CRM: Scaling up Businesses by Improving CX

Janifha Evangeline | Monday, 29 March 2021, 01:59 IST

According to recent reports by Gartner, CRM Software has a higher growth rate than every other software market in the industry, which is mainly due to an increase in technology-focused spending from a reported 70 percent of businesses. “How you gather, manage, and use information will determine whether you win or lose.” As stated by Bill Gates, the CEO of Microsoft, the way in which an organization manages its information is highly imperative, since ‘information is wealth’.

The sales teams of every organization generate a deluge of data as they interact with customers, meet prospects and find out valuable information. Markets thrive on the ‘customer is king’ philosophy since the customer decides which product will be consumed on a larger basis. Therefore, it is important to know your customers and their preferences well. 

Collecting a huge amount of information from a wide variety of sources across your business offers unparalleled insights into not only how customers feel and but also on what they are saying about the organization and its products and this is where CRM comes into the picture. However, finding and implementing the right CRM system is the most important part. Using CRM in organizations has proved to be effective owing to the various benefits the users reap from it. Usage of CRM applications by various organizations has shown a proven track record of boosting sales by up to 37 percent, sales productivity by up to 44 percent, Forecast accuracy by 48 percent. Some of the benefits reaped by organizations using CRM are as follows:

•             Clear Operational strategy

•             Cost-cutting

•             Mobile work-force

•             Effortless team collaboration

•             SLA compliance

•             End-to-end customer engagement

•             Contextual communication

•             Uncomplicated sales process

•             Data-driven business culture

•             More time to sell

•             All information can be found in a single place

•             Increased automation

 

However, the main benefit of using CRM is that it helps organizations in identifying and adding new leads easily and quickly and categorizing them accurately. In addition to these, CRM systems allow the creation of customized pitch documents in less time, while cutting down on response time and enabling sales teams to move on to the next opportunity.

Owing to the complete, accurate, centrally held information related to the clients and prospects, the sales team can focus on the right clients and attain a competitive advantage.

According to one of India’s leading CRM solution provider, the following growth metrics as reported by the company’s customers in an internal survey:

•             300 percent improvement in lead conversation rates

•             41 percent revenue increase per salesperson

•             27 percent improvement in customer retention

•             24 percent decreased sales cycles

•             23 percent decreased sales and marketing costs

The move to cloud computing

One of the most significant recent developments in CRM systems has been the move to cloud computing.  This has not only eliminated the need to install software on thousands of desktop PCs or mobile devices, but organizations across the world are discovering the numerous benefits of moving data, software, and services into a secure online environment.

Work from anywhere - anytime

With the help of Cloud-based CRM systems the sales force from any part of the world, even outside the organization can check data, update it instantly after a meeting, or work from anywhere. And the major advantage of this is the availability of the same information to anyone who needs it, right from the sales team to the customer service representatives.

Reducing IT costs

While CRM systems are quick and easy to implement, cloud-based CRM systems do not need any special installation. Also, there is no need for hardware set up, which results in keeping IT costs low and eliminates the need to maintain version control and update schedules.

Cloud-based CRM systems are priced based on the number of users who access the system and the type of features the users want. Therefore, this could be very cost-effective in terms of capital outlay and extremely flexible since it enables to scale up and keep adding more people as the business grows.

Moreover the Cloud – CRM platforms are flexible in terms of functionality and possess features such as faster deployment, automatic software updates, cost-effectiveness & scalability. However, the ability to work from anywhere on any device and increased collaboration is the best feature among the others.

Provide customers with a better customer experience (cx)

While the global Customer Relationship management market size is anticipated to reach USD 25320 Million by 2026, factors bolstering the growth of this market include rising disposable incomes and growing demand for superior customer experience.

Since businesses these days revolve mainly around the customers, what acts as a vital brand differentiator for businesses is the customer experience. According to recent research, Customer experience is on the top-five list of priorities for 65 percent of executives in the next three years. As per a 2020 Salesforce survey, 80 percent of the consumers who took the survey ranked experience as important as products or services.

Every organization’s most important goal should be to provide customers with a better customer experience and not only to draw new prospects since this would most importantly boost customer loyalty and avoid revenue loss.

Speaking about the CRM and the significance of customer experience, Ajay Chauhan, Co-Founder & CEO of SalezShark Inc. States that, “Today like any other individual, I get multiple sales calls on my phone. They present the finest sales-pitch in town, offer the best-in-class products & services and promise effective solutions. They try to sell me almost everything ranging from a pencil to a company without realising my exact need or requirement. Mostly, I am not interested in purchasing from their selling list; therefore I end up disconnecting the phone.

“Such experience as a consumer encourages me to guide my sales team on the crucial need to understand the customer first; their likes, dislikes and buying behaviour. Today, examining consumer traits through various prolific tools such Sales CRM Software, Marketing Automation CRM, Business Intelligent Service and more, increase the chance to strike a conversation with the prospect and minimizes their possibility to disconnect or hang-up the phone. Moreover, it saves a lot of time and effort while pitching,” he adds.

“Many studies and reports reveal that three out of five customers are willing to give up a favourite brand in order to have a better service experience. Being a customer, I completely understand this trend. We like to be treated well and when we feel taken care of, we are more inclined to buy from you again,” affirms Ajay Chauhan.

Customer relationship management systems can be customized, effortlessly to meet the specific needs and requirements of any type of business and any business size. Start-ups, large enterprises and verticals such as real-estate, healthcare, insurance, legal etc. all implement CRM software intending to increase their sales, marketing and customer support efforts.

B2B companies perform well with sales CRM in place as it helps them in handling activities from managing an account’s contact information to staying up to date with business deals, payments and reports etc. and this facilitates B2B companies to create a common platform for keeping the various stakeholders such as partners, vendors, etc of their business in sync with each other. Going forward, businesses will have to evolve in line with changing customer expectations in order to have an edge in CRM.

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