The most effective way to grow your revenue is by focusing on the relationships between your business builds with its current and prospective customers.
No matter what industry you’re in, the most important asset your business has is your customers or clients.
By focusing on the organization, data access, and progress of your customer relationships you’re ensuring a greater lifetime value.
At the end of the day, your customers, and the data that they bring are the two most valuable assets a business can have.
In this article, we’ll be discussing what Customer Relationship Management (CRM) is and the benefits of implementing the system into your business.
What’s a CRM?
A CRM is typically a software platform that serves the purpose of managing all of the relationships and interactions with your customers and clients.
While typically sales focused, a CRM system can impact the whole business and it’s important that all employees, including top-level management are actively supporting and using the tools.
The Benefits
Here are the top benefits implementing a CRM system in your business in 2020.
- All Data Readily Available
The more information you have gathered on your customers or clients, the more you’re able to help them and provide value.
One of the biggest benefits of a CRM system is the readily accessible data on all of your relationships.
This allows for an organized index of all important information needed to help a client and is available across multiple departments. Access to the right data at the right time will improve sales decisions, and overall productivity when building relationships with customers.
- Streamlined Communication
Organized and accessible data and logs allow for streamlined communication across a whole business.
With the right information, tools, and resources in one place, any employee or sales agent should be equipped to assist a customer or client.
This structure allows for increased efficiency across teams and greatly the reduces the amount of “back and forth” conversations between team members when looking for customer data.
- Save Hours with Automation
Another magical aspect of CRM platforms are their ability to automate and simplify tasks.
Typically time-draining tasks like data entry, data management, form completions, and reporting are solved by automated software that’s customizable to your business’s needs.
Let your CRM platform do the bulk of the time-intensive aspects of customer relationships and sales and let you focus on the customer.
- Improved Customer Service
As a result of increased company-wide access to data and organized procedures, you’re not only saving your time but your customers as well.
Right when a customer gets in contact with you, you’ll be able to quickly access their data and past interactions, with suggestions on how to most effectively help them.
A CRM gives you the ability to quickly and effectively find customer solutions and overall greatly improves your customer experience.
- Accurate Reporting
With data being consistently tracked and organized, the accuracy and and overall effectiveness of your reports will be increased.
And thanks to the automation tools that many CRM platforms possess, you no longer have to spend hours compiling, formatting and sending reports.
CRM platforms can organize and deliver accurate reports for any situation or aspect of your business relationships.
Top Tips for Implementing a CRM
Fully implementing and utilizing a CRM platform is not an overnight task for any business.
While it’s been proven time and time again that the benefits of using these systems are clear, a large majority of CRM projects fail shortly after launching.
Here are the top tips to utilize when implementing a CRM system to ensure the success of the project.
- Implement from the Top, Down
The reason most CRM projects fail is the lack of support and involvement from upper management.
Top management is responsible for explaining and demonstrating all new procedures and tools before fully implementing any decision.
By working closely with managers and other employees to establish and follow processes, the likelihood of people actually using and updating your system greatly increases.
- Establish Clear Guidelines
Having clear guidelines in place and established across a company will do wonders for your CRM system.
When there are set processes in place for various situations it greatly reduces the confusion and time spent using the platform, especially if it’s still new.
- Consider a Dedicated Project Manager
While consistent involvement from top management and other employees are crucial, it doesn’t replace a dedicated project manager.
This person is responsible for the day to day updates in the CRM, assisting employees when they have questions or issues, as well as improving and analyzing the effectiveness of the system.
When a CRM system is properly maintained and there are easily accessible resources, the involvement of employees and the success of the project increases.
Conclusion
A Customer Relationship Management platform is not a quick fix solution for customer relationships or an instant growth hack.
However, correctly implementing and utilizing a CRM system will not only improve the relationships with all customers, clients, and vendors but will also increase their lifetime value and spend.
Having the right set of tools and systems at your disposal, combined with extremely knowledgeable staff members who know how to utilize them properly is the key to creating and maintaining strong customer relationships.
