Insights

Unlock the Power of CRM Benefits for Your Business

In today’s world, everything is data-driven, and data is the most crucial resource for any business. Businesses take strategic decisions based on data analytics reports. One such tool that stores and organizes data is CRM (Customer Relationship Management) software. If we look at the statistics it reflects how businesses are investing in CRM globally. In 2023, the revenue of CRM is expected to reach US $79.16 billion. The CRM market is expected to grow at a CAGR of 11.03% between 2023-2027. If you have been wondering whether as a business you should invest in CRM software or not, reports state that a large number of businesses are already using and investing in CRM software.

What is CRM?

Customer relationship management is software that helps businesses to manage their relationship with their customers. It keeps track of every activity and stores data of both potential and existing customers. The data acquired is stored in the central database which makes it possible for everyone in the organization to access it. CRM helps in streamlining different business operations like sales, marketing, accounting, automation, and customer support.

Here are some of the major benefits of CRM for your Business

1. Increase in sales

Businesses using CRM can easily get insights about their customers buying behaviors and requirements, with the help of data stored. That ultimately helps the company to provide the customers with the products and services they need. In this scenario, the chance of sales increases multiple times. The other factors that play an important role in increasing sales are streamlining the sales channel and overall optimization of the sales process with the help of automation.

2. Customer retention

In this highly competitive world business faces a challenge in customer retention. Retaining the existing customer helps in building a loyal customer base for your business. CRM helps businesses to keep in constant contact with their customers and acquire data about their preferences and requirements. Business gets this knowledge through CRM and it is used by business in providing customized solutions and offers that suit their requirement.

3. Productivity

A business using a CRM tool can automate many business operations related to marketing, sales, data organization, and analysis which hence the productivity of the organization. Since a lot of repetitive tasks are automated, eliminates the need for human intervention. This gives more time on hand to make strategic decisions.

4. Customer Service

Better customer service is one of the primary objectives of a business when the business opts for a CRM. The CRM holds all the data related to the customer in one place. Keeping the track of all the communication with the customer prevents any communication gap and helps the customer service representative to provide better service to the customer. Both for a business who are small and trying to establish itself and a business already build brand value, customer service which results in trust building is a non-negotiable aspect for their business to grow.

5. Customer Segmentation

Customer segmentation is the process through which customers are grouped into different categories depending on certain parameters like location, gender, age, and more. CRM software helps businesses in sorting and categorizing the huge volume of customer information efficiently and quickly. Such a large volume of data is converted into information that can be used by businesses with the help of CRM. This segmented customer information helps in evaluating the targeted audience and channelizing the marketing campaigns in the right direction.

6. Reporting

Report creation is another major task in business, several reports are to be created monthly or quarterly depending on the organization. CRM plays a major role in report generation, there is data stored and organized in the central database. With the help of tools present in CRM, users can generate reports in no time, which helps businesses in evaluating performance and make decisions based on the reports to improve the performance of the company.

7. Communication

CRM software establishes a seamless channel of communication between different departments and employees, irrespective of their location. Clear and transparent communication increases team coordination which enhances the overall efficiency and productivity of the organization. All the data is updated in real-time with the help of CRM, marginalizing the chances of error and miscommunication.

8. Automation

Automation is one of the major benefits of CRM software. There are several tools available with CRM which help in automating many tasks related to marketing, sales, and data entry. Automation reduces the time spent on menial tasks and helps you focus on other important functions.

Top 5 CRM Software

1. Hubspot CRM

It works very well for new businesses because of its free plan option, making the platform accessible to every type of business.

Companies using Hubspot: Atlassian, Invision, Wista, VMWare.

2. Salesforce

It is suitable for any business in any industry since it offers customization.

Companies using Salesforce: Spotify, Toyota, Amazon web services, American Express.

3. Zoho CRM

Zoho CRM works well for businesses with teams in multiple locations with real-time notifications.

Companies using Zoho: Amazon India, Bose, IIFL.

4. Zendesk

It offers full support throughout the customer life cycle, it has features available that lets it manage complex customer files too.

Companies using Zendesk: Siemens, Mailchimp, Polaris.

5. Oracle Netsuite

It was built keeping in mind the e-commerce companies. It is one of the best customizable platforms available.

Companies using Oracle: The American Red Cross, QA limited, Confidential Records.

Conclusion

Going through the various benefits of CRM software, you know how CRM can transform and help you grow your business. There are many CRM software already available in the market and are used by various organizations across different industries. So when you decide that you need a CRM for your company you have two options either you pick any of the software already available or connect with a CRM development company that will build customized software which is unique to your specifications and requirements.

We have also mentioned the top 5 CRM software already available in the market. Depending on your business requirements you can evaluate the options available. If you choose any of the top CRM software like HubSpot, we also provide HubSpot services. Irrespective of the size of your business and industry you can contact DRC Systems – a CRM Development Company to build CRM software for your company. We have a team of expert developers and they can build a customized solution for you.