3 Strategies to Improve Your CRM Software
Why is CRM important for your business? Why should you invest in a CRM system? Such questions are not difficult to answer.
A CRM solution simplifies customer relationship management, a crucial aspect of running a business which delves in managing interactions with customers, both existing and prospective ones. In its most basic sense, CRM systems help companies build and foster stronger and more fruitful relationships with their customers.
Given the value it brings to any business organization, it's not surprising to see how huge the CRM software market has grown in the last decade.
According to a 2019 compilation of CRM software statistics, the CRM software market's global value back in 2010 was $14 billion. Recent surveys suggest that the industry will grow to as much as $80 billion by 2025.
So what can you do to boost your CRM’s efficiency as well as increase and speed up its ROI? CRM experts share the following best practices.
- Pick the Right Type of CRM
CRM software is a huge investment, thus it is only logical that your company picks the one that suits the unique needs of your organization and your budget. There are three main types of CRM software in the market:
- Operational CRM
- Analytical CRM
- Collaborative CRM
An operational CRM system is built to help businesses create and maintain a clear view of all their customer interactions. Through sales and marketing automation, users save time on important tasks such as updating customer information, lead scoring, task management, and automatic event type syncing.
With analytical CRM software, businesses are able to collect customer and sales data from various sources. The software then analyzes the data for hidden insights that can help users make smarter, data-driven business decisions and strategies, as well as discover hidden opportunities.
Collaborative CRM software, as the term suggests, is designed for collaboration. The software allows the seamless and quick sharing of information across and among different individuals and teams, as well as external stakeholders.
Operational and analytical CRMs are also used for collaborative efforts. The main difference is that a collaborative CRM platform is utilized primarily for customer service and customer retention rather than customer acquisition.
- Make It Easy for Your End-Users
CRM solutions are supposed to make customer relationship management and all its related processes easy, not complicated. Thus, it is essential that you consult with your employees and see what their CRM needs are and consider their inputs prior to investing in CRM software. If you purchase a CRM solution and skip the consultation phase, then CRM adoption will likely be difficult at the very least.
Phil Nieman, a senior marketing and sales operations manager for a sales enablement software company, advised business owners, managers, and decision makers to customize their CRM to match the requirements of their end-users. Or, at least, those who will be using the software more frequently.
If it is viable, companies should also invest in CRM software training for all employees. Miranda Palmer, a business consultant and coach, urged upper management personnel to consider providing training for employees if they want their workers to consistently utilize their CRM system.
CRM tasks, like creating a contact count roll up field for Salesforce accounts, can be quite complicated for the untrained staff. But with a proper CRM setup that’s built around your internal processes, your workers can accomplish a lot more CRM-related work in less time.
- Choose CRM Software with Integrations and API Features
Although the CRM is now considered the heart of every business, it still needs to work with several separate business systems and applications. This is where integrations with other software and tools like SalesHud come in.
When choosing CRM software, it is best that you consider the business software that you are currently using or planning to use. Most CRM solutions are designed to integrate with a myriad of business systems and applications, especially popular ones.
Sometimes, integrations are not enough. As your business expands, its needs change dramatically as well. CRM software for small business will not be adequate to meet the requirements of your growing enterprise. But switching to a different CRM software can be costly, not to mention time-intensive as it requires going through new learning and training.
This is where the API functionality comes in. With API, you can customize your CRM software to meet the changing needs of your business. If you are technically savvy, you can perform the customization yourself to close the gap. If not, you can have an external party or even the software developer handle it for you.
Getting the Most Value Is A Priority
CRM software brings in a slew of advantages for almost every type of business organization. It enables users to gather, organize, and analyze customer information so they can derive actionable insights. These insights are then used to design, improve, and optimize business strategies in multiple fronts - sales, marketing, customer service, recruitment, and business development, to name a few.
From delivering relevant information via personalized messages to sending them personalized ads and promotions through the right channels at the right time, there is no denying how impactful a CRM platform is to business and its success. Thus, it is imperative that you maximize your CRM software and get the most value out of it.