COVID-19 — an unprecedented crisis that has devastated the business world; many companies have gone bankrupt, while others are reeling from the effects of drastically-reduced sales, due to poor demand resulting from the pandemic. In these testing times, the need to build strong relationships with customers and delight them has acquired greater significance than ever.
How can you provide top-notch services to your customers, without burning a hole in your pocket? What does it take to convince the customers and gain their trust? How can you retain and expand your customer base? You need to use a powerful Customer Relationship Management (CRM) system.
How can a good CRM system help you win customers and maximize your revenues?
1. Find out how customers are connecting with a business
I’m sure you’ll agree one of the key elements of your marketing success is knowing how customers get in touch with your business. A CRM system helps you identify the channel through which a customer finds your business — via online searches, email campaigns and so on. You can also collect information about prospective customers, who find out about your company through trade expos and other physical marketing channels (which I’m sure will be back in full swing once the COVID-19 crisis abates). Armed with this information, you can determine the effectiveness of each marketing channel and optimize your expenditure accordingly.
2. Get the big picture of marketing leads
We all knowa 360oview of a prospect goes a long way in helping an organization transform him into a customer. An effective CRM tool helps you integrate the information about potential leads, collected from multiple channels, to provide the complete picture, enabling you to convert them into actual sales. In fact, a study by Pardot shows 79% of marketing leads don’t become sales without a CRM tool.
3. Deliver excellent customer experiences
The data in your CRM system is invaluable; it enables you to thoroughly understand the needs of your customers and deliver services of exceptional quality. The data empowers you to resolve customer issues quickly, in a hassle-free manner, thereby gaining their trust and develop a strong rapport. A survey by Capterra reveals 47% of companies opined their CRM systems helped them enhance customer satisfaction levels considerably.
4. Retain customers through effective engagement
It is well-said a disengaged customer is a lost customer. You can improve your bottom line considerably by retaining your customers; a study by Harvard Business School reveals a 5% increase in customer retention rate can boost profits by as much as 25% to 95%. A CRM system helps you ensure you always remain on the customers’ radar. The treasure-trove of customer data in the system allows you to engage customers at the right touchpoints, at the right time, to present new opportunities. Needless to say, you develop a loyal base of customers who’ll always look to you. Retention of customers also helps you cut selling expenditures very significantly. More about this in a moment.
5. Reduce selling costs considerably
Various studies place the cost of acquiring a new customer between 5 to 25 times more than the expenditure incurred to retain an existing customer. This clearly underscores the importance of retaining customers to minimize costs. Furthermore, the probability of making a sale to an existing customer is 60% to 70%, while chances of selling to a prospect are just 5% to 20%. Your CRM system contains a reservoir of useful information to extract the maximum share of the customer wallet — the data provides insights that help your salespeople identify opportunities for making repeat sales as well as up-sell and cross-sell.
6. Enhance selling efficiencies significantly
Your CRM system automates mundane manual tasks such as data entry and scouting for customer information, thereby enabling your sales team to spend more time connecting with your prospective and existing customers. A survey revealed more than 52% of highly successful salespersons make the best use of their companies’ CRM systems.
7. Close more deals and close them faster
We’ve seen the data in your CRM system is a valuable asset. The data helps you get insights that enable you to make the right pitch, to the right person, at the right time, thereby allowing you to considerably sell more. The CRM system provides all the information pertaining to prospects at your fingertips, enabling you to get ready for selling quickly. This, in turn, helps you reduce the time to strike deals very significantly.
Thus, a robust CRM system enables you to grow your business very effectively and get the maximum share of the customer wallet, thereby improving your bottom line in a big way. At Solunus, we provide the best CRM solution that perfectly meets needs at a very affordable price. Check out our blog to find more interesting information about cutting-edge CRM products. Hope you enjoyed this post.
Solunus, a North-American based Salesforce Partner, prepares businesses for their next-generation customers. Established in 2014, we simplify Salesforce for you to build more meaningful customer relationships. We partner for a win-win arrangement with a clear ROI that the client realizes by the end of the engagement. Our 350+ years of cumulative industry exposure and Salesforce experience underpin our position as the right Salesforce partner. We are a team of Salesforce Certified Professionals, CRM Architects, and certified Agile Scrum Masters with a passion for making a difference.
About the Author:
Kirk Smith is the Director of Business Development of Solunus, Inc. He is responsible for enabling clients to harness the full potential of cutting-edge technologies to minimize costs and manage risks. Kirk has helped several clients successfully implement and make the best use of Salesforce.