INTRODUCTION
A customer relationship management system (CRM) helps collect, organize and manage the entire information related to the customers which will be helpful in tracking the buyer’s journey. With CRM in place, you can monitor the interactions, streamline the communication process, improve management of the entire database and amplify the overall customer experience. As your business expedites, you cannot rely completely on the spreadsheets to store bulk amounts of customer information.
CRM are relatively powerful tools that your business needs to embark on, which helps you to effectively streamline the entire business processes and operations. CRM is way more important for your business in order to grow better. As per statistics found in findstack, it is stated that CRM technology is set to reach a value of about $128.97 billion in 2028, representing a CAGR of 12.1% in the next 7 years.
Why would companies need a CRM system?
There are many reasons as to why a company should invest in a CRM system. Some important reasons are listed below.
1. Un-organized information
It is not easy to remember each and every conversation with the clients. You cannot keep searching for important information through the email messages.This would probably involve a lot of time and effort. Follow ups and deadlines will become a bit difficult for the teams. A CRM would definitely help in compiling all the information in a systematic manner. You can always keep your data organized and retrieve it whenever necessary.
2. You can’t always rely on spreadsheets
The basic qualifiers you can keep record of your clients are name, the contact number and the position. You definitely cannot store a bulk amount of data in your spreadsheets. You need to keep on increasing the column count in the spreadsheet as the business progresses, and retrieving information can be frustrating. A spreadsheet no longer is effective, when you need to access a large amount of customer information. Hence with a CRM in place, you can add huge amounts of customer data, customize the fields as per your requirements and no need to keep scrolling through the database for information retrieval.
3. You might be losing leads
You might miss follow-ups with the prospects because your spreadsheet doesn’t give you reminders or alerts. You might lose the leads during the process. Leads are important for the growth of your business. Without proper tracking of leads, you will definitely face a problem in acquiring new customers. A CRM captures the leads from multiple sources, keeps track of the leads, monitors/ nurtures the leads, and helps convert them into potential customers. With CRM, you never miss out on leads information and hence can boost sales in a prodigious fashion.
4. You will find hard to create effective sales reports
Sales reports are pivotal for the growth of your business. Your reports need to generate the information that the sales team requires in order to analyze and evaluate the sales goals. Sales teams need to have sales reports in order to analyze the information completely to check if you have attained the goals. CRM helps you create customizable reports and documents, wherein you can gather insights about the sales potential, the customer behavior and the profit margins.
5. You can’t access information on the go
You cannot keep track of all the information on the spreadsheet on the go. If you want to access information while doing field work, your spreadsheet will fail you. You cannot sit at the desk all the time in order to retrieve information while your job requires you to work in the field. With a Mobile CRM in place, you can have access to real time updates and view the customer data at any time you want. The employees will be well-equipped with the information they need in order to complete their work.
6. Your team is getting bigger
A team gets bigger as the business grows. This will require a lot of changes in the way your business operates. Your employees might need access to a huge chunk of customer data and have to run the follow ups in a smooth manner. As your business grows, you cannot build and nurture the customer base with the help of a spreadsheet. You have to look in for a better alternative. CRM definitely helps your teams to collaborate better, communicate effectively and increase the conversion rates.
7. You have never ending goals
Your business needs goals and targets for every quarter. The goals will determine how your activities are performing and what needs to be corrected in the future. When your goals get bigger with time, you need a technology that helps you attain the goals. Your CRM has the capabilities you need to leverage better in order to streamline your business operations.
Conclusion
CRM is a superpower that your business needs in order to run efficiently. You definitely cannot rely on spreadsheets to access huge amounts of customer information. Today technology plays a major role in the success of a business. You cannot miss out on technology in this modern era. Hence investing in a CRM technology, will provide you with innumerable benefits needed to build your business exponentially.