In today’s data-driven business environment, companies are scrambling to learn and apply the latest “growth-hacking” trick to drive more sales. As emerging technology continues to disrupt the business sphere, companies can gain insights that lead to better performance, less overhead and enhanced customer satisfaction. Customer Relationship Management (CRM) is a type of software that’s always been helpful in managing customer data, but the newest CRM technology gives businesses an enormous competitive edge. Here are the top three ways this technology can help your company achieve phenomenal long-term growth.
1. IMPROVES CUSTOMER SUPPORT
Customers get frustrated when they’re talking with a customer support rep, only to be transferred to another and have to start their story from the top. With CRM, you can streamline customer support so that all conversations a customer has with any sales reps appear in the software in real-time. This means a customer can go from talking with a rep on Twitter, to expanding their inquiry in an email, and if they end up talking with a rep over the phone, they won’t have to explain their problem again. If they need customer support a few months in the future, their past communications can be seen by any rep, so that the customer feels remembered and valued. Now more than ever, the success of a business depends on the quality of its customer support experience since millennials care most about the way a company provides convenience and values their time.
2. INCREASES SALES CONVERSION RATES
CRM is the ultimate tool for increasing your sales team’s conversion rate. By keeping all data on leads in one place, CRM creates synergy between your marketing and sales teams so that leads can move from marketing leads into sales leads without falling through the cracks. It also mines and analyzes data about your leads, providing insight into what stage they’re at in the buyer’s journey. This lets you prioritize the warmest leads to close more sales, and avoid moving too quickly with leads that need more nurturing. By organizing your leads based on their sales-readiness, CRM helps your team take the most appropriate action for each lead and bring more sales to a successful close.
3. AUTOMATES ADMINISTRATIVE WORK AND INCREASES EMPLOYEE PRODUCTIVITY
With the time CRM saves your staff on administrative tasks, you can cut labor costs or redirect your team to tasks that result in more sales. By automating the paperwork involved in the sales process, CRM makes more room in your business for the efforts that pay off the most. CRM can even increase your employee retention rate, productivity and morale. It takes the boring administrative tasks off your employees’ shoulders and allows them to contribute in ways that substantially affect the company’s success and increase their industry experience. Plus, CRM tracks employee successes individually, so that employees get credit where it’s due and are held accountable for any dips in their sales quotas or customer service ratings.
GAINING A COMPETITIVE EDGE WITH CRM
There are many new business tools out there that seem nice in concept but don’t drive measurable results. CRM has a huge ROI for businesses that leverage it. Success brought on by using CRM can be seen in measurable ways, such as your sales conversion rate and customer service ratings. However, success also happens in immeasurable ways, such as when customers spread word-of-mouth about your company after having excellent customer support experience.