What is CRM?
Customer Relationship Management (CRM) is a vital part of business that helps organisations improve client experience, enhance customer loyalty, and as a result drive profitability. When implemented well, it is a great way to reach a wider audience, attracting new clientele while retaining existing clients.
Retaining clients is becoming increasingly challenging. CRM teams help businesses understand different client groups, which is useful for driving sales and marketing programmes. They focus on better understanding client expectations and requirements, to work towards improving an existing product portfolio.
How is CRM changing business?
Did you know that research suggests 86% of clients are in favour of paying more for an enhanced client experience? A CRM tool or system captures customer patterns, which is important for understanding what drives their interest in a service or product. This helps devise targeted marketing strategies and run customer-centric campaigns to find new leads and sales opportunities. Have a look at how CRM is being implemented to change the way businesses function.
Catering to preferences
CRM systems categorise clients based on their location, product choice, and purchase bracket or price preferences. This information helps allocate account managers to dedicated clientele groups, and allows them to understand their preferences for offering customised solutions and service options.
Cutting down sales costs
Customer acquisition can be costly – it requires consistent marketing efforts, advertising, and branding initiatives. To reduce new client acquisition costs, businesses often focus on cross-selling and renewal opportunities within the existing clientele base. Also, a CRM system helps in recognising the right leads by identifying untapped or potential opportunities with existing customers.
Improving response time
As response time is greatly important in today’s business environment, CRM software helps send quick replies to enquiries through standard email templates. This also allows businesses to maintain a consistent voice across communication channels.
Emerging CRM trends in 2020
While CRM is already revolutionising the way businesses function, here are some of the top emerging trends in 2020 that will alter the way they operate even further.
Integrating AI with CRM will continue to be invaluable for automating manual and routine tasks, devising recommendations to improve marketing campaigns, and managing any customer complaints. AI integrated with CRM allows businesses to analyse client data through purchase preferences, previous calls, and by generating a client profile. This all allows sales reps to understand their clients better and have a more focused, individualised approach to their communication.
Mobile-based CRM solutions are becoming more important owing to the ever-changing work environment and a growing global workforce. With pressure to drive revenues, sales representatives will greatly benefit from mobile CRM solutions to access data without security hassles, gain access from various platforms, and make client interactions more seamless.
The business intelligence (BI) element
New-age CRM solutions offer in-depth insights and useful pointers regarding consumer behaviour at both an individual and collective level. Organisations use these to close gaps in their sales processes, identify any shortcomings or the best practices in client interaction, and thoroughly analyse the entire sales process.
Social Media in CRM
By fusing CRM software and social media platforms, companies can work towards running advanced and personalised customer support programmes. While a marketing team would be putting in consistent efforts to run strategic social media programmes, it remains a one-way operation. Through social media CRM, businesses can identify and interact with loyal followers, influencers and brand advocates which would further help spread a positive brand image.
With all of these emerging trends, marketing and sales teams will be able to address challenges and drive innovative solutions in a way never seen before. If you want to develop your expertise in marketing, then the Dual Master in Strategic Marketing online from London School of Business and Finance could be the right degree to help you to reach your career goals