Why CRM is One of the Most Valuable Assets for your CompanyEditorial Staff
April 13, 2022
The ultimate goal of Customer Relationship Management (CRM) is to know what your customers want, streamlining business processes to cater to them and thus, improving profitability.
The customer is the heart of your business, pumping the revenue. Different business processes are like the various organs in the body that carry out vital tasks.
At the same time, keeping track of all functions and organs, and making sure they work well is the job of the central nervous system. A good CRM does precisely that!
So, let’s delve into why CRM is one of the most valuable assets a company can acquire.
Why is CRM the Most Valuable Asset for Your Business (Statistics):
CRM has huge benefits for businesses. But don’t take our word for it. Let’s see some statistics that reveal the importance of CRM worldwide.
- Did you know that 87% of people state that the biggest benefit of CRM is improvement in sales?
- About 91% of companies with more than 11 employees use CRM.
- Moreover, the CRM software market is exploding due to huge demand. It is estimated to reach $113.46 billion by 2027, according to Fortune Business Insights, 2020.
- However, the big reason why more and more businesses are choosing to have CRM is the ROI. CRM returns $8.71 for every dollar spent; that’s huge—a 700% jump!
Now that the numbers have been spoken, let’s look at how CRM can help your small business grow.
How CRM Grows Your Small Business:
You’ve probably heard the term CRM echoing throughout while studying the market and industry in which you’ve set up your business. No matter what the business, there’s no denying that customers and your relationship with them are what will define your success.
Opting for a good CRM system with key features will help efficiently manage your customers and their journey in purchasing your product or service. Here’s how:
#1. Client Management – CRM organizes your contact lists, analyzes them, and provides tools to communicate or automate client-related tasks such as appointments, reminders, and even customer service.
#2. Lead Management – Your potential customers won’t come to you out of thin air. CRM helps you target your audience and record their interest in your business until they convert into paying clients.
#3. Sales Automation – CRM helps you focus on building your business using automation instead of getting bogged down by routine sales tasks.
#4. Workflow Automation – CRM can track assigned tasks, billing and payments, compliance and documentation, and other repetitive workflows using AI and automation.
#5. Marketing Management – CRM systems can time marketing campaigns, promote them to the right target audience, and track your marketing efforts’ efficiency.
#6. Data Analytics – Getting a 360-degree view of your customers, business processes, and growth efforts enhances control over your business. Data analytics give you a clear picture of consumer buying patterns, lead conversion, sales, profitability, and customer service.
4 Reasons – Why CRM is the Most Valuable Asset for your Company:
Whether you run a transport business, a start-up, or a mom-and-pop store down the road, your most valuable asset is your client base. It is no surprise that 94% of Americans use customer service as a factor in deciding whether or not to do business with a company.
CRM takes care of your customer data, analyzes it, and gives you an overview of their expectations. Here’s why a CRM system can be one of the most valuable assets for your company to acquire:
1. Registers Your Leads & Nurtures Your Contacts
In a fiercely competitive market, you need to keep track of everyone who shows interest in your business. CRM lets you organize your prospects and contacts, segment them and track their journey through the sales funnel.
2. Tracks All Customer Interactions
From the first marketing email to after-sales services, an efficient CRM enhances customer engagements by using social media, personalized email marketing, and customer service tools, thus providing a seamless experience across all customer touchpoints.
3. Explores Possibilities
CRM’s job is to discover leads where there seem to be none. The latest AI used in lead generation marketing tools helps you target your campaigns toward the people who are most interested in your products and services.
4. Retains Your Valuable Customer Data
Often, in a small business, operations are more people-dependent rather than process-driven. CRM shifts the focus of your business model from an individual to a streamlined process. That way, you retain your valuable customer data irrespective of the changes in your staff.
A well-designed CRM enables you to focus on the creativity and growth of your small business without fretting about repetitive tasks. AI-driven and highly integrated CRMs are easy to deploy and hassle-free to use.
Want to know more about which CRM system suits your business? Prospur is the world’s first integrated CRM for small businesses. Contact us for a free demo to know how it can grow your business.