CRM or Customer Relationship Management is a system that aims to improve the relationship with existing customers, find new potential customers, and recover old ones.
This system can be implemented with software that helps collect, organize and manage customer information.
Implementing a CRM strategy is advantageous for both small and large companies.
In short, this is a concept that refers to the strategies used by an organization to improve business relationships with customers.
CRM software dates back to the 1980s. Just as they did at the time, these systems gather and analyze customer information and have become a valuable tool for companies that want to engage with customers, drive sales and improve their marketing efforts.
Think of CRM as a digital agenda. It keeps people’s contact details - names, phone numbers, addresses, etc. - in one place, making it a powerful resource for marketers.
But it also streamlines sales activities and streamlines business processes.
If you want to become more familiar with this concept and the benefits it can bring to a business, stay with us.
What is Customer Relationship Management or CRM?
A CRM helps companies manage customer relationships.
These programs collect data from customer touchpoints - places where customers exchange information, such as web forms and surveys, and display this information in a single dashboard.
A business can search the CRM for a customer and discover their contact details, purchase history, and past interactions with customer representatives.
This information enables companies to make important decisions and build better customer relationships.
“CRM solutions provide companies with business data to help deliver services or products their customers want, provide better customer service, help sales teams sell more effectively, close deals, retain current customers, and better understand who the customers are, ” says the online technology portal Webopedia.
CRM applications cover scope and design.
In the past, companies could only access CRM software from a single system.
Today, CRM synchronizes data with the cloud so that users can access the information from any computer with an Internet connection.
In addition, mobile CRM applications allow companies to view customer data on a smartphone or tablet anywhere in the world.
On the other hand, as CRM processes and stores, sensitive data such as email addresses of consumers and birth dates, the developers have created features to prevent security breaches.
So CRM administrators can limit access to a system with access controls, eg SalesForce, Zoho, Act! , Microsoft Dynamics and HubSpot are among the most popular CRM systems, according to the software review website, Capterra.
Companies can integrate CRM software with other applications such as enterprise resource planning tools and business analysis programs.
Popular Customer Relationship Management or CRM Software
Salesforce offers a wide variety of CRM categories and systems to meet your needs, including Sales Cloud, Marketing Cloud, Service Cloud, Analytics Cloud, Data Cloud, Community Cloud, App Cloud, and IoT, serving more than 150,000 customers.
Keep in mind that this is a CRM that offers you the full range of features and functionality, at a cost that can be expanded to suit any business.
And with the 30-day free trial offered to all potential new customers, you can get a taste of the service.
It is available in various editions.
It basically has different packages with different sets of features, allowing business owners to choose the features that meet specific business requirements while controlling the total cost of the CRM package.
Zoho.com offers free, standard, professional, and enterprise editions of its CRM software.
It offers customer relationship management (CRM) functionality as soon as they enter the business, allowing small businesses to manage business relationships effectively.
You can organize your calendar and activities, drive your sales and business growth, track and manage marketing activity, improve customer service, develop lasting customer relationships, and develop brand awareness.
This CRM is primarily focused on the areas of Sales, Marketing, and Service (i.e., ATC or customer care), but Microsoft has been marketing Dynamics CRM as an XRM platform and has been encouraging partners to use its proprietary framework (based in .NET) to customize it.
It is part of the Microsoft Dynamics family of business applications.
This CRM will give your sales team all the information and tools necessary for today’s modern sales process.
You will have the ability to create contacts, companies, and agreement records. The three types of options can be associated with each other and have properties that can be edited and customized.
How do these systems work?
Customer Relationship Management typically involves a marketing automation platform, sales tracking software or module, and contact management for customer service and/or technical support.
A CRM is a very powerful and useful tool that should be used to improve your business on almost every level.
Unfortunately, many companies do not take advantage of CRM and its capabilities. When a tool gives you all this at your disposal it must be used.
The ROI of a CRM
A great advantage of a CRM is that it gives you the Return on Investment (ROI).
Of course, ROI is not everything, but it is definitely a huge statistic to consider.
You will be able to optimize your applications, save money and eliminate the use of other software tools.
The marketing automation section allows you to create various email templates and schedules.
So you will have the ability to send newsletters/announcements and be able to create personalized marketing campaigns that can be automated.
You will also have all the conversations you have had with your contacts in one place.
Combining that with the ability to create web forms to capture new leads that are imported directly into your CRM, it’s a complete marketing solution.
The sales automation section allows you to create custom sales templates to send to potential customers.
You can automate your sales process by creating a specific workflow.
Now, the system will tell you what to do with each lead or customer.
You won’t have to keep track of it because the CRM software will do it for you.
Benefits of Customer Relationship Management “CRM”
Improve customer relationships
One of the main benefits of using a CRM is getting better customer satisfaction.
By using this strategy, all the operations that the service involves, such as marketing and selling your products to your customers, can be carried out in an organized and systematic way.
You can also provide better services to customers through a better understanding of their problems, and this, in turn, helps increase customer loyalty and decrease customer hassles.
In this way, you can also receive continuous feedback from your customers regarding your products and services.
It is also possible that your clients will recommend you to their acquaintances if you provide efficient and satisfactory services.
Increase customer revenue
By using a CRM strategy for your business, you will be able to increase the revenue of your company to a great extent.
Using the collected data, you will be able to popularize marketing campaigns more effectively.
With the help of CRM software, you can ensure that product promotions reach a different and new group of customers and not those who have already bought your product, and thus effectively increase revenue.
Maximize upsell and cross-sell
A CRM system allows up-selling, which is the practice of giving customers premium products that fall into the same category as their purchase.
The strategy also facilitates cross-selling, which is the practice of offering complementary products to customers, based on their previous purchases.
This is done by interacting with customers and getting an idea about their wants, needs, and buying patterns.
The data obtained will be stored in a central database, accessible to all company executives.
So when an opportunity is spotted, executives can promote your products to customers, thus maximizing up-selling and cross-selling.
Better internal communication
Following a CRM strategy helps in building better communication within the company.
The exchange of customer data between different departments will allow you to work as a team.
This is better than operating as an isolated entity, as it will help increase the profitability of the business and allow better service to customers.
With the help of CRM, you will be able to understand the needs of your customers and their behavior, which allows you to identify the correct moment to market your product.
A CRM will also give you an idea about the most profitable customer groups and, by using this information, you will be able to target similar prospect groups, at the right time.
In this way, you will be able to optimize your marketing resources efficiently. You can also make sure you don’t waste your time on less profitable customer groups.
How to choose a Customer Relationship Management “CRM”?
Customer Relationship Management programs should help companies establish lasting relationships with their customers.
Businesses that require a CRM provider need full support and value for money.
Features like simplicity and customization benefit companies that want to nurture leads and track performance.
Businesses often look for cloud CRM and software that has a mobile application.
Free trials and tests allow companies to experience all the features of a CRM program before deciding to purchase the software.
For their part, users can ask a CRM provider for more information about business packages.
It’s also important to consider pricing: Salesforce, for example, costs between $ 55 per month and $ 300 per month, roughly, so businesses should shop around and find the best software that fits their budget.