Why CRM Is Important for Every Business – The Top Reasons You Need One Today
Updated: Nov 29
Discover the most popular new tool for effective business operations.
Relying on traditional sales and custom isn't enough to thrive in 2021. Nurturing long-term relationships with customers is the key to longevity and success. New and innovative software and methodologies are one of the best ways to pool in this new clientele.
In this article, Invatechs are going to introduce you to a powerful tool for the digital age - CRM. CRM stands for Customer Relationship Management. It gives you the ability to find new customer and product data, and then share that information within your team. Thanks to automation, you can streamline the entire process. We'll cover everything you need to know: from its benefits to how it works and why you should invest in one today. With the support of Invatechs and a CRM, you can optimise your business to its highest potential.
THE BASICS – CRM AND ITS FUNCTIONS
CRM refers to the tools and systems that allow you to perform the best customer relationship management across your operations and company. It collects, segments and stores data and is accessible only to authorised personnel. This data then produces automated algorithms. They track purchasing habits, store contact details, send marketing emails, offers and more.
Even better, it covers more than just sales. There's potential for enhanced digital marketing, internal team-work and analytics. You can cut the costs usually spent on updating customer profiles and invoices. CRM takes care of all of that for you!
So CRM can cover an expansive number of work sectors, but let’s narrow it down into three main categories:
Analytical CRM – this system captures the client-related information for your business needs. It then stores, handles, isolates and adapts it. It covers everything from Sales Data, to Financial and Marketing Data. Giving you access to purchasing history, financial assessments, competitor analysis and more. It's one of the most effective ways to capture demographics and produce reports on customer behaviour.
Operational CRM – this is a centralised system for Marketing, Sales and Customer Service functions. It produces leads and converts them into contacts for your records. It also automates everyday tasks like sending emails and feedback surveys. This makes it a crucial tool for tailoring a customer's journey, helping them reach a product, service or staff member.
Collaborative CRM – this is particularly useful for B2B systems. It allows you to arrange assets and contact between your organisations and external stakeholders. Hence, it's a crucial tool for centralising all your teamwork into one interface. With it, you can oversee various projects at once, and log targets and plans for your team members.
Check out these articles on Analytical, Operational and Collaborative systems if you want to learn more in-depth. The requirements and size of your business will determine the system you need. Whatever you choose it can be integrated with Invatechs existing software! This includes our payroll and transportation services...but more on that later. The goal of any CRM system is simple: to make your business the most optimal it can be. With that in mind, let’s take a look at some of the top benefits that come when you install a CRM today.
WHY IS CRM SO IMPORTANT?
A strong ecosystem of customers provides your business with the brightest future. The most effective and streamlined customer services are crucial to maintain that ecosystem. Behind the scenes, an efficient, coherent team keep everything running. Data and communication channels will be your foundation for success. That's where your CRM comes in. Software developers have filled the hole in the market that covers all these bases at once.
Statistics show the growing trend of CRM adoption. It is the fastest-growing software market, with a projected 11% growth, up to $15 billion this year alone. Furthermore, Cloud-Based CRM solutions are growing at an exponential rate. Invatechs is ready for this future with our own Cloud-Based compatible solutions! Just take a look at one of our Cloud-Based payroll solutions to find out more. Don't underestimate the power of your CRM alongside your social media strategy.
With your CRM, you can monitor customers' engagement with different platforms. This is a great way to recruit potential influencers and brand advocates. The insights you'll gain about customer behaviour and opinions are invaluable. It's clear to see a CRM is your best bet for keeping up with all the demands the future brings.
Improve Your Team Operations:
Collaborative CRM is a great option for delegating tasks and keeping everyone on track. You'll be able to assign your team their roles and responsibilities, sales targets and projected results. You can also keep a ledger and record of customers' interaction with your team members. With all this information in one place, your daily objectives are on one transparent interface.
Let's look at an example. Let's say a team member has to follow-up on a prospective purchase with a customer in a week's time. Simply log the task onto the calendar in your CRM and check it off when it's complete. This way, both you and your team can stay on tasks and hold one another accountable. If you've got a mobile Cloud-Based CRM, you can do it all from your phone. Some great software includes Piplinersales, Copper and Microsoft Dynamics 365.
Extensive Data At Your Fingertips:
Data, such as the brands and products people are purchasing, the time of year they’re purchasing or when they may be due a renewal all provide valuable information for orientating product development and targeting customers. Through this you can optimise your sales conversion probability, honing in on the best time to send products and information to customers via notifications and emails, with specific customers targeted.
So you, your clients and customers are always kept in the loop. Customers get the targeted products and offers they want. You can manage where you want to put resources for future marketing campaigns. You get market and product research at the same time you advertise. Some of the best Analytical CRMs include Salesforce, Zoho and Nexetiva.
Better Customer Service:
Customer and client satisfaction is one of the most valuable parts of any business. To meet these expectations, you need the best tools and services available. Thankfully, a CRM gives you a 360 view on your clientele with improved means of contacting them.
An important strategy to consider is how you'll use your CRM for relationship marketing. Ready-made email templates can answer FAQs in a way this is consistent with your branding. You have access to customer's previous correspondences, account and purchasing history. This is key data for tailoring their personal experience. Just take a look at how some of these tops brands utilise their CRM software.
READY-TO-GO CRM AND IMPLEMENTATION
By now you can see why CRM software is so necessary to keep up with the competition; for both external and internal operations. So what is the right CRM for you, and how can you navigate the potential this software has to offer? This depends on you and your business.
We’ve highlighted some of the most popular CRMs on the market depending on your needs in this article, but you can find an extensive list right here. It’s important to bear in mind when it comes to selecting your CRM what customisation features you need. Take Salesforce for example. You can adapt and grow the platform with add-ons and customisable features such as Flow Builder. It's a great drag-and-drop tool feature that creates auto-pilot workflows and ensures compliance.
One final and crucial feature to touch on is the ability to integrate your CRM with additional tools. At Invatechs our payroll software can be integrated into your accounting CRM. This puts all the information your account managers needs into one place. Our software development doesn't stop there. Take a look at our parcel and status tracking applications. We also recommend you check out the Cloud-Based content management platforms we've made for our clients. Whatever CRM you go with, you can integrate it with Invatechs' software and solutions.
We're ready to help you navigate this big field of tech. Whether you have pre-existing solutions or need something built from scratch. From enhanced customer services to team operations, data extraction to better contact features. CRM's are an essential tool for any SME or large company today. Whether you work in transportation and logistics, blockchain development or any other Fintech or IoT sector.
At Invatechs we’re dedicated to finding the best Fintech solutions and news for our clients. We cover everything business-tech related. From the best way to staff your team to the latest global tech responses to Covid-19 and how to successfully tap into the cryptocurrency market. What does your business need to deliver its best year yet in 2021? Invatechs have got you covered.
If you want to learn more about CRMs and push your digital potential even further, don’t hesitate to contact us today.