To ensure sustainable growth for your company, you’ll have to pay close attention to you relationship with your customers. You have to secure a sense of trust which also has to be long-standing.
This is impossible to accomplish without proper customer relationship management. It has to be efficient and effective with instant access. Contrary to popular thought, the purpose of having a CRM goes far beyond just keeping your customers happy. This brief article will help you understand the benefits that CRM can offer to a company.
1. Allows You To Provide Better Customer Service
Research suggests that about 50% of customers are ready to pay more for a good customer experience. Even the “best” products are only as good as the customer service that comes with the sale.
A good CRM solution accounts for the difference between annoying a customer with promotions and maintaining a relationship. The interactions that you have with your customer after the sale are the most important. Because they now trust your brand and are ready to engage with you again.
2. Improves Your Customer Retention
You can increase profits up to 25% – 80% simply by increasing your customer retention rate by 5%. An effective CRM should instantly address the problems and also approach satisfied customers with new offers at the right moment.
Satisfied purchases will keep your customers coming back for more. The time you spend on building trust with your existing customers will keep paying your dividends for years to come.
3. Helps You Find The Right Customers
Without good CRM in play, the chances of converting your leads to sales are pretty slim. Regular sales reps do not have sufficient experience to identify which leads are the hottest.
You have to make the most of your marketing tools such as social media and emails by bringing them to a common CRM platform. This will help you identify and target engaging conversations that can turn prospects into customers.
4. Reduces Your Cost Of Sales
The chances of selling a product to a new prospect are just 5% – 20%. This rate almost triples when you’re selling it to an existing customer. New customers are essential for a growing business but they’re certainly not cheap.
There are ways for you to offset the cost of acquiring new customers. You can upsell, cross-sell, and offer renewals to your existing customer base to tally the expenses. Thanks to the trust that you have earned through your CRM, you’ll now see a huge increase in repeat sales.
5. Builds Sustainable Relationships
A survey by SalesForce says that about 46% of sales leaders pledge their success to deep customer rapport. You have to plan and set-up your CRM on top of three vital ground rules. Firstly, you’ll have to explore the challenges that your customers face and come up with solutions.
Next, you’ll have to engage your customers with products or services that are relevant to their needs. Finally, focus on offering a 1-to-1 relationship because customers love personal bonding. A personal follow-up by the same person can help you see instant growth in sales. Custom email templates, setting up task reminders, and periodic phone calls are all part of this process.
6. Increases The Productivity Of Your Employees
The biggest mistake that most new companies make is overloading their employees with heavy tasks. As a result, they do not get enough time to engage with customers. When companies realize this, it’s often too late.
Hunting for leads or entering data is something that you can now completely automate. By doing this, you can allow your employees to do something that really matters which is to organically connect with your prospects. You also have to strengthen the connection you have with your existing customer base to maximize repeat sales.
Conclusion
Good customer relationship management is the single most critical thing that a business needs to move its sales needle. Every single effort that you put into your company would be meaningless if not for this.
If you go too far, it sounds like you are pushing them into making a sale. But again if you don’t try enough, you could lose all the time and effort you’ve put into nurturing the customer. Still worried about what CRM solutions to go with? You can schedule a Free Consultation that CTS is offering to sort things out.