CRM – What it is and why it's so valuable to your business.
Customer Relationship Management (CRM) refers to software that is used to organize, automate, synchronize and analyze all customer interaction within a business, and the associated data that goes with it. A successfully implemented CRM increases sales force effectiveness and helps a company build customer loyalty. By having a web-based CRM system in place, not only can you manage and store a wealth of information, but you can also access your organization’s complete history of each client from any internet accessible device. Although there are a number of reasons you should implement an CRM for your business, here are the top five:
It Is a Centralized Data Storage Solution
By investing in a CRM, you are able to access all of the data you have collected on customers, leads and business contacts in one location. You will not have to spend time searching through your inbox, business card collection or call history to get a number or recall your last touchpoint with a prospect or colleague. You also will never have to worry about forgetting important facts, sending the wrong email or misquoting what was said ever again.
As you continue to develop business relationships over time, having a CRM in place will help you better manage these relationships, improving your customer service. With a complete background in hand, you and your staff will be able to make your customers feel heard and important.
It Simplifies Sharing Information Across an Organization
CRM systems allow you to look back quickly on communication streams between you, your customers and everyone in your organization. Having a complete customer database stored in a centralized location allows your entire team visibility into all information related to customer interactions. As soon as there is an update or change in client status, this information is shared quickly across the company in a clear, organized way.
It Reveals Sales Opportunities
A CRM is a great sales tool that exposes opportunities in your sales pipeline and allows sales reps to filter these opportunities by ownership, deal stage, and status (hot/cold). Your ability to close deals is largely dependent on contacting the right prospects at the right time, and providing them with the relevant product and service information they want to hear. You simply can't do this as efficiently without a CRM. According to the Customer Relationship Management software provider Salesforce, a well- implemented CRM system can increase sales by as much as 29%.
It Facilitates Business Growth
No matter what size business you have and how many clients you currently service, presumably, you want to see your business grow. As you experience growth, it becomes more and more difficult to remember all of the pertinent details surrounding your business and its customers. By implementing a scalable client management system early on, you can avoid costly growing pains and ensure the quality of your service is maintained as your company increases in size.
It Allows You to Track Metrics
A complete CRM can supply you with metrics that are critical to the success of your business. Examining these metrics provides valuable intelligence about sales trends, customer preferences, marketing effectiveness, projected revenue and the overall profitability of your company. You'll be able to use the data gained through your CRM to forecast and formulate better plans for the future of your organization.
A proper CRM solution helps enable a business to run more efficiently, manage growth, and post bigger profits at the end of the year. What's more, your customers will truly appreciate the organized sales process that a client management tool can deliver.
Author: Vanessa Stewart
Title: Accounting Assistant
About: As the Accounting Assistant at One Firefly, Vanessa plays an integral role in supporting the Operations department. She is responsible for completing a range of financial, administrative and logistical functions across a number of different business units. Vanessa graduated from the University of California, San Diego with a bachelor’s degree in Quantitative Economics and Decision Sciences. Vanessa joined the One Firefly team in 2014, bringing with her nearly two decades of experience in accounting and office administration. When not crunching numbers, she enjoys watching sports, listening to music and spending time with her family.