The definition of CRM stands for Customer Relationship Management. This refers to all the strategies, methods, tools, and technologies that a business uses to develop, retain and attract customers. CRM is a special approach to doing business, which puts the client at the forefront of the company’s activities. Let’s speak about how CRM helps you avoid mistakes to earn more.
What is CRM?
First, the main goal of implementing a CRM strategy is to create a single ecosystem for attracting new and developing current customers. Relationship management means attracting new customers. It also stands for converting neutral customers into loyal customers and turning regular customers into business partners.
How does a Customer Relationship Management system work?
Meanwhile, CRM, through process automation, helps to build a dialogue with the buyer more effectively, avoid mistakes in work and, as a result, sell more to him.
How does it look in CRM? Imagine an Excel spreadsheet with your customer base, but only when you click on the customer’s name opens a convenient card that contains the entire history of working with him – from the first call to the purchase. Here you can listen to calls, view your purchase history, create documents using a template, write an e-mail or SMS, and set a task.
When a client calls you, CRM offers to open his card, and you immediately greet him by name. Even if this buyer was previously managed by another manager, you can easily answer his questions without any “I’ll clarify and call you back.” CRM itself will send an SMS message to the client about the status of the order and remind them of the meeting. As a result, you save time – both yours and the clients. So, you make him more loyal and ready to buy.
To understand how CRM works, consider the path of nurturing a client from the formation of interest and an application for a product or service that a company provides, to the conclusion of a transaction.
1. ATTRACTION OF NEW CUSTOMERS HAPPENS THROUGH DIFFERENT CHANNELS
Organic search, online advertising, e-mail newsletters, media activities, and online events. The system clearly defines the source channel and helps to analyze the effectiveness of each. CRM will calculate not only the number of leads by channels but also their conversion into sales. The collected analytics will show which channels need to be strengthened and which ones to disable.
2. QUALIFICATION OF A NEW LEAD AND THE FIRST CONTACT WITH A COMPANY EMPLOYEE
Communication using telephony built into CRM, messenger, or e-mail. The system stores the entire history of interaction with a record of conversations for their further analysis by the supervisor. The CRM system works on the principle of omnichannel – the integration of disparate communication channels into a single platform that ensures maximum efficiency and continuous contact with the client.
3. CHOICE OF AN INTERACTION STRATEGY
The way you work with a client depends on the type of sale (short or long). If the sale is short, for example, an order in an online store, then the system will help the manager quickly place an order and transfer it to the delivery department. If we are talking about corporate or long-term sales, which are divided into several stages, implying constant interaction, then the client goes into the sales funnel.
4. BUILT-IN CRM SALES FUNNEL
One of the most effective tools for the daily work of the sales department. The tool allows you to divide the transaction process into the required number of stages, build interaction tactics at each of them, determine the percentage of conversion (transition) from stage to stage, and also evaluate the effectiveness of managers. From the point of view of the sales plan, the funnel will show the volume of potential deals at the final stage, as well as the overall performance at the current moment.
5. DOCUMENT MANAGEMENT
At all stages of working with a client, CRM helps to maintain document flow, generate invoices for payment according to specified templates and send them to clients directly from the system interface. The system allows you to work not only with documents for clients but also create/approve internal applications, which greatly speeds up and simplifies everyday work.
6. CLOSING SALE
If the transaction ends with a sale, then the client is transferred to the permanent segment. This means not only high-quality service but also the work of the marketing department. It will periodically communicate with the client. CRM will help you choose the most effective channel and frequency of interactions. The result of such a strategy is a repeat sale if we are talking about goods or an extension of the service/service.
7. RE-GROWING IN THE EVENT OF FAILURE
If a client takes a long pause in communications or refuses to buy, CRM returns him to the initial stage of the funnel for re-cultivation. Personal offers and targeted marketing allow you to achieve the desired result.
8. ANALYTICS OF THE COMPANY
At all stages of work, the customer relationship management system offers detailed analytics 24/7, presented in the form of informative dashboards. Managers can analyze the current state of sales.
KEY FEATURES OF THE CRM SYSTEM
- Sales management
- Marketing automation in CRM programs
- Product Portfolio Management
- Workflow automation
- Business Process Management
- Time Management
- Optimization of communications within the company
- Analytical capabilities of the CRM system
- Customer information management
- Sales planning and control
Who benefits from using Customer Relationship Management?
The main advantage of a CRM system is that it can benefit almost any organizational unit, from sales and customer service to recruiting, marketing, and business development.
Storing all customer information in one place, logging service issues, identifying sales opportunities, and managing marketing campaigns are just a few of the possibilities that CRM provides.
CRM provides quick access to data. It becomes much easier for users to collaborate. As a result, intra-team communication issues are resolved and productivity is increased.
Another strong argument in favor of CRM is that the system is suitable for companies of any size and any industry; banks, real estate agencies, large manufacturing enterprises, transport companies, distributors, telecommunications companies, government agencies, and many others.
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