Can CRM be an all-in-one customer engagement platform?
The only key to survive in this cut-throat competitive world is customer satisfaction. A business can sustain only when its customers are satisfied with its products/services.
Be it a customer service industry or any other, customer engagement is pivotal. Highly engaged customers always buy more, promote more, and they also demonstrate more loyalty.
You can ensure a high quality of customer experience and customer engagement by ideally using customer relationship management software.
The CRM (Customer Relationship Management software) Industry & Some Trending Stats
In the past few years, the CRM industry has seen staggering growth. The ecosystems of CRM software solution providers worldwide are surging high, and trust us, it won't slow down anytime sooner.
The reason behind the unparalleled growth of CRM is the accessibility that this platform provides. With the help of CRM, companies can access their customers' data in real-team with mobile and cloud solutions.
According to the Grand View Search survey, the CRM software market size alone in the US was at USD 40.2 billion in the year 2019. The report also indicated that growth can scale around 14.2% from 2020 to 2027.
Seeing the surging numbers, it is not wrong to say that CRM has become the heart of every growing business.
The reality is that nearly 90% of companies use Customer Relationship Management (CRM) software.
The Importance of Customer Relationship Management Software
CRM is a technical system that helps in optimizing customer relationship management. Understanding the importance of CRM is essential, and it can be done by understanding the trends and personalizing the system according to the existing and potential customers' requirements.
With the help of CRM software, companies can streamline their multiple works such as assigning different tasks, handling the leads on time, maintaining healthy relationships with customers, and ensuring customers timely services.
Some of the main advantages of CRM systems are as follows:
Sales/Marketing Opportunities: Companies can connect with CRM software solution providers for a reliable solution for better customer engagement. CRM software works as a sales and marketing tool. It enables businesses to manage current customers, review their purchase history, and even analyze their customers' buying habits.
Cost Reduction: Earlier, businesses used to handle every process manually. With the advent of CRM software, companies can save ample time and effort, ultimately reducing time, effort, and expenses. CRM collects data for easy analysis, and lets enterprises predict the market situation and sales strategies. It leads to the upliftment of revenues.
Quick Customer Data Access: CRM acts as a centralized database with profiles containing information of multiple customers, and delivers this information to businesses as and when required.
Enhanced Efficiency: As now the CRM agents do not have to explore the profiles of customers manually, their efficiency, as well as productivity, get enhanced.
Better Communication: The centralization of data facilitated by the CRM system makes it easier for businesses to share information between departments. The easy accessibility of data by different departments in businesses improves communication flow.
Reviews and Retention: With the help of CRM solutions, businesses can collect feedback, reviews, surveys, etc. accordingly improve customer relationships with the brand. It also helps in earning customer loyalty.
Better Customer Experience: The collected data offered by CRM software enables you to personalize your customer services. This can contribute to a long-term relationship with customers. As a customer engagement platform, CRM helps you meet your customers' demands and requirements timely & effectively.
Service-Ready Business: Customer relationship management software allows you to classify your customers on different attributes, such as preference, price preferred, etc. Based on this information, you can allocate a team to other areas and empower them with the required essentials.
Is CRM Vital to Augment Customer Engagement?
CRM software is an all-in-one customer engagement platform as the features enable businesses to generate, improve, and retain customers with timely service and exceptional experience. It helps to streamline their day-to-day operations, learn insights, and prepare better sales and marketing strategies.
The aspects which are significantly impacted by Customer Relationship Management Software are as follows:
- Improved customer retention
- Enhanced customer satisfaction
- Improved sales revenue
- Up-selling and cross-selling of products
- Overall business growth
Still, confused about CRM? Then you should read the sections below:
Stay in Touch: CRM systems are quite powerful platforms. They can store all vital information about your customers, such as their past activities, conversations with business, and their purchases. In short, CRM records how customers interacted with your business.
Use this data wisely and connect with your customers with the company's new offers, news, sale campaigns, or any other initiative. Renowned author Kevin Stirtz said in his book – "Every contact we have with a customer influences their decision as to whether they'll come back. We have to be great every time, or we'll lose them."
Learn Your Customers' Needs: The modern customers are quite progressive in sharing their opinions and reviews about a particular product or service. Through CRM, you can keep a close eye on all communication channels and learn what's new about your brand among the customer community.
Provide Client-Centric Solutions: Once you know what your customers need, it's time to take some action. Remember, customer 2.0 has multiple other options, thus always offering them relevant service or product.
Through Customer Relationship Management software, you can learn about their preferences, concerns, the reaction for a particular service, and then offer them the required solution.
Keeping Up with The Clients: Once you are through with the product delivery, the real challenge starts. It is ideal to know your customer experience with your solution. You can do this with the help of CRM software.
The cloud CRM and mobile CRM are two remarkable technologies that will empower you to keep up with customer needs according to their experience.
Personalize Your Relationship: The most critical letter in CRM is "R" which stands for Relationship. Through CRM, you can start developing unique and personalized relationships with your customer. The CRM system lets you personalize your emails by simply adding the first name of your customer.
Your customers will love this way of addressing, and it shows that you care about them.
Dutiful Customer Support: The centralized CRM system ensures that you don't lose a single customer inquiry. It can log all the requests into its central system, and an automated process updates the customers.
Rapid Response Rate: Customer of the present time is very advanced, and he or she requires a company to be super-fast in replying to their query. CRM solution empowers you to boost up your response time by sending them ready-made email templates. Customers always appreciate such quick and personal responses, and it leads to greater customer engagement.
CRM Integration with Other Tools
Customer Relationship Management Software is itself a compelling platform, but when it gets integrated with other tools across your sales stack, it makes users' job so much easier.
Integration mitigates tedious and repetitive tasks, expands functionalities, and makes customer engagement easy.
Below are mentioned a few examples of integrations of CRM with other tools:
CRM Integration with Email Marketing:
The most popular CRM integration in the business world is CRM & email integration. The integration of CRM with multiple email marketing tools offers direct & personalized connections with prospects. The integration fetches all details related to your consumers in one place. You can analyze this information and prepare personalized email templates, customized messages, and personalized forms to send to your customers. CRM integration with email marketing is an excellent facility that notifies you when receivers read your mail.
CRM Integration with Social Media:
Social media is the most powerful platform, which, if used strategically, a business can grow exponentially. Integrating social media platforms with CRM is mandatory for companies. With the integration, you can get valuable insight into your social audience. The integration of CRM with social accounts will also help you streamline and automate posting that will easily let you reach your potential customers.
Other facilities that users get on CRM and social media integration are as follows:
- It fosters a relationship with the existing customers.
- It lets you connect with potential customers through keywords and hashtags.
- It helps you in tracking industry-centric keywords & new and trending hashtags.
- You can connect & respond to your customers on their choice of platforms.
- It empowers you to deliver the targeted content.CRM Integration with Messaging:
CRM Integration with Messaging:
By integrating CRM with messaging, your connection with your audience comes to the next level. Users can send automatic reminders about upcoming offers, events, etc. It will reduce operational costs, help you gain relevant data for marketing, customer retention, reduces operating costs, etc.
CRM Integration with Telephony:
The contact centers and the company that depends on telephony operations; CRM integration is a boon for them. This integration helps users in making more accurate outbound calls efficiently and effectively. It will improve your reach to the prospective audience.
CRM Integration with Live Chat:
Handling lots of chats and keeping the record of all of them is a daunting task. By integrating CRM with Live Chat, you can retrieve information from the chatbox.
This integration can help businesses in the following way:
- It will capture the information from the name, email address, phone number, IP location, time of chat, and other necessary details.
- It helps in keeping, managing, and revealing the data of frequent visitors.
- Users can check the chat history and serve their clients more effectively.
CRM Integration with Video
Many companies use videos as part of their marketing strategies. Businesses that use video platforms like YouTube can integrate CRM software with it and get valuable insights about the leads.
Some other significant CRM Integrations that improve customer engagement platform are as follows:
- Calendar Integration
- Lead management Integrations
- Team Communication Integrations
- Forms and Data Collection Integrations
- Communication Software Integrations
- Customer care Integrations
- Proposal and Document Integrations
- Ecommerce platform Integrations
- Web Form Integrations
- Event Integrations
Industries That Mostly Use CRM
Multiple CRM software solution providers deliver the best quality of customer engagement platforms. No matter from whichever industry you function, customer engagement and customer satisfaction are the keys to run your business successfully.
Here are the different industries that use Customer Relationship Management Software:
CRM in the Hospitality Industry: Catering guests valuable services.
CRM in the Travel Industry: Converting leads from multiple platforms.
CRM in the eCommerce Industry: Auto-assign tickets & real-time tracking of each ticket.
CRM in Healthcare Industry: Access patient's info, appointment schedule, diagnosis records, etc.
CRM in the Education Industry: Access students' profiles, live chat with parents & students, enhanced educational experience, etc.
CRM in Real Estate Industry: Consolidate inquiries and leads, and auto-assign to the sales team.
CRM in the Airlines Industry: Customized and advanced booking systems improve conversion.
Different industry verticals globally adopt customer Relationship Management software. As mentioned above, it benefits businesses at the next level and has also emerged as an all-in-one customer engagement platform. But, each user has different use cases of CRM and different purposes. Refer to the buyer’s guide to CRM software for better clarity. The CRM software comes in different ranges. If you are yet to have a clear budget, then try using the free and open source CRM software. Otherwise, there are several different types of CRM based on their functionalities, rates, and service. You can check the entire list of some of the best CRM software and pick the one that suits you. Once you start using CRM software, you are sure to witness the positive results in sales and revenue generation.
Personalized customer experience is the key to customer retention. Read more to find how Fintech helps enhance the personalized customer experience in real-time. continue reading