The manager’s attention is more concentrated on gaining and keeping consumers because the majority of organizations operate in a challenging and highly competitive market where consumer demand is continuously changing.
This particular circumstance corresponds with Kotler’s definition of marketing, which is to “meet consumer requirements and desires with more efficiency than any other rival.” Marketing represents precisely the instruments needed to satisfy customers and has grown at the fastest rate in recent years.
With the onset of digital transformation, these instruments are nothing else but a CRM (Customer Relationship Management), SaaS platform, or similar online solution.
Nowadays, CRM is used by almost every industry to ease their business workflow. Replacing manual work with smart workflow automation is the new motto. A few of the popular industry verticals with heavy usage of CRM are Healthcare, Legal, Insurance, Transport, Aged care, Education, Security, and Construction.
What is CRM?
CRM is software or a tool that helps companies to build & nurture ‘long-term value with the customer. Customer relationship management is a plan to strengthen relationships with customers while also cutting costs, increasing productivity, and making a profit for the company.
Origin of CRM
As per the management study guide, ‘CRM was created in the early 1970s when business units realized it would be wise to adopt a “customer emphatic” mindset rather than a “product emphatic” one.’ CRM was created as a result of this careful observation.
Features of CRM
A CRM usually focuses on the various needs of a customer specifically encountered during the customer journey. These are customers’ needs, customer response, customer satisfaction, customer loyalty, customer retention, customer complaints, and customer service.
Importance of CRM for an organization
- A CRM system includes a historical perspective and analysis of every customer that has been or will be acquired. This facilitates fewer searches, customer correlation, effective customer foresight of demands, and growth of business.
- CRM comprises all of a customer’s information, making it simple to track a customer’s progress and decide which customers are likely to be profitable.
- Customers are assigned to different customer managers, also known as account managers, in the CRM system based on several criteria such as the type of business they conduct or their physical location. This aids in concentrating and focusing on every single customer separately.
- A CRM system is helpful in attracting new clients in addition to managing relationships with current ones. The initial step in the process is to identify a customer and enter all the pertinent information into the CRM system, which is also known as a “opportunity of business.” The Sales and Field personnel then attempt to generate business from these clients by deftly following up with them and successfully closing a sale. An integrated CRM system can easily and effectively handle all of this.
- The cost-effectiveness of customer relationship management is its strongest feature. The benefit of a properly executed CRM system is that there is much less need for paper work and physical labour, which means that there is less staff management and resource management required. When compared to the conventional method of doing business, the technologies utilized to construct a CRM system are also quite affordable and easy to use.
- The CRM system keeps all the information consolidated and at your fingers whenever you need it. This speeds up the procedure and boosts output.
- Customer satisfaction is increased by effectively handling every customer and giving them what they genuinely require. This increases the likelihood of acquiring more clients, which eventually boosts revenue and profit.
- If the consumer is happy, they will always be loyal to you and will continue to use your services, which will build your customer base and ultimately boost your business’s net growth.
Using CRM software can help you make sure that your company is productive and effective. Here are a few key figures to help you understand how valuable this resource may be for your company.
Key CRM Stats:
CRM can boost conversion rates by 300% (Finances Online)
The ROI of a CRM software system, when properly implemented, can exceed 245%. (IBM)
50% of teams improved their productivity by using a mobile CRM (Forrester)
Overall CRM usage increased from 56% in 2018 to 74% in 2019 (Stellaxius)
CRM is expected to achieve over $80 billion in revenue by 2025. (Grandview research)
Productivity for sales reps increases by 26.4% when adding social networking and mobile access to CRM applications (Nucleus Research)
22% of sales professionals are still unsure about what CRM is. (Finances Online)
74% of companies say CRM technology gives better access to customer data
91% of companies with more than 11 employees use a CRM system (GetBase)
94% of customers look to make a purchase from the same source they have previously. (Tech.co)
A CRM or a SaaS platform can help you identify the gaps and streamline your business workflow. One such SaaS platform is specifically designed for Edu-immigration consultants. KONDESK helps edu-immigration agents to automate their everyday tasks and help them focus on growing their business.