Along with a new decade comes a call to innovate and modernise your business.
Cue, CRMS (Customer Relationship Management Software).
This provides companies with the power to refine their customer care strategies and retain more consumers than ever before.
In 2019, SuperOffice surveyed the usage of CRM software and found that worldwide, businesses had spent approximately $42 billion on these kinds of programs.
In fact, by 2025, this figure will have easily risen to a colossal $80 billion.
Unsurprisingly, CRMS takes the prize for the most accelerated rise in demand within the software market in recent years.
So, let's take a look at CRMS in a little more detail…
What are the Benefits of CRMS?
Well, CRM software is a package that uses data analysis to manage the interactions between a company and its clientele.
It takes info from recorded phone calls, the company website, social media, email, live chat, and stores all the essential data.
This software then uses these findings to draw information about your target demographic, how to cater to them, and how to tweak your customer care strategies to better tailor the support you offer each client.
The most significant benefit of this system is that it breeds consumer loyalty. A customer who feels their needs are met and that a business adapts to fit them is more likely to remain with that company instead of shopping around for a ‘better deal’.
According to Sahir Anand, a retail research analyst with the Aberdeen Group, a predicted 93% of companies uses loyalty programmes like CRMS when it comes to customer care.
It's widely recognised that ‘lifetime customers’ are a hugely valuable investment when it comes to the future of a business.
Streamlining the methods of gathering data is creating far more focussed and time-efficient businesses.
It has been found by many companies that use CRM software minimises the usage of paper filing and also creates a database that cuts wasted time when searching for a client’s information.
This makes CRM businesses both more environmentally friendly and saving money that would have been spent on stationery and paperwork.
Not to mention the additional revenue that has been made due to the volume of customers being served to increase because the average call time per client is going down.
According to Super Office, the main reason for the increase in CRMS usage is accessibility. As technology has progressed, more and more companies have begun using mobile and cloud solutions with their business.
This means that access to the company systems and the data can be gathered from anywhere. 81% of the Super Office clientele choose to use Cloud Solutions over any other CRM package.
They state that it saves costs and you don’t need servers, storage space for back-ups or IT staff to install updates and firewalls. It also gives flexibility when it comes to office space as staff can log in on any device.
This promotes a healthy working environment and creates a motivated and supportive workspace.
This system gives freedom for employees who have a disability, are pregnant or even parents returning to the workplace because they can work from anywhere.
What are the Potential Drawbacks?
Why would you not install this software? Believe it or not, some companies have some questions when it comes to the nature of this software and asks whether it is essential to the running of their business.
NI Business Info outlines some of the drawbacks:
A common issue that businesses cite with the installation of this software is the costing. Many smaller companies see it as an unnecessary and costly addition to their company’s daily running.
However, most CRMS providers give companies a bespoke software package that includes a payment plan.
Another issue could be the level of commitment within the company to the change in software.
Many business owners have voiced a concern that employees who are not on board with the CRM implementation could cause difficulties in customer relationships and a financial loss because of this.
Low levels of communication within the company is a problem that can cause issues with this software.
Some companies install this software before all of the essential personnel are equipped to use it or even know what it is. This can lead to massive breakdowns in the running of the company and faults with the CRMS system.
So, Why Now?
The most prominent reason for putting CRMS into practice in 2020 is that the volume of consumers is increasing. It is recommended that businesses get on board with CRM Software before the volume of customers makes these systems essential.
The rise will inevitably follow this rise in consumers in cost for CRMS. Therefore, smaller businesses and independent traders should access the market as soon as they are able before it becomes saturated by the larger corporations.
The good news is that CRM’s diversity makes it totally accessible in all areas of the business world, so the benefits stretch to the smallest of companies.
One of the biggest features for smaller businesses is the structure provided to create an efficient communication and data collection. It is a system that’s easy to manage even when your workforce is small.
When fully integrated this software can even help a small business to grow and reach a higher number of clients with fewer employees.
How Do I Get on Board?
Customer Relation Management Software is a trend that is worth getting on board with. A huge percentage of companies, both large and small, see it as the future of the industrial market.
It's a way of managing the large volume of clients easily and efficiently all while making the experience for the client personal and enjoyable.