The business ecosystem is evolving as enterprises are increasingly focusing on maintaining healthy customer relationships. They are investing in technology that offers real-time data about customer behaviour, buying patterns and preferences, and are using this data to design marketing and sales campaigns, maintain customer loyalty and drive sales growth.
Customer Relationship Management software comprises tools and strategies to collate data about customer interactions with the business through various channels such as phone calls, website, emails and social media. It then offers actionable insights to help align marketing and sales efforts to procure business and drive ROI.
Here’s how a CRM software can be used to gain business insights:
Customer database accessible to all teams
A CRM software is an integrated database of customers’ purchase history, buyer preferences, concerns and personal information. This data is segmented into data lists that are accessible by all teams including sales, marketing, customer service and management. Data lists are synched in a manner that any modification to one is automatically reflected globally so that the database is constantly updated and accurate. This is vital to any business as it can save up on sales and marketing efforts by avoiding duplicity or redundancy of records. It also preserves credibility of the business in customers’ perception and enables seamless functioning of departments.
Further cloud-based CRM and mobile CRM allow data to be hosted on an external, virtual space that can be accessed by employees from any place.
Real-time marketing feedback to drive business decisions
Integrating CRM systems with analytical tools help scientifically compute sales and marketing metrics that indicate efficacy of marketing campaigns and sales efforts. By compiling and analysing customer interactions, the marketing and sales teams can understand which campaigns, products or services are working and which need to be relooked at. Future products and campaigns can be planned on historical data provided by a CRM system. CRM analytics remove ambiguity from business decisions by providing data-driven insights.
Social CRM further helps businesses engage with customers through social platforms and offers deep insight into buyer sentiments and market trends. Happy customers can be nurtured into promotional communities and their inputs can be used to design future products and drive sales.
Targeted campaigns to achieve higher returns
Another feature of a CRM system that businesses can capitalise on is its ability to segment customers into lists such as, customers that led to maximum returns, customers that are likely to make repeat purchase, customers who approached but didn’t convert, etc.
Once these segmented lists are prepared, relevant content and services can be targeted to each segment to maximise returns and optimise efforts.
Improved supply chain economics
Supply chain economics is made up of many fixed and variable components. The fixed components can be deciphered by analysing and interpreting results gathered by a CRM software and the variable portion can be decided by the management team. Thus, the supply chain gets simplified and profits are maximised.
A CRM software is vital for all businesses. It need not be a collection of redundant data. Combining a CRM system with sales force analytics, marketing analytics or contact centre services can lend your business the edge that it deserves.