Top 4 Benefits a Quality CRM Brings to Your Business
Content relationship management is one of the fastest growing industries in the market today.
In fact, the CRM industry is now the fastest growing software market. And by 2025, revenues from these types of software are poised to reach an astounding $80 billion.
But what’s so great about a CRM? Why are so many businesses incorporating them into their workflows? And what are some of the top benefits that they offer to businesses in all types of different industries?
We’ll take a look at all of that and more.
But first, let’s cover a few basics about content relationship management to build a solid foundation of understanding.
What Is A CRM?
In a nutshell, a customer relationship management platform helps your business better keep track of and understand your customers and prospects.
What content are they interacting with? What is their purchasing history like? Where are they spending most of their time on your website? And how close are they to being ready to buy?
A CRM system not only helps gather all of this information when properly used, but it can also help organize the data and display the insights gleaned from them in a meaningful way.
The more you know about your prospect’s behaviors, the better equipped your team will be to feed them meaningful, valuable content to drive sales or help nurture them through your business’s sales funnel.
What’s more, these systems can be integrated with other business-boosting platforms like marketing automation software, sales department technology, or customer service systems, providing more seamless information transfer between departments and more automated customer relationship management.
Think of it as a snapshot of who your customer is, what your relationship has been like in the past, and what kinds of content have they shown interest in already.
And today, there are more CRM software choices than ever. Some of the most popular include:
Cloud vs. On-Premise CRM
There are plenty of benefits to CRM for nearly any business. And we’ll get into those in just a minute. But before we do, one point worth noting is that there are generally two different types of CRM systems: On-premise CRM systems and cloud-based CRM systems.
An on-premise CRM is usually only used by especially large businesses today. These systems offer heightened security since customer data is typically stored on servers owned by the businesses themselves.
They also take longer to implement and will usually cost quite a pretty penny.
Cloud-CRMs, on the other hand, are used by small to medium-sized businesses and offer much more flexibility and far less financial investment. Information is stored on servers owned by the CRM company, and the software is accessed via the internet rather than through a program installed on your business’s system itself.
While an on-premise CRM usually requires a large licensing fee, cloud-based CRMs follow the Software-as-a-Service (SaaS) model and require a weekly, monthly, or yearly subscription.
And unless noted otherwise, these cloud-based systems are the CRM platforms that we’ll be talking about throughout the rest of this article.
On To The Top 4 Benefits of a Solid CRM
Now that that brief disclaimer is out of the way, let’s jump into the top 4 benefits that a quality CRM can bring to your business.
Benefit #1: Deliver The Right Content, At the Right Time
Today more than ever, a solid sales funnel can be the most important factor in whether a prospect chooses you or the competition.
And one of the most important parts of any sales funnel is delivering helpful, meaningful content that’s tailored specifically to meet the needs of the prospect in a specific stage of the buyer’s journey.
When your prospect is still in the awareness stage, pointing to a sales-focused piece of content will not only fall on deaf ears, but it may also end up driving that prospect away.
A quality CRM will help you understand where your prospects are at in your sales funnel and help you determine what kind of content will keep them engaged and help them move closer to conversion.
And when you combine that with marketing automation software, you can streamline lead nurturing so much that it becomes a near fully-automatic process.
Benefit #2: Powerful Automation Capabilities
Piggybacking on the last point, a powerful CRM system can also help you automate some of the other time-consuming areas of your business too.
From complex customer segmentation to comprehensive departmental reporting, CRMs can be combined with countless other systems and third-party tools to tackle cumbersome tasks that used to keep your team bogged down for hours at a time.
And that extra time can be used to drive more quality engagements, seek out more qualified leads, and ultimately let your skilled staff build more value.
In fact, lost productivity and poorly managed leads cost companies around the world around $1 trillion a year according to the CMO Council.
And the more streamlined you can make your business processes, the more you can cut down on costs and bulk up your bottom line.
Benefit #3: No More “Back To Square One” When Transferring Depts.
On the client side, few things are quite as frustrating as having to retell your entire interaction history after being transferred to a new point of contact. It’s like starting over completely. And it can be absolutely infuriating.
This is just one of the downfalls of what’s been termed the “silo effect” – a lack of communication between different departments or sectors of an organization. The silo effect can lead to a less professional-looking business, poor customer satisfaction, and the loss of valuable customer information.
The problem is so rampant that almost 9 out of 10 executives and employees blamed project failure on poor communication and collaboration.
With a CRM though, all departments and contacts have direct access to the same indispensable information, from a customer’s complete buying history and communication history down to what content they’ve been connecting with on your site.
And with cloud CRM systems, field agents can still have access to the same level of customer detail that used to be only for on-site employees.
It’s a complete customer overview that spans the entire breadth of your company. And it means each and every interaction they have with your business builds on the last, even when they talk to a new contact.
And of course, that means a better experience for them and a better reputation for you.
Benefit #4: Stellar Organization
Modern CRMs capture a staggering amount of information on prospects. And depending on your goals, each piece of this information can be incredibly important in nurturing your lead and driving sales.
But all this information is only helpful when it’s presented in a clear, organized way. Otherwise, it can just seem like a chaotic mess of data that no one knows what to do with.
A CRM helps organize this slew of data in a meaningful way across multiple channels. So whether you’re in sales, customer service, leadership, or are out in the field, you’ll have direct access to the invaluable insights that this data offers, without having to crunch the numbers using another tool.
It’s all right there in one spot. And most importantly, it all makes sense, no matter where you’re at in the company.
CRMs: Business-Changing Technology That’s Finally In-Reach
Customers are the lifeblood of absolutely any industry. And if you want your business to survive in today’s modern landscape, you simply have to understand who those customers are and how they’re interacting with your content.
CRMs provide powerful insights for tracking prospect engagement while enabling you to offer a superior brand of customer service. And when it comes to turning prospects into returning customers and keeping them satisfied along the way, a CRM can truly be a game-changer for nearly any business.
How has a CRM changed your business and client relationships? Do you have a favorite CRM platform? Let us know in the comments below and as always, don’t hesitate to reach out to us if you have any web development needs!