What Is CRM?
Updated: Apr 25
If you are still struggling and asking yourself how you can always track conversations with your customers and feedback about your products, CRM is the answer. CRM is an abbreviation of Customer Relationship Management.
Customer relationship management (CRM) is the software/tool 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 customer relationship management 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.
CRM supports small and medium enterprises in many ways, such as managing operational challenges. Some case studies have shown that SMEs that use CRM have seen an increment in their sales by 29%.(convergeHub). Small businesses should grow to start investing in areas that give back quick and significant returns; using CRM brings back your investment return so fast that this is a good deal for any small business owner.
Customer relationship management usually concerns questions about customers, for example;
Who are your customers?
How do you get in touch with them?
How do you interact with them?
What is their perception of your business?
What do they do for a living, how often do they visit your business,
How satisfied are they regarding the services and the products you provide them?
Plus, other aspects like tracking sales leads, marketing, and pipeline and delivering actionable data are all managed and controlled by CRM. The system usually focuses on individuals, for example, existing customers, service users, colleagues, or suppliers, finding new customers, winning their business, and providing support and additional services throughout the relationship.
The CRM system
The CRM structure supports a business’s ability to grow and take care of customer relationships, which offers a combined move towards getting together customer information while shaking up processes.
A CRM system allows everyone to manage external interactions and relationships that drive the business's success. The CRM system will enable you to store customer contact information, identify sales opportunities, record service issues, manage marketing campaigns, and make contact information about customers available in one position, making it easy to monitor transactions, productivity, and business growth. CRM is not discriminative in driving growth for all business sizes.
The CRM system is crafted into three parts;
Technology - This is often in the cloud that teams use to record, report, and analyze interactions between the company and users.
Strategy - This is a business philosophy about how relationships with customers and potential customers should be managed
Process - This business system adapts to nurture and manage customer relationships.
Businesses flourish with CRM. Here is how businesses can benefit from CRM.
1. Structuring improvements to your underneath customers
A good CRM helps grow your business and produce results that can be recorded. For example, a good CRM can increase lead conversion by up to 30%, sales by up to 30%, sales productivity by up to 35%, customer satisfaction by up to 35%, faster decision-making by up to 38%, and increase revenue by 25%. All this happens because good CRM is in place, improving or boosting your business to grow a little higher.
2. Deepens clientele associations using the business
Good CRM enables businesses to deepen their relationships with customers, service users, partners, suppliers, and other institutions, whether over the mental or nongovernmental organizations. Keeping good relationships with customers is so crucial in that it helps to maintain customer retention, and this is the heart of the most successful businesses
3. CRM can aid sales teams in good health in recognizing their sales channel
Through CRM, salespeople can quickly determine their progress through individual teams by approaching clients one-on-one and getting feedback about the products and services and how best they can improve these services. They can also understand their performance more by measuring it during campaigns and finding more information about what can be done. This helps the entire company, which helps to achieve the estimated goal or target.
4. Helps en route for advanced products and services
Good customer relationship management can help you gather information from different people, especially existing and potential customers and other sources. This gives you a perception of what customers feel about your products and services to know which products align with their interests to keep at the same pace or improve to better them. If the services are not in line with their interest, you can change them or change production to produce your customers' wants. This helps you to identify the lagging gaps and solve the prevailing problems.
5. Enhances consumer and management communication
Every customer always leaves details to keep in contact with the management. When interacting with customers, their questions, inquiries, or criticisms are recorded and shared with the contact management system to see how best these can be addressed to streamline their businesses in the right direction with the satisfied customer to promote business growth.
Related: The Best CRM For Banks
6. Promotes output
Good customer relationship management can help a business boost its productivity. This can be possible because businesses research their customers’ tastes and preferences to produce what is in line with what customers want. This can help to make more sales and increase productivity as a whole.
7. Enhances buyer contentment and maintenance
Because companies want to keep sales and increase productivity, customer retention is one of the most critical aspects. An easily accessible view of a customer’s daily interactions makes it easier to anticipate issues and deal with complaints. Knowing customers’ problems and finding solutions is one of the most significant assets in customer retention.
8. More speed of return on investment
Good customer relationship management includes a reasonable customer retention rate, increasing sales and productivity, and increasing investment return rate.
9. Follow up on a member of staff performance
Good customer relationship management can help the human resource team track and follow up on employee performance. This happens by simply collecting client information and feedback about a particular employee's performance, analyzing resourcing needs, identifying skills gaps, and supporting staff's pursuit of retention targets. CRM can also help to accelerate the process of recruitment. This is because the human resource and the entire management know their customer's behaviors. So in terms of recruitment, they would employ people who would handle their customers professionally as required.
10. Increases productivity of the business
A good CRM can increase your profitability by streamlining administrative processes in your sales, marketing, and service divisions and letting you focus on building and maintaining the customer relationships that matter. Without the support of an integrated CRM solution, you may miss growth opportunities and lose revenue because you’re not optimizing your operating processes or making the most of your customer relationships or sales leads.
11. Enhances more customer referrals as of the existing clients
Good customer retention management helps your brand find more customers due to the existing customers. When the existing ones appreciate the services and products, they offer their friends and other people to the same company, thus increasing sales and productivity. In addition, happy customers allow you to win new business from incoming customers. With better visibility, you’ll also be able to keep your customers happy with better service. According to some studies, satisfied customers are likely to become repeat customers, spending more than 33% more.
12. Excellent patron/consumer service and support
In the trending world of business, customers prefer getting full support and attention. Good customer care management can help you provide the high-quality service customers want.
Who needs CRM?
Customer Relationship Management is an aspect that is consistently applied in our daily lives, even with our friends, family, and the people we meet. CRM is so embedded in people.
The CRM system can be used by everyone in sales, customer service, business development, recruiting, marketing, or any other business line or anyone looking to manage better the external interactions and relationships that drive success.
Customer Relationship Management can help all companies of all sizes, whether large, medium, or small-sized businesses, but most beneficial to small businesses where teams need to find ways to do more with their little.
Customer relationship management can also be used by any company that wants to grow or maintain its customer relationship for additional support to keep its business growing.
Related: How to choose the best CRM for you?
Some groups of companies often benefit from using CRM, and these are;
B2B companies typically need to track leads and customers across long sales cycles and upgrade paths, such as software companies and recruiting firms.
Considered-purchase B2C companies are a jeweler, landscaping services, or a realtor.
Many companies need to use CRM but don’t fit into the two categories; however, that can’t stop them from using CRM to grow their business as long as they want.
Companies that need to have their central customer contact information in one place, like accounts, deliveries, sales records, and transactions, would find CRM helpful.
Those that need to track the productivity of their sales team and how they have been performing.
To make a good follow-up, those need to keep track of customer interactions or conversations with the business.
Other kinds of businesses that can benefit from CRM include;
Small businesses looking to grow if they want to be competitive in your marketplace need CRM solutions. CRM can take the burden of IT management off your employees by automating your business processes to focus on what's important, thus leading your business to succeed.
Industry leaders wanting large-scale solutions, Simplify and improve even the most complex customer engagements with an array of CRM tools that scale to fit your needs. CRM system helps gather data in one central place, which is suitable for large businesses conducting many transactions.
In conclusion, customer relationship management is essential for any business to grow. Your business’s information needs to be secure and organized; thus, it is worth trying. Of course, even in socializing, you must create a friendly environment for those around you.
MonkeyPesa CRM is an all-in-one business automation tool. From sales marketing, automation or customer support. With its devotion to helping Small and Medium Enterprises (SMEs), MonkeyPesa is a user-friendly tool. The pricing, features, analytics and easy-to-interpret dashboard make it ideal.
CRM aids businesses in getting prospects and insights converts more leads to become customers and manages customers across several channels. But, at the same time, they go through the selling process.
The services offered include; Sales pipeline management which helps companies to sell faster and get more prospects into the business. The invoicing and billing system allows tracking time, generating invoices, Pro-forma invoices, and quotes, and getting much more money faster. And the real estate system helps companies acquire property, landlord management, tenant and the necessary automation.
MonkeyPesa CRM Features:
Insights, analytics and reports
Human Resources and payroll
Inventory and stores
Bulk SMS and emailing
Accessible Communication is a giant step toward maintaining good relationships with clients. Strong relationships generate more sales and support, improve client satisfaction, and reduce business expenses.
A closed buyer is just as vital as a new lead. MonkeyPesa CRM allows you to create changes based on a prospect’s information, schedule calls for them at any time, take notes based on our interactions, and easily save and organize that data for future use. In a nutshell, you are moving a sales lead or prospect from one stage of your sales funnel to the next.
The MonkeyPesa CRM allows you to add contacts manually or upload files. Because the goal is to have streamlined communication in the sales process, you do not have to open another platform to make calls with your clients and prospects. The dashboard enables calls. In addition, all these interactions are captured in case you need to make clarifications and references.
Social Media is a very relevant tool for sales and marketing today. Every passing day, there is a new social media channel your clients and prospects sign up for. MonkeyPesa provides a centralized location for all your social media interactions — tweets, posts, reels, videos, comments, replies, and Direct Messages.