Customer Relationship Management
So, what is CRM? CRM is an ellipsis for Customer Relationship Management. It focuses on attracting, retaining as well as continuously satisfying customers. At its most basic level, CRM enables you to track your clients. It tells you who your customers are, what they are buying, and how often they buy it.
With an excellent CRM service or software, customers are likely to purchase more and tell their friends and family about your services. An effective CRM solution should combine sales, marketing, support and service on one platform. It should also automate all the firm’s processes and share this information with everybody in the company. In the end, there is increased productivity, sales, and collaboration.
What is the difference between CRM and SFA?
SFA stands for sales force automation; which are solutions that focus on sales related activities and objectives. SFA thus facilitates contact management, lead management, operation management, forecasting, account administration and opportunity management. CRM is much broader, focusing on customer based activities.
What can CRM do for your business?
CRM helps you understand both your existing and prospective clients more. You can understand their preference, know what they want, and thus you can respond to their needs efficiently and effectively. It makes it possible to track, organize and use clients’ data to provide tailor made services to each of your customers. In the end, with all this information at hand, you will be able to run an efficient and fruitful business.
What are the merits of using CRM?
Among the benefits to expect are:
- Optimized sales and marketing efforts
- Increased customer satisfaction and loyalty
- Better sales process
- Reduced time and cost channeled into acquiring new clients
- Increased customer retention
- Higher operation efficiencies
Are CRM systems costly?
With all the benefits that are associated with CRM, companies all over the world are spending millions of dollars to acquire and manage the hardware, software and the CRM experts required. The price depends on numerous factors such as location and provider. All the same, CRM is relatively affordable, especially considering the ROI it will bring you. In a few weeks or months, the system will have paid for itself.
How do I select an appropriate CRM solution?
The CRM industry is becoming increasingly popular with each passing day, and so are the providers. There are varieties of solutions. Some are basic while others are complex. Some are free while you may have to pay heftily for others.
While the decision may seem hard to make, it is advisable to shop around. You will notice that most CRM providers offer a free trial. Make the most out of the free trial so that you can check for its efficiency before purchasing it. Evaluate its ease of use, cost, whether it fits your requirements if it integrates with the existing systems and availability of the features most suited for your company.
Now that you know what CRM is and how it can help your business, it will be easier to decide whether you will get one or not. Clients are an asset to any company thus retaining them is vital. Remember to go for a CRM solution that suits your kind of business.