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CRM software is one of the fastest growing areas of software, and is predicted to grow 14% by 2030, and in 2020 overall usage increased from 56% to 76%. There are good reasons for this rise in popularity too. Market challenges and disruptions like we have witnessed in recent years mean companies need to go the extra mile to stay ahead of competitors, by analysing everything there is to analyse, providing the best customer service possible and ensuring the maximum number of prospects turn into customers.
CRM stands for Customer Relationship Management and helps you track and manage your customers and prospects by logging all communications, marketing material sent, contact details, status of orders and much more. In short, CRM software gives you the tools to understand your customers and prospects inside out because the better you know them, the better your relationship will be. It can also provide valuable insight to plan marketing campaigns, forecast future sales and ordering of stock.
CRM software can be used in numerous ways by companies. We are going to explore 7 benefits that can be gained when it’s used well.
CRM software allows you to keep all your customer and prospect details in one central location, reducing the need to use multiple systems (including spreadsheets and all those old notepads!) which makes it time consuming to find what you are looking for. It also means all departments can access the information to provide all-round consistency and fluency.
All communication, both internal and external, can be managed within a CRM so you know the precise status of every customer and prospect and enhance your customer service. At the click of a button you could see contact details, purchase history, any logged complaints or ongoing issues, profitability, how long the customer has been with your business and so much more.
The cost of winning new business is 5-25% higher than to keep existing business, so it is vital to keep your existing customers happy for long term profitability. Using a CRM solution will help you provide quality, personalised marketing communications and offer a better all-round experience so existing customers don’t become neglected.
We all know that mass marketing is no longer an acceptable or successful way of targeting your customers. CRM software helps you plan marketing campaigns effectively by easily segmenting prospect and customer bases and sending them appropriately targeted messages.
CRM software allows you to collect and analyse data so you can view pipeline opportunities and the real-time status of prospects, and customer information such as profitability and retention. This greater level of insight will help you meet business goals, implement processes, plan and budget.
GDPR has become a buzzword the past few years, and everyone has become aware of how important it is to comply with privacy and security legislation when storing your customer data and contacting customers. CRM software can help you stay on top of your obligations by automatically managing customer and prospect consents and set up rules to help you sent marketing communications only to the contacts you are permitted to.
Research has found that CRM software can improve lead conversion rates by a staggering 300% and shorten sales cycles by 24%. Lead nurturing can be long and complex but software that sends automated reminders when it’s time to follow up with a prospect can ensure your sales team don’t lose sight of a single prospect.
CRM software has grown enormously in the last few years and is expected to grow further due to the many benefits produced. When implemented well, you can provide better customer service, centralise contact details and manage communications, improve retention rates and maximise sales.
Pegasus have over 40 years experience providing award-winning business software. To learn more about Opera 3 SQL SE CRM please contact us today to discuss your needs and to arrange a bespoke demo for your business.
Posted On: May 04, 2023
