Customer relationship management is a good aspect you need to grow your business and make it flourish, but how many business people actually know about this? Automatically they are few, and most often, brands don’t follow up with their customers to get feedback from them about their products or services. Failure to follow up with your customers is among things that can actually make a business decline slowly, especially if your client retention rate is shallow.
Today, if you are a business owner or a service provider or deal with clients in one way, your customer relationship management is poor. Your business is actually on its way to collapse. Wake up from your comfort zone, give your customer value, and see how your business grows so fast.
CRM is good for every kind of business, whether small businesses or medium-sized businesses and can be the driving wheel for your business to grow
What Is CRM?
Customer relationship management (CRM) is the technology for managing all your company’s relationships and interactions with existing and potential customers to improve business relationships to grow your business. This encompasses all tools, skillsets, and tricks you use to keep customers.
Good CRM encourages brands to keep linked to their existing and latent customers, builds faithfulness, crafts customer relationships, and maintains joint customer service, increasing sales and productivity.
How CRM can grow your business rapidly.
1. Grows and boosts customer satisfaction
Good and well-maintained customer relationship management is one of the greatest things that your business needs to survive. When a business has good customer relationship management, it becomes easy for such a brand to thrive through in the areas of marketing, selling, and providing goods and services because it has already built a strong relationship with customers and therefore accepts services of accompanying is done in a blink of an eye. It becomes so easy for the employees involved in the areas mentioned above. When customers are given adequate attention, they feel valued. It brings an attachment to the company, followed by customer appreciation, which brings satisfaction and boosts a business's growth.
2. Finding the right customers
Good CRM is crucial in helping your brand find the right and loyal customers; customer relationships are key to your organization’s growth, so you need to manage them as efficiently and effectively as possible to get more connected to customers, improve business performance and grow your company bigger and faster than ever.
As always, good hosting alongside perfect services will always attract the rightful people. Customers who are satisfied treat a business like theirs, so those are the rightful people that your business needs to grow.
3. Manages Your Data
CRM software refers to software that helps you organize and track every interaction with your customers, thereby improving your customer service. This software helps organize leads, customer information, account details, inquiries, questions, solutions, and any other information into a single database, making it easy to manage such data and improve productivity as tied to a high level of management and organization. Reserved customer information helps conduct the necessary analysis and marketing research easily; this quickens the process and reduces delays.
4. Knowing your customers
CRM helps you to know your customers; it is a good idea for every brand to know its customers because it becomes easy to know, what they like, their interests, what they do, and how often do they contact your business for services, where do they come from, are there the same services near them, how old are they, what feedback do they give about the services your brand offers them or even how they compare your services with those of other brands. When all this information is gathered together, it helps you know what customers' perception of the services you give them is? This helps you to know where to improve and what to do next.
5. Value your customers.
CRM is not only meant for big companies, but all those companies that wish to grow, expand, and prosper. Any business that ignores its relationship with a customer is on the verge of collapsing. If you have ever had some of your customers go somewhere unnoticed, you need to find out why? Because for any customer who leaves a business and goes somewhere unnoticed, that is a golden opportunity gone, and that actually shows that your customers are not being given value, so for a brand to maintain and keep its customers at a close, it is necessary to give value to its customers.
6. Increases sales
If CRM is well handled and done effectively, you can increase sales, boost customer retention, improve profit margins, and even reduce sales and marketing costs. Research has shown that CRM boosts sales. With all the customer information in the records, you can target your sales effort more precisely, time your approaches more strategically, improve your conversion rate, and up the number of sales per customer, thus enhancing business growth.
7. Good customer retention rate.
Any business that uses customer relationship management grows its business fast because a satisfied customer is a customer, indeed. Using CRM in your brand reduces the rate at which customers leave or quit a business; increased stay translates into increased revenue for the organization.
Related: Common Mistakes With CRM
According to a Harvard business review study, a 5 % reduction in customer defection rate can increase your profits from 25% to 85%, and of course, this would be a golden chance for the brand. It also becomes easy to approach such customers once more to come back and buy once more or always, helping your business grow more and more.
8. Builds stronger relationships with customers
Most people involved in marketing and sales say that honesty, reliability, dependability, and trustworthiness are important aspects of successfully sustaining any business to achieve its intended goal. A deeper understanding of a customer’s view towards your business is such an important thing because it helps you understand the challenges that customers could face and how best you can actually help them have those issues addressed. After understanding a customer’s challenges and goals, you can recommend appropriate products and special promotions or any other relevant content to their business interests. Find out what they have purchased and how they are using your product and services that will help you provide more relevant content and information.
9. Reduces the cost of sales
Selling to an old customer is always easy, and the probability lies between 60-70%. Selling to a new customer is always tricky, and the probability is between 5-20%. You can always get new customers through the old ones. This makes it easy to turn them into leads or potential buyers and which increases the growth rate of the business in the long run.
10. Improves work efficiency and reduces costs
CRM provides you with multiple options through which you can capture and enter leads into the system. This helps you reduce manual data entry (improved efficiency), thereby saving your employees precious time. It also helps minimize the risk of duplication, thus ensuring that your data is error-free and accurate. As a centralized unit that provides data to various departments through a single source, a CRM system helps integrate marketing and sales functions. It helps various teams to easily collaborate, thereby assisting employees in addressing customer inquiries faster, which, in turn, can help increase sales and boost business growth.
11. Enhances Customer Engagement
Good customer relationship improves customer engagement. This requires having a positive experience and good feedback on interaction with the brand. To achieve good feedback from a customer requires you to have maintained a good relationship. An engaged customer will be the next satisfied customer, and of which this keeps them around the business as potential supporters. Well-engaged clients together with well-engaged employees build loyalty and continued support.
12. Information and records are all gathered in a single piece of information
Good CRM software helps to gather all the customer-related information in a single source of the document and all in one position, which makes it easy to find information easily about customers, for example; about the transactions made and how often, the interests of the customers, accounts, stock keeping, and delivery, dealing with another firm, delivery of goods whether done on time or later and every other piece of information that the company would like to use.
13. Monitor performance
Good CRM helps to monitor the brand's performance; this is possible through auditing the business and the employees and getting to know more about the feedback. This helps to show what is moving well within the company and what is not working to improve what is not performing well and maintain working.
14. Chance to find new customers
Good CRM can help you acquire new customers through old customers' recommendations, boosting and growing your business.
15. Make effective use of marketing
The other important aspect of CRM is that it allows you to target customers interested in your business. This is possible only after understanding your customers' needs and behavior; this will help a brand know the best time to produce or market a product to earn much more revenue and boost its growth.
16. Improves employee productivity
Having good CRM software helps employees reduce their time on doing the work manually, for example, data entry of customers’ contact information. In addition, the service quickens the process and increases the time employees spend with prospective customers, thus building good customer relationships, loyalty, and trustworthiness. This, at the same time, enhances customer retention, which results in improved sales and business growth.
Final thoughts and conclusion
All you need for your business to grow is good CRM. Of course, putting this into reality, the truth remains that a customer who is not well handled is not satisfied with your services. A customer who is not happy cannot be an everlasting supporter of your business. Still, they will instead switch to your competitor’s business. Once you lose a single customer to a competitor, that is a golden opportunity taken, and it reduces the chances or the rate at which your business would grow. To keep your customers, MonkeyPesa gave good highlights to show you how important good CRM is and of value to your business.
MonkeyPesa Joint Inbox
Your sales, marketing, and customer support teams will love MonkeyPesa’s Joint Inbox. It brings together Twitter DMs, Instagram DMPesa, Facebook Messenger, Gmail, Whatsapp, SMS, and more channels in one place to respond to your customers wherever they are on the internet. It is the communication Holy Grail.
After logging in to the MonkeyPesa Joint Inbox, visit the inbox tab to get started with the MonkeyPesa CRM dashboard. Get more information via: https://www.monkeypesa.com/joint-inbox