This page was last updated on March 10, 2023.
Are you looking to enhance the growth-rate of your business and improve efficiency in the workplace? The implementation of a CRM system will do just that and more. A CRM is an extremely powerful tool that can assist in areas of your business and show you areas that are thriving, and areas that need improvement.
If you’re weighing the pros and cons of introducing a CRM system to your organization, keep reading for additional CRM education and how it can benefit your business.
What is CRM?
CRM stands for customer relationship management. Essentially a CRM system is a type of technology that oversees and manages your company’s relationship with customers and potential future clients.
CRM systems are made to help your company maintain relationships with clients, colleagues, suppliers, service users and more. They are often looked at as the most efficient customer acquisition and retention tools for any business.
With a CRM system, you are able to collect a surplus of consumer data. This data can include your user’s demographics, spending habits, location, preferences, feedback, engagement with your brand, and so much more.
Why Do I Need to Invest in CRM?
There are so many benefits of CRM for a company. With customer relationship management, you have a lot more control in reaching and interacting with your audience. You’ll begin to learn how to craft your messages so that they can have the most influential impact on your users. Let’s look at the benefits of CRM more closely.
1. Improve Your Customer Service
Customer satisfaction should be a top priority for any business. With a CRM system, you will be able to gauge just how well your customers are satisfied. CRM systems also give you the tools to identify areas of improvement so that your customer satisfaction will constantly increase.
Another feature of CRM systems is that they can disperse customer surveys and collect data, making them extremely efficient for your company. You’ll be able to identify any problem areas your customers are noticing.
2. Nurture Your Prospects
Lead nurturing is important throughout your sales process. A relationship with a client does not stop once a sale is completed. It is crucial to form a relationship with leads so that they keep coming back to your site.
CRM systems provide a level of marketing automation which helps the lead nurturing process. Through this automation, you are able to save time while developing a deeper relationship with leads.
You then can create a marketing campaign that meets your specific criteria for your company. The campaign you decide to create will not only keep the relationship with your users well-rounded, but it will boost your customer service reliability.
3. Improve Your Team’s Organization
With CRM systems, you are able to log every interaction that your team has with customers. CRM systems also have the ability to remind your team of certain tasks that need to be completed and will store important documents so that they are readily available for future use.
Additionally, a CRM significantly increases the efficiency of your business because it not only provides a one-stop-stop for all the information your team needs, but it can assist in system automation.
Overall, with the incorporation of a CRM, the overall organizational structure within your company will be improved.
4. Generate More Leads
CRM systems help to generate leads in two interesting ways. The first is through the incorporation of a webform on your site. Once a user visits your site, you may prompt them to enter their email so that they can receive updates and information about your company.
The second way CRM systems generate leads is by being able to track the levels of your consumer’s satisfaction. With CRM systems, you are able to see users that have the most engagement with your company. For those who interact with your company, you would be able to gain referrals from your most prominent clients.
In addition to generating more leads, a CRM system can provide a big-picture overview of where your leads are coming from to ultimately make adjustments to your marketing and sales efforts.
5. Categorize Your Leads
Not all leads are the same. It is important to categorize your leads based on level of interaction and interest. By doing this, you are able to decipher which leads are worth the time to nurture and which leads are not.
This will help to streamline your client outreach and keep you focused on only the leads you deem to be qualified.
How to Utilize Your CRM for Reporting
Producing reports are an integral part to your business, as well as for making sure your CRM is working properly. Most CRMs have the ability to provide detailed reporting including charts, graphs, trend lines, and more to show an overview of sales, finances, leads, and marketing. Not only will this allow you to assess the overall health of your business, but it will show you what areas of your business need improvement.
Additionally, utilizing reporting featured within a CRM gives you the ability to create comparisons whether it be month-month, year over year, and even projections for the future. Here are some of the key reports your business should be utilizing:
- Sales activity report – The sales activity report serves two purposes. One being a reminder to sales individuals on any interactions they’ve made with the potential or current customers, but also the outcomes of their interactions based on their interactions. This can help you refine and adjust your process for communicating with leads and customers.
- Sales pipeline report – Provides a detailed overview of where every lead and current customer stands in your sales lifecycle. This is a great way to evaluate the success of your sales stages and make any changes if necessary.
- Campaign performance report – This is the ultimate report to keep track of and gauge the success of your sales and marketing. Some of the key metrics in this report should include cost per conversion, click through rate, open rate, bounce rate, conversion rate, and more.
- Lead source report – A lead source report has the ability to breakdown every aspect of your marketing efforts and decipher where each lead came from. This is a crucial report to develop and review when assessing your marketing efforts and can guide you to do more of what is working. We recommend setting-up your report to be able to see inquiries by lead source, revenue by lead source, conversion rate by lead source, and average cost per lead source.
- Customer service report – It is important to make sure you’re spending time not just on getting new customers but keeping your current ones happy. The customer service report serves as an indicator of how you’re taking care of your customers. If you’re looking for repeat customers, this is the report to create and evaluate on a frequent basis.
Sixth City’s CRM Services
Sixth City Marketing is a certified HubSpot partner. Due to this, we are able to provide clients with HubSpot marketing, and we additionally can provide PipeDrive consulting. With these services, we are able to manage your company’s lead flow which in turn will produce more efficient inbound marketing, higher sales, and a better customer relations experience.
Working with a CRM system like HubSpot or PipeDrive, you are able to benefit greatly. Specific benefits include:
- Keeping track of all your correspondence with a prospective client
- Easily tracking form submissions and contacts
- Monitoring sales from start to finish
- Seeing the source of your lead
For more information on our CRM marketing services, contact our team today!