Certain types of business, customer relationship management (CRM) can be a critical component in securing more sales and customers. CRM takes the form of software and web applications which help to streamline all of the data you have about your customers. CRMs process and organise this data in an efficient manner. Some example would include: collecting sales, providing customer support and more. Another added benefit would be the automation of certain tasks and processes which would otherwise have been carried out manually.
What does it do?
CRM software can be different depending on the development studio and the business using it, however one common feature is the ability to identify individuals in a haystack of customers. CRMs may be able to aggregate information with other customers including, past transactions, contact details, past purchases, etc. This can be a great advantage when communicating with others about a particular client. If a customer contacts the business, then this will be recorded and added to a database. Of course as a result of this, responding to customer queries is much more efficient and that allows you to offer a higher level of service.
Another key aspect of any CRM worth its salt is the automation of tasks, which is in and of itself a vital asset to any business. A virtual agent can help solve common issues customers may have without taking up the time of an employee. Virtual agents are becoming more and more nuanced in the way they handle situations. The AI behind these agents is rigorously tested before release and can easily be switched to a human agent if the situation calls for it.
Like most other modern applications and software a CRM is often provided by a third-party cloud vendor. Software-as-a-service (SaaS) provides business with a number of benefits. Customer information can be accessed remotely. This allows employees to access information and update it no matter where they are.This allows your workforce to be more flexible.
Between 80-85% of CRM deployments will be in the form of SaaS by the year 2025. Aside from the benefit of added flexibility this approach offers, it can be cost effective too. These systems usually charger per user of the software.
Planning for the future
CRMs can also help businesses plan ahead. Since the CRM contains information about a customers purchase history it becomes effective when paired with analytics tools to give your business a head-start on future trends and likely purchases with certain customers.
One of the biggest reasons a CRM is so valuable lies in the fact it allows a business to see individuals rather than a mass of customers. Each one is different to the other and a CRM treats them as such. Using a CRM to help realise this can deliver an even better and more consistent service.