and CRM software make for a powerful combination. You can combine the two to masterfully help navigate customers through the buyer's cycle, for instance.
Say that someone's just visiting your website for the first time. This might trigger an action offering them a free incentive for signing up for your newsletter, for example. This data can be further leveraged to trigger all kinds of future interactions, from returning for abandoned shopping carts to engaging with your social media networks.
The business world is only going to keep getting faster, more data-driven, and more customer-centric. You need to have some form of crm solution in place to help you keep up in a rapidly accelerating world.
Looking To Grow Your Business?
At Jumpworks, we are passionate about giving businesses every tool and resource they need to succeed. From the latest marketing strategies to creating actionable insights from your customer relationship management software, we are here to help your business thrive in a rapidly shifting world! Contact us today to schedule a consultation or schedule a call to talk to one of our team members in person!
