Customer service is increasingly becoming the focus for most businesses. Companies that are offering high-quality services are gaining a competitive edge over those that are not. As a consequence, competition has shifted towards winning customers through high-quality services. For an organization to achieve this, it must have the right CRM that will enable it to collect customer data. Such data will then be used to inform the services that will be offered to the customers to improve their experience.
Without changing to new CRM systems that have better capabilities to collect customer data, these organizations will lose to their competitors.
So, how will the right CRM help your business maximize profitability?
1) Promoting Competitive Advantage
The CRM system collects valuable data relating to important trends in the market and the characteristics of the consumers. The data helps the marketing team in developing ads that are specific to the target audience thereby helping to improve customer experience.
CRM software has the capabilities of analyzing the market and showing the existing gaps. Your organization should seek to bridge the identified gaps to make a difference in the market. The gaps are based on analyzing the needs of the customers and coming up with ways through which their experience can be enhanced.
The use of CRM software is associated with considerable cost saving in marketing as adverts are designed to reach the target customers only. This eliminates the possibility of exposing the ad to people who are not interested in the products. The cost of advertising goes down and your company will be able to place many ads with a low budget and reach out to more potential customers.
2) Improved Productivity
The use of CRM software helps in reducing the time taken for projects and tasks to be completed which improves productivity and customer experience.
The software makes it possible for redundant processes to be automated thereby minimizing instances of human errors. The automation also frees the employees making them available for other duties. As a result, these employees are maximally utilized in productive ways. In some instances, the automation can even lender some of the employees redundant which will help your organization to make significant savings.
Accurate data is very important for your organization as it helps in the decision-making process. Good decisions are those that are based on accurate data as they are more effective compared with decisions that are not based on data analysis. Inaccurate data can lead to costly mistakes which can lead to huge losses. For example, when wrong data is used to develop a marketing campaign, the ad content will be inappropriate, and the objectives of the ad will not be achieved.
3) Improve Customer Satisfaction and Retention
One of the key benefits of CRM is promoting the relationship between your company and your customers.
The systems make it possible for customer data to be stored, therefore enabling your company to use the data in improving user experience. All aspects of your company that relates to customer experiences such as marketing, servicing, and sales rely on customer data. Without such data, it would be impossible to offer quality services to the customers.
The customer data obtained through CRM will help your company to understand issues that affect your customers. By using this data, it will be possible to offer customized services to your customers. It will also be possible to determine customer behavior by analyzing their past purchasing trends which will enable you to provide the services and products that your customers need. These trends act as feedback from your customers which will make it possible for you to react accordingly.
4) Integrated information
Information is very critical in the management of your company as it informs the actions that you should take. CRM software acts as a central hub for all important information from the different departments in your company. The information is, therefore housed in a single location making its retrieval easy. This is as opposed to having each department with its system of information which would make its retrieval cumbersome.
CRM also ensures that the information stored is updated in real-time. Every time a transaction takes place, the system automatically updates the data. For example, when new sales are made, such information is automatically and in real-time updated in the inventory. As a result, any time the information is required is always up to date. The decisions made using the information will always be accurate as the system has no room for errors.
5) Easy to Configure
CRM software can be configured to suit the specific needs of your company which will help in enhancing customer experience. The operations in companies can differ which makes software that is not configurable to be less effective in some operations. Each company has its unique needs and it is, therefore, important for these needs to be captured in the CRM software to ensure that the company gets a practical solution to its needs.
Find a CRM for Sales and Marketing Success
Customer Relationship Management (CRM) takes the guesswork out of sales and marketing programs. With unified ERP and Customer Relationship Management, companies can visualize real-time campaign activity, align programs with revenue targets, and empower sales with the resources they need to close deals faster.
Acumatica’s Modern ERP system with embedded CRM takes customer management to the next level. In addition to increasing profitability and customer satisfaction, Acumatica expedites return on investment by fueling innovation and lowering total cost of ownership.
Learn more in our solution brief: 5 Ways Acumatica CRM Maximizes Profitability.
At Cloud 9 ERP Solutions, a Gold Certified Acumatica Partner, we have worked with companies like yours to configure and deliver Acumatica Cloud ERP, a product ready and able to handle your CRM challenges.