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CRM is a technology that helps an organization to retain existing customers, capture new customers and improve customer loyalty. It helps business owners to overcome various operational business challenges like high client attrition rate, sales decline, non-systematic business processes and dissatisfaction of stakeholders. Following reasons sums up to the essentiality of implementing CRM strategy in an Organization.
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1. Customer Prioritization- prioritizing customers based upon how profitable (or how likely to become profitable) they are should be a common business practice to be successful.
2. Centralized approach for Customer Information- CRM is a software that lets you work in a transparent, natural and unconstrained way, creating a unified pipeline and helps streamline the workflow of your sales team. It empowers managers to keep a watchful eye on the overall team's performance and to help make sure it's growing.
3. Business process automation- CRM helps an organization to streamline business processes. It standardizes and automates sales, marketing and service processes to reduce human error. It increases productivity, speeds up business processes and improves customer satisfaction.
4. Record Customer Journey- once the CRM software is installed, the proper course of action can be laid out denying rely on pen-paper based plans. CRM allows the organization to easily identify and follow up on promising leads. It will keep track of the process of signing a new customer so the latter's specific information is available to the whole team, both sales and support. It also reminds one to stay in contact with a customer at regular intervals to encourage product adoption. Implementing a CRM solution can drive customer retention and mitigate churn. Hence, monitoring a customer's involvement with the business can help organization identify opportunities for cross- or up-selling, thereby organically growing the business while helping customer's success.
5. Fostering inter-departmental cooperation- Maintaining & Coordinating synergy between sales, support, marketing, and development is vital for smooth cooperation between the organization and the customers. Lack of inter-departmental cooperation is the source of many pain points for customers. Organizations can use a CRM solution both to assign tasks and see how those tasks fill out the bigger picture. CRM serves as a common interface in an organization where they can empower their staff to work by sharing insight, leads, issues, and solution.
6. Gels up the Best- In order to gain more out of CRM, Organization needs to check that the CRM version they use meshes well with the other tools to run the business efficiently and effectively. It should be able to take all parameters such as helpdesk, escalation, email, calendar, live chat system, marketing platform and other parameters are in sync with their current version in order to bring out more sales and productivity.
7. Increment in workflow efficiency- CRM software solutions consolidate different methods, practices, and tools needed to track customer activity, and finally spare one from double entries. With a good system in place, one can eliminate all costly manual errors, and still make each customer feel valued and unique.
8. Improved Cross-Selling and Upselling- The ultimate goal of using a CRM system is to trigger it for deal closure. In the upselling case, drawing intelligence from the customer's current purchase to bring about similar products to his attention and rely on tags and categories one has previously inserted. Cross-selling is also a part of the game, where the system tracks a customer's previous purchases to suggest new products and to get an idea of what customers will be looking for. All details are then stored in a centralized database, ideally, in an individual customer profile, the agent can always turn to and see who he's dealing with. Basically, a good CRM will be delegated the task of spotting and using opportunities, and will, therefore, end up boosting the profits.
