How CRM Software Can Help in Reviving the Global Economy?
Today, small, medium, and big scale businesses – all are sailing on the same boat and looking for a vaccine to revive their business in the slow economy.
Now, scientists might need some more time to discover the COVID-19 vaccine, but the business revival vaccine is already there – Customer Relationship Management software. Customer relationship is the vaccine that organizations need to grow in the present market situation. This one solution can help businesses to beat the economic slowdown and improve sales. It might seem hard to believe, but we can prove it to you.
How Does CRM Increase Sales?
From startups to MNCs – everyone is presently working virtually to maintain the social distancing norms. The remote work culture has made it difficult to manage customers, teams, and stakeholders together. On the top, uncertainties and economic slowdown have even expanded the problem. Thus, today, businesses need a solution that can bind all the business’s stakeholders together, and that are Customer Relationship Management tools.
The role of CRM in the business strategy making process is very strong – from retrieving customers data to managing the remote team – benefits of CRM are enormous. Thus, if you adopt a CRM marketing strategy, you can revive your business in multiple different manners.
#1. Subtle Way to Manage new leads
One of the prominent role of CRM in business strategy can be seen while attracting and managing the new leads. Once you have invested your time and resources into generating the new leads, what? You must transfer leads to the sales team, but the key factor here is – lead hot or cold?
If your sales team doesn’t take action on the prospective leads on time, all your hard work of generating new leads will go in vain. How does CRM increase sales? – by aligning your marketing tools. With the help of CRM software, you can align all your marketing tools under one roof, including emails, social media, and other marketing automation tools.
When all the new leads are gathered in one place – both the marketing and sales teams have a clear view of leads and prospects. Both teams might not be physically present in one location, but with software, they will get a complete 360-degree view and smooth communication platform to target leads – when they are still hot. Today, when new customers are less, and competition is high, CRM marketing strategy can easily improve your sales.
#2. Reconnecting with Customers
Along with searching for new clients, you have to reconnect with your old clients. If you strategically approach your old clients, you can convert them into sales way quicker than the new clients. The stepping stone of customer and business relationships is based on deep understanding and trust, which starts with a complete overview of their history with your company.
When you have all your previous and current clients data backed up in the CRM software, your sales and marketing teams can use the historical data to approach the customers. With the help of CRM data, you can prepare marketing strategies based on –
What triggers your clients? – Every client has different sorts of goals, preferences, and challenges. For one client, the result matters the most and for another personal experience. The record of your clients' data will help you in the present critical situation to develop a personalized sales pitch – for a better outcome.
How to target your clients? – Once you have a fair idea about the preferences and needs of your clients, you can prepare appropriate promotions or other relevant content. With CRM, you can record calls and other client documents, which can be used to prepare a marketing plan for individual clients. Additionally, CRM systems are centralized, so your remotely located teams can effectively work together and come up with a winning marketing plan.
#3. Improve Business Performance
The role of CRM in business strategy development is critical because one effective strategy can improve the performance of your business – which is the demand for the solution. When businesses are already running on a financial crunch, they need the most effective but affordable marketing solution. And, CRM marketing strategy can play that role perfectly by improving business performance on multiple fronts –
Reduced Sales Cost – The cost involved in generating new leads and converting them into potential clients is something that most businesses can’t afford today! So, CRM can cutdown customer acquisition cost through your existing customer base. By gaining greater visibility into the upsell, cross-sell, and renewal opportunities in your customer portfolio and you’ll see an increase in repeatable sales thanks to the trust you’ve already earned.
Better Sales Efficiency – You can prioritize your leads and opportunities with the CRM system. The leads that have a high chance to convert into sales required fewer efforts, and that will reduce the pitch time for you.
Improved Sales Effectiveness – When you know which clients are more engaged and attracted to your marketing efforts, you can reach out to them at the right time and strike the deal when the iron is still hot.
Disclose Referral Opportunities - What’s more effective than finding new clients? Referral clients. When you have deep customer data available on your one click, you can approach the right clients who can provide referral opportunities. Instead of cold calling or pressuring your sales team, just ask for a referral from your old satisfied clients.
Quick Deal Closure – Today, you need a quick injection to revive your business, so you need deals that can close instantly. With the brief customer data, you can easily close the deals based on the authentic facts and figurines.
#4. Churn Out Employees Productivity
The remote work environment and work from a home culture have affected the productivity of employees dramatically. Many employees are struggling to adjust to the new dynamics, and it is reflecting in their productivity level. Thus, it is very important for businesses to introduce automated tools so that the productivity of employees can be improved.
With the help of the right technologies, you can free up your team from performing numerous mundane tasks like recording attendance, entering data, etc. When the repetitive tasks are automated, the customer-related process can be simplified, which will eventually improve the productivity of your remote team.
Furthermore, automated marketing and sales operations can free up lots of time for your team, which they can use to interact with customers and prepare better marketing strategies. Your team can become energetic and innovative with a little touch of automation.
#5. Elevated Customer Experience
Today, you need to outshine your competitors without spending lakhs on marketing, and proficient customer service can do that for you. If you provide the best customer services to your clients, you can easily retain your clients in the economic slowdown, which is far better than chasing behind the new customers.
One of the gigantic benefits of CRM software is that it can record the history of your customers. You can use the customer history to prepare a personalized customer care package instead of bombarding your customers with unnecessary offers. When your customer actually gains a benefit from your offers, he or she will always come back and even recommend your services. And, you need that kind of loyal clientele to revive your business.
#6. Enhanced Stakeholders Engagement
With one business identity, multiple stakeholders are attached – direct and indirect both. Your employees, customers, investors, and business associates are the direct stakeholders who are keen to know the status of your business. Apart from the direct stakeholders, there are plenty of different indirect stakeholders connected with your business. It is very crucial to establish a connection between all the stakeholders virtually, and it is influencing the conversion rate.
Using the CRM software, you can establish a free communication flow between all the stakeholders and provide a clear picture to them. For example, this software can individually show marketers and sales teams – improved engagement, retention rate, return on investment, increased sales, conversion rate, etc. For a clear and systematic business analysis among all the stakeholders, CRM software is essential.
Business revival after lockdown and midst of coronavirus is very hard, but not impossible. If you start working on a CRM marketing strategy right now, you can save your business from hitting rock bottom. Even you can push it towards growth. Right technologies have the power to save your business – always remember that. And, Customer Relationship Management software is one of the prevailing technology that instantly saves your business. So, embrace it with open arms.
To get the customized CRM solution for your business, you can consult with the TrackOlap team anytime.