Why CRM is Your Most Valuable Asset
As an organization, what do you consider your most valuable asset? Most likely, your product/service and employees are top-of-mind. But given a few more seconds of thought, customers would undoubtedly take first place. Without customers, of course, you’d have no business. So it makes sense that after the considerable time, money and effort spent on customer acquisition, customer retention should be a high priority. As most businesses at a certain level in any given industry offer comparable quality and pricing, customer service is increasingly the deciding factor. For this reason, a growing number of businesses of all sizes consider customer relationship management (CRM) software indispensable.
A CRM solution improves your business processes, gives your sales team the resources to meet customer expectations and integrates your team on a single platform – allowing you to deliver the customer experience (CX) that will keep them loyal to your brand.
Why is CRM your most valuable asset?
It streamlines your business processes – The more you know about your customers, the better you can adapt your business processes to deal with them. CRM software streamlines and automates various aspects of your business. From sales and marketing campaigns to business analytics, it integrates your business processes so that you can better serve the interests of your customers.
According to Software Advice, 74% of businesses indicate that CRM software allows them to have greater access to customer data. Experts in the CRM field agree that organizations utilizing a CRM solution can more easily quantify and categorize customer data across different business functions within the company. People working for your organization can use the data to improve business processes, streamlining the services to deliver an improved customer experience.
It helps you understand your customers better – CRM software helps you understand your customers at a higher level. With a CRM system in place, you can collect all the customer data and analyze it to find out what your customers want, likes and dislikes, which product or service they are interested in, personal interests, purchasing trends and why they buy your product. Customer data that is organized and analyzed well helps you target your campaign to the right recipients. You can gain strategic advantage over your competitors once you learn how to use a CRM system efficiently.
It allows you to register your leads and contacts – A CRM solution is ideal for lead generation. You can implement your CRM strategy by creating categories – for example, current customers, prospects, lost clients, influencers, partners, and suppliers. Depending on your customer retention programs, you can also categorize your customers into segments like A, B, or C – and further refine your efforts by assigning higher-value customers to senior-level managers or representatives for more personalized attention.
It helps you improve your customer service – Providing timely service is one of the most important aspects in improving the overall customer experience. A CRM solution allows you to follow up with leads in real time, so you can contact them before they assume a lack of interest and move on to a competitor. For existing customers, CRM helps your sales team build a strong relationship through improved response time.
It helps you track all your customer interactions, which can result in improved profitability – You can make your customers feel important and valued by anticipating their needs. All interactions with your customers are stored in one single place in your system – providing a comprehensive, at-a-glance view that’s invaluable in maintaining a successful long-term relationship. Considering that, on average, a company spends six times more money in acquiring a new customer in comparison to retaining an existing one, building brand loyalty is well worth the effort.
If you’re considering a CRM for your business, we invite you to learn what eZnet CRM has to offer. Our solution allows easy, seamless management of every aspect of the customer experience. Contact us today.