In this technology-oriented era, every day, a new widget or app makes its way to market that promises to make businesses more productive, gross-generating, and efficient. The competition gets tougher daily, and some apps work better than others. One element of the sales pitch that has surpassed the competition and is here to stay is customer relationship management (CRM) software.
This single software, when deployed with complete responsibility, can be very fruitful. It keeps you updated and records all the communication and interactions between your reps and the customers. The right CRM applied for your customers, reps, industry, and business type can benefit your business venture
Discussed below are 10 significant benefits that you and your business can enjoy after incorporating a correct CRM.
1. Maintain a Centralized Database across your Sales org
The first advantage of incorporating a CRM is that it allows your sales org to keep your customer's information updated in a centralized database at any time interval. It helps your entire team to have quick access and manage the complete information via a shared location. Besides, it saves the reps from all the manual work, such as digging the files and records and going through them one by one to find out the prospect's data or sign off a deal.
2. Manage all communication and interactions with prospects.
CRM can manage all the internal (rep to rep) and external (agent to prospect) communication. It allows your agents to keep track of all parts of the buyer's journey, from emails to phone calls to in-person meetings and more.
For instance, an active and accurate CRM will help recall your representative; when to reach back to a buyer. Moreover, it makes sure that your reps remember whether or not he has sent the client's requested resources and helps in improving customer services.
3. Data Entry Automation
CRM can aggregate and collect all the information within a system. This ability saves your team's extra effort and time spent logging emails, calls, interactions, and meetings.
Besides, just as your rep gives a deal update to CRM, it keeps the process efficient by automatically filling in all the other options such as weighing, summation, and visualization.
4. Organization of Contact Data
Irrespective of the buyer's journey stage, CRM can keep track of all the prospect contact data. It keeps you updated regarding your prospect's activities, such as his visit to the company's website, downloaded data from the site, and talked to another company representative. The best part is that all this information is always accessible and searchable in CRM.
5. Customer Segmentation
The next significant benefit CRM offers your customers' segmentation, i.e., sorting out the contacts and targeting them based on some specific criteria. It does this with the help of information collected and stored over time.
For example, a rep can segment the data based on industry name, location, and size.
6. Create Sales Report
With the help of reporting features such as sales dashboards and reports, CRM can collect and store data regarding prospects and deals. This benefit comes in handy for the representatives to follow up their values, contacts, and pipelines. Moreover, they can judge their performance and track their deadlines and quotas to reach.
These sales reports are very beneficial for the sales managers as they can trail their team's performance and attain the quotas. Apart from all this, VPs and other companies can view the number of revenues generated.
7. Automate forecasting for your sales performance
The accomplishment of the business has It defined by its ability to make informed decisions and strategic plans. As mentioned above, CRM can generate recurring revenue (MRR) and year-over-year (YOY) growth that aids the sales managers to identify market trends and formulating performance-related forecasts.
Additionally, CRM keeps the sales manager and reps updated regarding the profitable activities and resources. This data aids the team leaders in setting sales projections for months to come.
8. Ensure Team communication is Facilitated
Make sure that CRM is facilitating your team communication excellently. This communication is crucial for maintaining a healthy relation among the reps and the prospects as it will ultimately define your brand image.
With the help of CRM, your team can tag and add members onto the specific deals they want, whereas sales managers can also reassign the values by just clicking a button. Moreover, the reps do not require signing off from the system to write messages or send emails; instead, all this can be done within the CRM.
9. Keep a Constant Software
When you grow your company, the beauty of this type of software is the growth of a CRM with you. CRMs are supposed to grow along with your company, whether they monitor more leads, organize more contact information or record more interactions with prospects.
Your CRM may help other teams in your organization as you grow. And it is not just valid for your sales organ. These teams can draw information from your perspective, personalize content, tailor CTAs and product details for them, and much more. Examples include customer service and marketing.
10. Makes Administrative Task Efficient
As mentioned above, CRM facilitates you in every possible way. It saves you and your representatives from all the manual tasks such as data entry, Email chain hunting, recording the conversations, storing contact data information, and improvising techniques.
In short, CRM simplifies and automates your tasks so that the rep can spend the time spared on more critical and impactful studies.
If you need additional persuasion from your sales org to adopt a CRM, five more statistics show their value further;
The average use of CRM by sales representatives is 73%, and the average time of ROI 13 months.
CRM had utilized by more than 11 employees of around 91% of businesses
CRM can increase your sales up to 30%
Improves your customer retention and satisfaction rates
CRMs shortens your sales cycle by improving data accessibility
CRM system enhances representatives' productivity, maintains all information on perspectives centrally, helps your team close more deals, improve customers' experiences, and encourages significant business contacts. It helps in generating a considerable amount of revenues.