Customer relationship management is one of the most important factors that contribute to a company’s success on multiple fronts. A business is generally considered successful if it can maintain its existing customer base while being able to attract and convert new leads. CRM software offers the perfect blend of marketing, sales, and communication features in a single platform that allows you to establish and solidify personalized customer relationships, boosting loyalty, and conversion rates, and ultimately, increasing your sales numbers.
90% of businesses use a CRM because they increase sales forecast, productivity, and numbers by an average of 30%
Modern CRM solutions also strongly emphasize the importance of workflows and business processes. Features like workflow, marketing, and sales automation, automated updates, reminders, notes, comments, and file sharing all work together to minimize redundancy and allow your team to focus on selling the products and services.
Today, over 90% of businesses with 11 or more employees use a CRM system. Why? Because statistically, CRM software increases your sales productivity, sales forecast accuracy, and overall sales numbers by an average of 30%. Also worth noting, the average ROI of a CRM system is $8.71 for every $1 spent. With this data in mind, it’s safe to claim that investing in CRM software is one of the safest and most surefire ways to multiply your revenue and profits.
In this article, we will explore the 6 profound ways a CRM system can increase your company’s sales in just a matter of months.
1. Focus on the Right Customers
When you spend time and resources to attract visitors and leads, it’s important to be able to filter the good ones from the bad ones. On average, only 27% of B2B marketing leads are qualified for sales. It’s also important to make sure that the leads are passed on to the sales department, and sales reps know exactly how to proceed in various scenarios. Research by Marketing Sherpa has shown that close to 80% of marketing leads are never converted to sales, and this goes to show just how much lack of a proper process can hurt your business.
Surely, you can do this manually, but time is always of the essence. If you’re looking to grow your business it’s essential to convert leads while they are still hot. There are multiple reasons for this with the most prominent ones being the so-called buyer’s euphoria and fierce competition.
80% of marketing leads are never converted to sales
Psychological studies have shown that people tend to get excited whenever they encounter a good deal, and you need to capitalize on their excitement before it wanes off. Also, close to all of the markets in the world are currently packed with competition, so if you’re not in time to convert your leads, there will be others who will.
A CRM system serves as a unified platform that combines email, social media, and marketing automation activities together with customer data. This gives both sales and marketing teams a complete overview of leads and prospects and allows them to find and focus on the right customers quickly.
2. Build Long-lasting Relationships
Over 50% of modern business owners agree that deep, personalized customer relationships are a key objective for success. This claim is true for both B2B and B2C organizations. Building long-lasting relationships with your customers start by understanding their needs, goals, preferences, and challenges, and proposing solutions that resonate with their individual cases. A CRM system makes this possible.
With every interaction, you have the ability to gather both personal and general information about your prospects via multiple channels – social media, emails, live chat, web forms, browsing preferences, etc. This gives you a strong base to make informed decisions, propose the correct CTAs, and increase conversions.
Also, as you learn to understand your customers more and more, you’re able to create unique, personalized offers that will most likely attract their attention. Once a deal is closed, your CRM can help you monitor how customers are using your products and services, allowing you to upsell more services and products. And, you get it, the snowball keeps growing. Finally, as your business starts to grow and more customers jump on board, a CRM will help you scale and maintain a personalized approach to your clients, which is extremely important for any business nowadays.
3. Increase Team Productivity
Modern CRM systems like Monday.com offer incredible task management, sales, marketing, and workflow automation features, which help eliminate repeat work. Every business has some sort of a workflow process (ranging from basic to extremely complex), and repeat tasks tend to suck up a lot of valuable time, time that can be used to talk to prospects, and close deals.
Manual operations like searching the web for contact information, updating data, entering new data, and sending follow-up emails are but a fraction of these redundant tasks. CRM software takes care of these annoying, yet essential business elements and ultimately improves productivity.
4. Boost Customer Retention
Did you know that a 5% boost in customer retention can increase profits by up to 95%? That’s because it costs roughly 6-8 times more to acquire new customers than to retain the existing ones. A CRM improves your visibility across all prospects and allows you to identify risky accounts and address their challenges before it is too late, and also presents satisfied customers with new opportunities at the right moment. The neatly-organized data and the full customer interaction history allow you to offer exciting service experiences that will keep your clients coming back for more.
5. Integration with Your Existing Toolkit
Modern CRM solutions don’t force you to reconsider your whole business toolkit. Instead, they blend with your preferred way of doing business, boosting efficiency and productivity. Most leading CRM systems like HubSpot CRM can be easily integrated with powerful apps including Microsoft tools, G-suite, Slack, Messenger, VoIP systems, Zendesk, Outlook, Zoom, QuickBooks, HubSpot, Salesforce, etc. This makes it easy for users to pull and push prospect- and sales-related data in both directions, making it that much easier to stay up to date and close deals.
A 5% boost in customer retention can increase profits by up to 95%
Furthermore, a couple of vendors have taken the idea of cross-functionality to another level with their integrations. For instance, Copper CRM has developed a native G-suite integration, which allows you to add/remove leads/prospects, update deals, check on past interactions, create Google Calendar events, and follow-up on various tasks without leaving your Gmail inbox. This is an incredible time-saver for companies that rely on Gmail for communication, which is a pretty common case for small businesses.
6. Improve Customer Service
As we all know, the best products are only as good as the service that comes with them, both before and especially after the sale. With complete contact communication history at your fingertips, you’ll be able to balance the number of interactions required to close the sale and keep providing informed recommendations and solutions to clients after spending time and resources to win them over.
Furthermore, when it comes to customer support, especially live chat and phone communication, speed, and accuracy are no less important than quality. A CRM system allows you to instantly go over past data, quickly understand the challenges your clients are facing, and provide the right solutions in just a matter of minutes.
The popularity of CRM software has been on a steady rise for the past decade across all industries, with businesses of all sizes understanding the importance of a customer-oriented approach to sales and marketing. As they say, modern problems require modern solutions, and when it comes to proper customer communication and contact management, there is no better way to organize it than with well-designed, easy-to-use, and sales-oriented CRM software.