Short on Time Summary
A comprehensive CRM system enables you to gain deep insights into your customers, keep track of interactions and follow up on leads in one place. Invest in a CRM for powerful analytics that will help you make informed decisions and convert more prospects to customers, increase brand loyalty, and drive profitability.
What is a CRM?
Every business needs an efficient way to manage customer data and interactions. A customer relationship management (CRM) system stores all your customer-related data in a centralised location for easy management. Its capabilities include lead management, customer support and sales and marketing automation, enabling you to deliver outstanding service.
Incorporating third-party tools and applications will elevate your CRM system. By pulling information from emails, calls, social media channels and e-commerce platforms, you get a comprehensive view of each customer’s interactions with your business.
One of the biggest challenges when aligning your sales, marketing and customer support teams is lack of communication. A CRM simplifies the exchange of information and facilitates cross-team collaboration so multiple people can interact with the customer, equipped with all the information they need.
A CRM is a must-have tool for organisations aiming to improve customer satisfaction and develop long-term relationships. According to IBM, some businesses using a CRM have seen sales increase up to 300%. The predicted ROI is $8.71 for each dollar spent.
In this article, we outline why your business needs a CRM. Enhance customer service and lead management, utilise sales automation and personalise marketing campaigns.
Get to know your customers
Unlock the power of your customers’ data with a CRM. By capturing behavioural data, you can build detailed profiles to better understand their needs and adapt your products and services accordingly. Gain valuable insights into factors like their buying habits, social media activity and preferences.
With a clear view of which stage of the sales pipeline the customer is at, you can deliver the right information at the right time. Tailoring communications will help sellers convert more leads to sales.
Improve customer satisfaction
Targeted communication is essential to create positive emotional connections with your brand. 71% of people only engage with personalised and relevant communications, making it important to implement a CRM to be more responsive to customer needs. This will make them feel valued and appreciated and build brand loyalty.
A negative customer service experience can damage your brand’s reputation. Low customer retention impacts your business’s security, cash flow and revenue. Converting new customers can be 5x more expensive than gaining a repeat purchase, making it a top priority.
Additionally, a CRM simplifies customer support ticket management, and automation and AI technology can improve service quality. For example, you can deploy chatbots to respond to less complex queries quickly.
Streamline lead management
Don’t miss out on valuable leads – implement a CRM to transform your lead management. You can compile data from all touchpoints to track the progress of your prospects through the sales pipeline, from initial contact to conversion. This is particularly beneficial in a long sales cycle with several points of contact.
Frequent, consistent communication is a vital part of lead nurturing. It enables you to establish trust and maintain engagement. Set up automated reminders to follow up at specified stages of the buyer’s journey. A CRM system can equip your salespeople with information about the most effective time to schedule meetings.
ThinkShare implemented Dynamics 365 CRM for a large document management company, optimising their lead creation and lead capture processes for greater efficiency.
Find out why Microsoft Dynamics is a valuable investment in our case study.
Boost seller productivity
Automation eliminates manual data entry and ensures contact records are always up-to-date and accurate. 27% of sellers spend over an hour of their workday on data entry. CRM enables you to increase productivity with automated workflows for repetitive admin tasks like contact data entry, lead assignment and tracking various metrics.
You can also implement chatbots and FAQs for instant responses to simple customer queries. Automation frees up time for your sales team to apply their energy and expertise to what they do best – building strong customer relationships and closing deals.
Optimise your marketing efforts
Harness automation to create segments and personalise your messaging. For higher value interactions, ensure customers only receive information relevant to their needs and interests.
Improved access to information from other departments enhances campaign planning and delivery, allowing your marketing professionals to dedicate their time to more creative tasks such as content creation. This will generate higher-quality MQLs with a higher likelihood of conversion.
Make data-driven decisions
Strategic planning is the key to long-term business success. Utilise your CRM’s intelligent insights and analytics to enhance decision-making and improve your business’s overall performance. Align your strategy with what your customers are looking for.
With a CRM, you can produce sales reports and customisable dashboards to visualise patterns and trends in your data. See real-time data on click-through rates, deal status, forecasted sales, estimated revenue and more. Managers can also compare performance against quotas and targets to support their team more effectively.
Review your past performance to discover opportunities for growth and process improvement. For example, monitor how people engage with your business to identify the most effective lead generators.
Implementing a CRM system has several benefits, from improved customer service to time-saving automation and detailed analytics. It is a powerful tool that will unlock business intelligence and guide decision-making. Utilise its automation capabilities to store data, personalise customer service and boost productivity.
If you would like to discuss implementing a CRM platform or receive a free demo of Dynamics 365, schedule a consultation today. You can also keep up to date with our latest insights on LinkedIn and YouTube or subscribe to our monthly newsletter.