Customer relationship management (CRM) software is one of the most important pieces of software most major companies have in their arsenal. Allegedly, acquiring a new customer can cost five times more than retaining an existing customer. The success rate of selling to a customer you already have is 60-70%, while the success rate of selling to a new customer is 5-20%. So, why is CRM so important?
To put it simply it tracks interactions you have with your customers and provides a complete picture of where you stand in regard to customer relations and how you are doing at the moment. The basic information held by CRM software is firstly the client contact details like name, phone number, email address etc but can also store the details of those phone calls, meetings and emails that are completed or ongoing.
But is the cost really worth it? Definitely. Here’s why.
Having a single point for all your information storage means never having to search through multiple different places for important emails and traded messages that are vital for maintaining the continuity of a business relationship. These small chunks of information are often what lead to sales. Sending the same, generic catch-up email more than once to a customer gives them the impression you can’t even remember when you last spoke. They will see your attempts to converse as disingenuous. With CRM software you will have all the details of each email logged so you can remember that you only recently touched-base with certain clients and to perhaps send a different type of email to others. CRM software will lay out your history of each client in an easy and digestible way, transforming the way you interact with customers and boosting their interactions with you consequently. It’s efficiency means less time and money spent in the process and your attention is fully focused forward.
Client histories are constantly changing as businesses evolve and employees join and leave the company. The best way to keep these histories consistent is not through notes left behind by ex-employees but rather through one overarching CRM. Inside a CRM, due to the nature of it being so robust and computational, it is extremely easy for a junior staff member to pick up right where the last member left off with absolutely zero confusion as everything is streamlined and has been recorded in line with how you want it to work. Furthermore, there is no risk of duplicated inputs or lost data with the system being entirely online everyone can see everyone else’s notes and (provided the server stays in healthy condition) there is no way the data can be misplaced and lost.
You might oftentimes find yourself struggling through old data trying to find a clear picture of what’s been happening with certain customers. Due to the lack of a uniform source of data storage to help with the analysis, it is difficult to piece things together yourself from oftentimes disjointed and confusing notes. CRM is the tool to fix this, you can see as individual or as general as you wish to get a comprehensive idea of how your business is doing.
While a business is still small it can be easy to think that storing and filing all your information on an excel spreadsheet is the best way to go. However, consider doing the same filing and storing in five years’ time when your customer base has doubled, tripled, or increased tenfold! Not so easy now! It is also had to devote time solely to making sales when employees (or yourself for that matter!) are lost in an endless backlog of outdated information and recording client interactions manually. Without easily accessible current data you can’t possibly analyse, predict, or plan for the future.
If you think that CRM software is the missing piece to your business, we can help you make and integrate your very own bespoke CRM system. You won’t be on a paid monthly subscription, or need a license per user and everything can be tailored exactly to your needs. Get in touch to explore the possibilities and find out what a CRM could do for your business.