We are living in a world that has adopted a system of data-driven marketing. Gone are the days of “spray and pray” propositions where it has been difficult for marketers to correlate specific marketing efforts with the present market needs, and consequently revenue outcomes.
Modern day entrepreneurs know that the existing customer base can become an important aspect of business sustainability. It helps you access their needs and expectations from their perspective, which facilitates your business to develop a strategy. This understanding of the customer’s behavior promotes long-term growth and profitability by encouraging customer loyalty.
Businesses today, rely heavily on Customer Relationship Management (CRM) tools and softwarewhich are specially engineered to help you manage customer relationships. These software consolidates customer information and documents them into a single CRM database for easy accessibility and management by the business owners. They record various customer interaction over emails, phone calls, social media interactions etc. and automates various work processes.
The list for CRM functionality can be unusually long because functionalities are endless and there are more innovative ones being developed every day. Let us look at some of the more popular functions of a CRM system:
Lead management – This helps to track the leads generated for your business, and essentially follow them up based on product/ services – their timing, statuses etc. It helps your sales team to turn these leads into conversions.
Opportunity management – This comes to play once the lead is qualified and in your sales process. It visualizes your sales pipeline and provides actionable guidance. It organizes your opportunities and helps you reach the sales target.
Account management – This track all the companies and organizations that you’re working with. These can be a prospective client or general business connections. It helps businesses by mapping the relationships.
Sales activity tracking – It charts the tasks you need to perform to move a sale forward or complete it by ensuring that your customers get the attention they deserve.
Quotation and proposal management – These have a range of customizable business proposals and built-in analytics that help you produce and manage quotes and proposals.
Marketing campaign management – It helps you to plan, execute, track and analyze your marketing campaigns – from its inception, to launch and till analyses of results.
Email management and automation – The old-school email marketing is never dead. It still remains an important mode of communication in business institutions. Email management in CRM helps to manage email campaigns and sends the right leads to your sales people.
Customer service –This feature helps businesses to track cases, tickets, issues that your customers report. It helps in reporting these to your customer service team and helps them to quickly resolve the problem, which keeps your customers happy.
Customer collaboration – This aims at better communication between the customers and the company. Live chats, ticket portals, and similar platforms are available which helps in this interaction.
Besides functionality, there are various CRM companies that are present in this developing market. Companies are to make a few considerations like specific functionalities, efficiency, and cost before venturing.