Why a CRM system is an integral part of your business vision
First and foremost all businesses operate in a competitive space, where the smallest detail can affect which company the client decides to build a relationship with. These small factors are usually down to how well we know your customer, the level of customer service received and the information collected and stored through all the previous contact points. The old adage of cash is king, has since been challenged as up to date data and customer insight needs to be place before cash can be generated.
The more technologically advanced and mobile we become, the more complicated customer requests are, with almost instant response times expected. This can be very difficult to manage as many customer requests will involve collaborating with other departments and potential 3rd party partners. The art of managing our work schedules and tasks is an art only a few have mastered as we juggle many plates at one time trying to keep everyone one happy. It is paramount to maximise each customer contact making sure you build the most insightful and detailed profile possible of each customer, thus increasing customer loyalty and referrals. CRM’s are great tool for setting realistic service level agreement terms by logging response times and understanding your business capabilities in more detail, as to resolve requests and inquiries in the most effective manner. By meeting these agreed service level agreements, customers are more likely feel valued rather than just a number.
Despite the old views that CRM’s were admin tools, now they are sales tools with the power of unlocking previously unseen customer opportunities, analysing customer buying data and preferences. This is now possible as the CRM stores all historic data and allows you analyse essential areas of interest, unlocking new revenue, increased conversations and higher retention rates. CRM’s can not only highlight important information such as most profitable sales channels and client characteristics, but also customer’s interaction time and most active users. These clients are great for gaining feedback on not only how they preserve your company brand but also more importantly how you are positioned compared to the competition.
CRM systems can offer benefits such as:
•data storage/back up and sharing across all departments
•in-depth customer knowledge by keeping data up to date
•streamlined business and process management by identifying and rectifying weaknesses in the business
•increased accountability by remaining compliant at all times to industry best practice and financial regulations
•improved customer service and gaining a competitive edge
•real time reporting
•higher quality lead generation
•stronger and shorter sales pipelines by maximising each contact point
•analyse of overall performance to set realistic financial targets that are achievable
•breakdown employee profitability
•Identifying more new business opportunities from an early stage
•Generating more revenue/higher conversation rates
•Increased retention rates
•better decision making
•profitable sales and marketing campaigns, by utilising and targeting the most profitable sales channels
•better time management by breaking down the true costs and time spent per task
•positioning your brand and company correctly
•understanding your market share and why customers choice you over the competition
•reduced complaints and customer response time to requests and inquiries
When deciding upon purchase a CRM system, there is usually a trade-off between upfront costs v long term savings in terms of current admin, sales costs and projected future costs. Budgets play a huge part in deciding how complex or basic you wish your CRM system to be, but the more you spend the easier it is to manage day to day operations and sales leaving the business more time to concentrate on recognising its full potential and meeting future financial plans.
Produced by Matthew Scott 25/02/2016
Senior commercial sales manager at 4Property.ie
Office: +353 (0)14978671
Mobile: +353 (0)874641388
Email: [email protected]