How do we define CRM?
Customer relationship management (crm) is a strategy for managing all your company's relationships and interactions with your customers and potential customers. It helps you improve your profitability.
More commonly, when people talk about crm they are usually referring to a crm system, a tool which helps with contact management, sales management, workflow processes, productivity and more.
Customer relationship management enables you to focus on your organisation's relationships with individual people “whether those are customers, service users, colleagues or suppliers. CRM is not just for sales. Some of the biggest gains in productivity can come from moving beyond crm as a sales and marketing tool and embedding it in your business“ from hr to customer services and supply-chain management.
CRM 2018 has arrived.
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Conversational AI, smarter analytics, and hyper customisation to take sales to the next level.
Understanding existing customers' needs
Obtaining a 360-degree view of customers and prospects
Retaining customers through better customer experience and loyalty programs
Attracting new customers
Winning new clients and contracts
Decreasing customer management costs
Prioritize your emails by sales pipeline, with context and analytics.
Segment your website visitors and increase conversions through live chat.
Make sales calls effective with single click dialling, prompt reminders and call analytics.
Capture leads and manage all social media interactions from inside CRM.
If your business is going to last, you know that you need a strategy for the future. You’ll already have targets relating to sales, business objectives and profitability. But getting up-to-date, reliable information on your progress towards your goals can be tricky. How do you translate the many streams of data coming in from sales teams, customer service staff, marketers and social media monitoring into useful business information?
Using a CRM system can give you a clear overview of your customers. You can see everything in one place — a simple, customisable dashboard that can tell you a customer's previous history with you, the status of their orders, any outstanding customer service issues, and more.
You can even choose to include information from their public social media activity – their likes and dislikes, what they are saying and sharing about you. Marketers can use CRM to better understand the pipeline of sales or prospective work coming in, making forecasting simpler and more accurate. You'll have clear visibility of every opportunity or lead, showing you the clear path from enquiries to sales.
And though it’s traditionally been used as a sales and marketing tool, customer service teams are seeing great benefits from CRM systems. Today’s customer might raise an issue in one channel – say, Twitter – and then switch to email or telephone to resolve it in private. A CRM platform enables you to manage the enquiry across channels without losing track.
More administration, less selling.
An active sales team generates a flood of data. They can be out on the road talking to customers, meeting prospects and finding out valuable information – but all this information gets stored in handwritten notes, laptops, or inside the heads of your salespeople. On top of this your customers may be contacting you on a range of different platforms – phone, email and social media. Asking questions, following up on orders or complaining. Without a common platform for customer interactions, communications can be missed or lost in the flood of information – leading to an unsatisfactory response to your customer.
Ensure nothing falls through the cracks
Details can get lost, meetings are not followed up promptly and prioritising customers can be a matter of guesswork rather than a rigorous exercise based on fact. And it can all be compounded if a key salesperson moves on. Even if you do successfully collect all this data, you’re faced with the challenge of making sense of it. It can be difficult to extract intelligence. Reports can be hard to create and waste valuable selling time. Managers can lose sight of what their team are up to in reality, which means that they can't offer the right support at the right time – while a lack of oversight can also result in a lack of accountability from the team.
“How you gather, manage, and use information will determine whether you win or lose.”
Introducing a CRM platform has many benefits which have been shown to produce real results – including direct improvements to the bottom line. CRM applications have a proven track record of increasing:
Sales by up to 37%
Sales Productivity by up to 44%
Forecast accuracy by 48%
One of the main benefits of a CRM system is that it can help you to identify and add new leads easily and quickly and categorise them accurately.
Components of CRM
At the most basic level, CRM software consolidates customer information and documents into a single CRM database so business users can more easily access and manage it.
CRM tools with marketing automation capabilities can automate repetitive tasks to enhance marketing efforts at different points in the lifecycle. For example, as sales prospects come into the system, it might automatically send the prospects marketing materials, typically via email or social media, with the goal of turning a sales lead into a full-fledged customer.
Sales force automation
Sales force automation tools track customer interactions and automate certain business functions of the sales cycle that are necessary to follow leads and attract and obtain new customers.
Contact center automation
Designed to reduce tedious aspects of a contact center agent's job, contact center automation might include prerecorded audio that assists in customer problem-solving and information dissemination. Various software tools that integrate with the agent's desktop tools can handle customer requests in order to cut down on the time of calls and to simplify customer service processes.
Geolocation technology, or location-based services
Some CRM systems include technology that can create geographic marketing campaigns based on customers' physical locations, sometimes integrating with popular location-based GPS apps. Geolocation technology can also be used as a networking or contact management tool in order to find sales prospects based on a location.