Customer relationship management (CRM) is a strategy for managing a company’s interaction with its customers with the goal of improving customer satisfaction, customer retention, and sales growth. A CRM System aides a company in achieving these goals by streamlining communication across different mediums and providing insights about the customer to key decision makers in the organization.
Customer facing teams such as Sales, Marketing, and Customer Support use a CRM System to communicate with customers, schedule appointments, nurture deals, manage customer complaints, send quotes, store customer information, and much more. As a result of this, a CRM System becomes the single source of truth for insights on sales, marketing, and customer support efforts.
Increase revenue through better deal nurturing and follow-ups.
Improve customer relations.
Accelerate Sales Cycles.
Better internal communication & collaboration.
Boost Sales and Support team productivity.
Enforce best practices through process templates.
Automate repetitive tasks.
Get better insights on customers
Increase customer retention
Lessen risks to deals.
A CRM System will be your best investment decision..
300% increase in deal conversion.
50% increase in productivity.
40% decrease in labor costs.
27% increase in customer retention.
ROI of $5 for every $1 spent.
Who uses a CRM System?
A CRM is used by companies of all sizes, across diverse industries around the globe.
Usually have one to a few customer facing team members, usually take notes on notepads, communicate through email, and track data in spreadsheets. They use CRM to centralize data and collaborate around customers.
Medium sized businesses
Usually have more people on each team and more customers. In addition to the needs of small businesses, they need to build a process for sales and customer service team members to triage and drive customer work forward. CRM helps them create, manage, automate, and measure that process.
Large businesses and enterprises
Often have more than one of each team, sometimes in different countries. In addition to the needs of SMBs, they need to route work between teams, more in-depth customizations, and account management to ensure they get priority attention.
Sales teams seek CRM software to help centralize and track their contacts, deals, notes, and other information. It automatically captures data and nurtures customers. It also fosters collaboration with internal messages to ensure faster action. All the data collected is used to precisely forecast future sales, and reveal historical performance insights used for coaching team members and scaling the sales pipeline.
Support teams seek CRM software to bring all customer support requests from customer-facing channels (email, Twitter, phone, chat, and others) into one place where they can assign and respond to those requests quickly and effectively. CRM helps them prioritize requests by case duration, customer value, and reason, and shows them insights to improve overall customer satisfaction.
When should you invest in a CRM System?
Companies invest in a CRM System at different stages of their life cycle depending on the challenges they are facing, functionalities they want, goals they are looking to achieve, budget, size of the company, business model, and other factors. However, you need a CRM System if you are facing these issues and limitations in your business –
Spending a lot of time trying to find data on a customer or deal.
Deals slipping through the cracks.
Increase in customer churn.
Decrease in customer satisfaction.
Decrease in sales representative or customer support productivity.
Limited visibility on how your team’s activities.
Constant account and territory clashes among your sales team members.
Limited collaboration between customer-facing teams.
What should you look for in a CRM System
Contact & Lead Management.
Email Marketing with auto-responders.
Reporting and Analytics.
Advanced Workflow configuration.
Document sharing and Document analytics.
Billing, quotes, and discount approvals.
Integration with your email, phone, accounting and other applications.
Reminders/ Smart Notifications.
How do you know if a CRM System is doing its job?
It should save time by providing information in a single place.
It should reduce oversights such as missed follow-ups.
It should accelerate deals.
It should help your business nurture leads better.
Start off with the award winning Vtiger CRM
Vtiger is a cloud based CRM that enables over 100,000 businesses to deliver outstanding customer experiences by breaking barriers between their marketing, sales, and support teams. Start off with a 15-day Free trial or schedule a call with our sales reps by clicking here.