As the technological advances continue to drive fundamental market transformations and digital-driven disruption across industrial sectors, it is significant for companies to stay ahead of the curve with approaches that are customer-centric and keep customers engaged & satisfied. Now, when we talk about a customer-centric business strategy, one of the most crucial aspects is Customer Relationship Management (CRM).
Today's customers are increasingly seeking performance-based, 24*7 and integrated solutions. Thus, it is creating significant challenges, as well as, opportunities for support services wing. To meet the evolving customer demands, companies need to continuously rethink their customer engagement model and enable an enhanced experience for them. CRM strategy is becoming very successful, and an increasing number of businesses are adopting it for customer engagement best practices.
Benefits of Using a CRM
According to the Grand View Research 2020-2027 forecast, the global customer relationship management market size is expected to expand at a CAGR of 14.2% from 2020 to 2027. It was valued at USD 40.2 billion in 2019. What drives the growth is increasing demand for Software as a Service (SaaS) in the deployment of customer relationship management (CRM) solutions. Large enterprises have been actively using CRMs to increase productivity for quite a long time now, but it was not so popular among small & medium scale businesses (SMBs). However, even SMBs are grasping the potential of CRMs and increasingly adopting it.
Target Valuable Prospects
CRM can help a business easily search and filter out leads that have fewer chances of converting. This not only saves their time and resources but also makes the business more productive.
If successfully converting leads is your primary focus, communication is the key. In addition to helping reach potential customers, CRM also helps in remaining in constant touch with them through chat, email, text messages, and audio/video calls. Therefore, SMBs can use these features to remain constantly in contact with leads until they have successfully nurtured them.
Ensures Workflow Transparency
Transparency at all levels is important for the successful functioning of an organisation. A CRM system helps in ensuring that every person is completing his/her tasks on time and contributing to the team. This is even more important for small businesses as they work with limited resources.
Segmentation of Business Audience
A CRM system breaks down data by categories and ways you prefer. Thus, making it easy for a business to segment its audience and target the potential ones. With a segmented business audience, it is easy for marketing teams to run customer-specific campaigns and focus on potential leads.
Current CRM Trends That SMBs Follow
Social media is being mined increasingly to garner the advantages of CRM - using it as a rich source of information and applying monitoring & sentiment analysis to provide the right customer support. Moreover, social media acts as a powerful tool to facilitate marketing, customer communications, or new product/service ideas. Further, there is a trend around blending BI tools with a CRM system. This helps to analyze and cater to customers’ needs. More businesses use data visualization and AI-powered data analytics to make better business decisions. They align it with what contributes to the customer’s highest satisfaction.
With the rapid advancements in technology, today, there are various communication channels to communicate with your customers and serve them efficiently. To ensure consistency in service across multiple channels, businesses are increasingly adopting CRM channels that suit their needs best. Additionally, CRM helps in automation which optimises sales processes and increases sales productivity. It manages all qualified leads, opportunities, and contacts throughout the sales cycle. Marketing automation is common in large enterprises that are using the tools to automate welcome emails, email campaigns, data syncing, lead generation, etc.
In the rapidly transforming digital world, delivering a valuable customer experience at every touchpoint dictates success. Technology has a lot to offer. Further, businesses that stay ahead of technological advancements can deliver outstanding consumer services. It is the key to growth and success of any business.