How much do you know about CRM systems, and how they can benefit your business? Well, in this article I will explain why I believe every business needs a CRM.
A CRM is an abbreviation that stands for customer relationship management. A company CRM stores all of its interaction with potential and existing customers.
As any company grows, it becomes harder to follow all of the processes that happen within it and for a small business like keeping an Excel spreadsheet can be enough, however as you grow, you need to keep track of lots of things.
This of course, takes a toll on productivity of your sales representatives. However, a well maintained CRM can be of great help to your sales team.
Most CRM systems will record prospects first and last names, email addresses, social media profiles, deals and further details like job title, company name, annual company revenue and more.
You can often do things like track who has shown some interest in your product and somehow interacted with your marketing content. For example, they requested a brochure, or have read an ebook on your website or maybe signed up for your newsletter.
Most CRM’s also allow tracking where your deals are coming from, for example things like newspaper ads, social media, website conversions, webinar attendees and so on.
CRM also record activities performed by your salespeople; this can be calls, letters, emails voicemails, demos and more.
The first reason is better customer experience. Knowing more about your prospects, you can personalize your messaging and provide more value from the start. A CRM keeps all of the important things that concern your customer, like their activity, their business and personal information, history of interactions and lots more.
A CRM system is effectively a database, and the more you know about your customer, the more chances you have to personalise your messaging and provide more value to this particular person.
The fourth reason your business needs a CRM, is the greater insights a CRM will provide you. A CRM system will give you both a high level and on the ground picture of sales performance including team wide and individual conversion rates by deal stage, average deal size, deal velocity and more.
Basically you can see how good your business is doing and how productive your sales representatives are.
It’s true, a CRM system improves productivity. The less time your sales representatives spend on administrative work, the greater number of hours they have to get in front of your prospects.
A CRM helps you unload admin work away from your sales representatives, yet keep all of the administrative routines still in place.
The fourth reason your business needs a CRM is increased collaboration. If you want to customise your CRM system in a way that departments can interact and communicate with each other on particular deals or particular sales you can do that.
You can also integrate other software products with your CRM system, such as your marketing software and the like. This will improve communication and collaboration on particular deals, or between your sales representatives and accountants for instance. The options are endless and you can do anything that suits your company and your way of working.
Basically, a CRM system is a highly customisable software which you can totally modify to fit the needs of your particular business, and get more information about every activity your sales team makes.
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