How CRM boosts business revenue

Posted on Tuesday November 12, 2019

There are several factors that contribute to a business's success, such as a good location, quality products and services, and a well-planned marketing strategy. But one important component that every company should have is a reliable customer relationship management (CRM) system. As a business owner, you know that a solid base of loyal customers is the source of your revenue, and the relationship you build with that base will determine how far your business can go.

Imagine buying a product, and it breaks the first time you use it. You contact customer support and describe the issue, only to be told to wait for another representative to call you back. You wait for hours, and still nobody calls back. After sending an email to customer support, there's a chance that somebody will return your call, but it's from someone unfamiliar with your problem and you awkwardly have to explain yourself for the third or fourth time. An effective customer relationship management system can eliminate this problem and many more. Here's what you need to know.

What is a CRM system?

CRM is a system that allows businesses to manage, record, and evaluate their customer interactions to provide better services and boost sales. You can use CRM to store customers' contact details, accounts, leads, and sales opportunities all in one place.

What are the features of a CRM system?

• Data management - When customer data is recorded, the CRM system centralizes the data into one file, called a master file. Everyone within the company then has access to this data source, preventing confusion from inaccurate or duplicated data.
• Collaboration - Nowadays, clients demand quick and efficient customer service, so all involved departments must work together to quickly resolve client concerns. CRM systems enable collaboration by enabling the sharing of customer information among departments. This way, everyone is on the same page on clients' circumstances and requirements.
• Customer segmentation - A CRM system arranges your customers into groups based on criteria such as age, gender, location, and even their likes and dislikes. This allows you to target marketing messages to your customers more accurately, potentially increasing your sales numbers.
• Task tracking - CRM systems have task tracking features that enable your employees to stay on top of important tasks, such as contacting customers via email or phone and following up on leads. CRM systems also send reminders to employees about their assigned tasks so that nothing falls through the cracks.
• In-depth reporting - CRM systems provide a thorough analysis of your customer base. Its reports give details including an overview of product sales numbers, marketing strategy performance, most successful products or services to date, and even a prediction of whether your sales target will be met at the end of the month.

If you're looking to improve customer service and increase sales conversion using a CRM system, contact us today!