The CRM industry continues to grow at a staggering rate.
CRM systems have become an indispensable tool for every growing business.
When you choose the right CRM for your team, it’s simple to reap the numerous benefits from this technology.
The Roles CRMs Play in Sales
Improve Lead Generation
Stats show 84% of companies implementing a CRM software benefit from its lead-scoring processes. Customer relationship management systems dig deep into profiles and robust analytics that define quality leads. Thus, gathering the right data, prioritizing the hottest prospects, and nurturing them to become clients.
Increase Efficiency of Cross-Selling and Upselling
CRMs accumulate large quantities of customer data such as purchase history, behavioral patterns, and personal preferences. This information allows companies to create personalized offers that resonate with prospects; increasing revenue and customer satisfaction.
Avoid Mundane Tasks and Errors
With the help of CRMs, sales teams can spend more time closing deals and less time handling tedious tasks. And like most technology these days, it’s human error-proof.
Report on Tracking and Analysis
By tracking the lead data, CRMs allow users to assess the return on lead investments. Further analytics functionality includes creating sales forecasts, monitoring the pipeline and spotting points where customers drop off, effective budget management, etc.
Build Customer Relationships
In today’s highly competitive market with so much to choose from, prospects are particular, leaving customer loyalty to be a thing of the past. CRMs, however, create multiple opportunities for building a loyal customer base. How? 86% of customers are willing to pay more for better customer experiences. By collecting customers’ details and information about each interaction, CRMs improve the way the product portfolio is offered to them. The more you know about your customers, their buying preferences and behavior, the better the customer’s experience will be.
The Roles CRMs Play in Marketing
Doing more in less time, CRMs are able to distribute marketing campaigns through multiple mediums with its multi-channel marketing features.
According to Sprout Social, social media CRM tools make it possible to track, benchmark, and engage with customers across various social platforms to provide better experiences. Again, creating an opportunity for better customer experiences and customer loyalty.
Optimized Segmentation and Targeting
With the data that CRMs gather, marketers are provided with information that better segments customers based on geographic location, financial aspects, previous interactions, and much more. Consequently, marketers are then able to target an audience that is inclined to become customers.
CRM systems grant marketers with data-based insights essential to developing campaign budgets and resource assessments. This includes tracking conversions from certain marketing activities and determining which efforts bring in the hottest ROIs.
Sales and marketing teams can reap multiple benefits from CRM systems.
What’s more, one of the biggest advantages of CRMs is the ability to bring sales and marketing teams closer together. When both teams are aligned, rather than silo’ed, it becomes far easier to track results and make high-impact changes in a bid to increase your customer base. Most noteworthy, Sirius Decisions found that companies aligning their sales and marketing teams achieve 24% faster growth rates and 27% faster profit growth over a year period.