How a CRM system can help SMBs grow
The trick is that CRM takes care of the most important aspect in business – the relationship between a company and a customer! CRM helps businesses establish and (most importantly!) maintain long term relationships with customers.
Helping businesses to improve the quality and consistency of their relationships with customers and build customer loyalty, CRM has been the fastest growing software market since 2017, claims a Gartner study.
So, if you’re a small to medium-sized business, a CRM system can help you cover some of the key bases.
Let’s take a look at the things you, as an SMB organization, can benefit from if you invest in a CRM system:
- Do more with your customer database
All businesses have a contact list of potential and existing customers that they use to sell their products or services. But a list of names and addresses alone won’t help you make money. You need to make it work for you!
A CRM system not only stores all customer data in one central, easily accessible location, but also allows you to track and analyze all customer interactions, purchases, orders and requests, by providing a panoramic view of the customer. Everything from calls and emails, to service requests and closed or lost deals.
With all conversations and activities logged in, it helps businesses to always be up-to-date on what is happening and know when to follow up.
FACT: “74% of CRM users said their CRM system gave them improved access to customer data.” (Software Advice)
- Keep more customers by improving customer service
For smaller businesses, customers are everything. The more customers they keep, the bigger chances to survive the competition there are.
One of the surefire ways to keep customers is to offer outstanding customer service. And CRM can help you stay ahead of this game.
Easy access to all information about a person, including all previous interactions, allows you to create a more detailed picture of the person that asks for help. You know who they are, what they experienced before, whether or not they were happy with the offer, what type of product they currently have, etc. All this information, accessible in just a few clicks, helps you act quickly and efficiently.
Also, a CRM system can automate the allocation of customer service requests and speed up response times. This means, you can offer timely and informed help to your customers, making them feel appreciated and important. And if you keep them happy, they will stay – as simple as this.
FACT: “47% of polled CRM users said that their CRM had a significant impact on customer retention, and the same percentage (47%) said their CRM had a significant impact on customer satisfaction.” (Capterra)
- Offer more targeted and personalized services
One thing that makes your business stand out is personalization. Customers are more likely to buy when they feel that they are treated like individuals.
CRM is a rich repository of very particular information on each customer. You get to know their habits and preferences by looking at the commination and purchase records. And this, in turn, allows you to create targeted offers, suggest tailored solutions, and offer personal services.
Just by analyzing a few months of customer behavior data stored in a CRM system, you can start to better understand the decisions that guided your customers to buy or not to buy your products. It means you can map out more detailed customer personas and sharpen your marketing activities.
You can also monitor your customers’ changing needs and service requests, and adjust your behavior accordingly – all to increase their satisfaction with your brand. Because a brand that listens is the brand that survives.
FACT: “62% of consumers expect companies to send personalized offers based on items they’ve already purchased.” (Salesforce)
- Sell smarter and boost your revenue
Modern sales is all about who does it smarter.
CRM can help small businesses to perfect their selling capabilities through access to all sales-related information and sales process automation.
Simply put, a CRM system gives you an overview of a customer’s buying patterns, guides you in your sales process by prompting you what to do and when. It helps you know what the status of every sale is, visualize your progress, see results, notice bottlenecks, and forecast revenues.
Not only do you get notified when to send a proposal or a quote and when to follow up on a prospect, but also when a contract is about to expire and when a customer expressed interest in new products.
What it means? An opportunity to up-sell or cross-sell! This way, with the help of a CRM system, you can maximize the value of every customer.
Finally, CRM eliminates the problem of storing information in different places and with all systems, such as email, calendar, contact data, project management and data analytics, integrated in one system, selling becomes an easier ride.
FACT: “CRM applications can help increase sales by up to 29%, sales productivity by up to 34% and sales forecast accuracy by 42%.” (Salesforce)
- Stay mobile and do business on the go
Mobile and cloud-based CRM systems are particularly helpful assets for SMBs who are often on the move exploring new market territories, looking for partners, meeting clients, and making sales.
And it’s not only mobility that helps SMB to carry out their business no matter where they are and what mobile device they use, it is also the ease of set up.
With a cloud-based CRM system all you need is the internet. No need to purchase, install and maintain expensive hardware, own a server, worry about updates and system backups or software licensing costs. All is taken care by the CRM provider. Cloud-based CRM systems also easy to scale up as your business grows.
With the mobile CRM, you can enjoy all the functionality of a desktop CRM system on your mobile device with full access to critical data and real-time updates, saving you time to focus on your business.
FACTS: “24% more sales reps achieve annual sales quota with mobile access to their CRM.” (Aberdeen Group) “Sales reps saw their productivity increase by 26,4% when adding social networking and mobile access to CRM applications.” (Nucleus Research)
- Refine your lead generation methods
Businesses go to great lengths in order to capture hot new leads. And a CRM system can be a great help!
Instead of buying lists of prospects and cold calling, why not tracking the actions and striking a conversation with those who already express interest in you by visiting your website?
A modern CRM system can help you create integrated webforms for your website visitors to fill out. This way you can capture essential information such as their name, telephone or email address. A modern CRM system is also able to track the website visitors’ actions and see which pages they looked at and spent most time on.
All this information is then automatically stored in your CRM database and can be accessed to your marketing and sales teams to act upon. This way you can capture hotter leads, work with rich company profiles, and refine your lead generation methods in general.
FACT: “Using a CRM can reduce a company’s marketing costs by 23%.” (Cloudswave)
CRM as a means to grow your business
Being a small business has its advantages. But there’s hardly any company that doesn’t really want to grow.
A business may want to grow because of several reasons:
- To assume a stronger position in the market and become more resilient to competition,
- To reduce costs and achieve greater buying and bargaining power,
- To reduce commercial risks and survive market fluctuations,
- To grow profit and increase revenue,
- To gain and retain more customers.
But just willing to grow is not enough. You need the tools that will help you become stronger, more sustainable and impactful.
CRM is a secret ingredient that spurs growth and helps businesses transform from the startup stage into a dynamic and growing enterprise with a strong customer bases and advanced sales performance.
If chosen correctly, a CRM system can do much more for SMBs than just being a centralized contact database. It can help you qualify your leads better, boost your sales, organize your actions, give insights into trends, and – simply – save time.