It’s estimated that when CRM is implemented, for every $1.00 spent, a business’ average return on investment (ROI) is $5.60. But what exactly is CRM and how can it help your business to drive sales?
CRM stands for Customer Relationship Management and it involves the supervision and analysis of customer interactions with a business in order to improve the relationship between company and customer with the fundamental aim of increasing sales. It is important for businesses because it tracks interactions and gathers, analyzes, and stores data from various communication channels. CRM software and CRM systems can assist you to do this, making it much easier to manage as everything is in the one place. It’s also accurate and manages everything a lot faster, meaning sales teams have more time to dedicate to actual selling.
Using a decent CRM system means that you are given data from a wide range of sources. Cloud-based CRM is a more lucrative option, but data security can be a concern as the business doesn’t control the storage themselves. Find out what best works for you and your company, taking into account the scale of the business and your ultimate goal when it comes down to ROI.
There are many ways CRM can drive sales. Here are a few ways CRM can help your business!
1. You can learn more about your audience
By getting to know your audience you’re already developing a relationship which helps with customer retention. Customer Relationship Management also allows you to learn more about your customers and what interests them, making it much easier to come up with effective marketing and sales strategies. This can also help to develop and improve trust between buyer and seller which is crucial for driving sales!
2. You can improve your products or services
Through learning about your audience via CRM, you can then take on board the concerns they have in relation to what you are selling. By reviewing their interests, you can tailor your product or service to appeal to their preferences. This will ultimately improve your product or service as it’ll be more suited to your audience and your potential customers which will ultimately drive sales!
3. Increase leads
By establishing a buyer/seller relationship and managing that relationship through CRM, customer retention will be easier to achieve. This will ultimately increase the amount of leads a sales team has. This is due to the fact that CRM allows you to manage your company’s relationships and interactions with your audience, customers, and prospects. It also prioritizes the customers, generating more leads and helps with customer retention!
4. Improve your profitability
Thanks to CRM, you can be more strategic when targeting your product or service, meaning you are more likely to generate revenue through increased customer satisfaction. By being more targeted and specific in the ways you market your product or service, your profits will improve. As I’ve said before, the average ROI for every $1.00 is $5.60 when CRM is used… So make sure you implement a Customer Relationship Management strategy for your business if you want to increase your revenue!