What is CRM (Customer Relationship Management)?
Customer Relationship Management is an organized discipline of managing customers for maintaining loyalty through engagement and acquiring new customers through data driven analysis of customer behavior. This is facilitated by aligning organization goals and structure with their customers. Technology like a CRM Software is a key enabler in this regard.
Departments like sales, services and marketing use CRM Software and other technology driven weapons to remain competitive in the market, attract prospects, measure the effectiveness of sales processes and enhance customer service levels. Irrespective of the industry, size, product or service offered by any organization, customer roadmap forms the soul of the business trio-departments, namely sales, customer service and marketing
CRM solutions present an eagle eye 360 degrees view of the complete sales lifecycle and pipeline. They follow the principle of automation first for enhanced management leading to organization growth... This positively impacts the sales funnel by imposing a new discipline on the sales force and provides enhanced monitoring and analysis of sales communications with customers and prospects. In all, CRM solutions facilitates better decision making and relationship building by maintaining customer records, using this data with some powerful and effective decision-making tools for serving customers and beating competition.
Need for Customer Relationship Management Software
Organisations spend most of their time on paper work and processes rather than their primary goal – “acquiring customers”. Moreover, at times customer data is not easily available at one consolidated platform. Missing pieces of customer information creates gaps and may lead of miscommunication. A CRM software fills in all these gaps.
A good customer is recognized so on different parameters by different departments across the organization. For sales, an immediate purchase translates into immediate commission and thus, a good customer. Marketing does not understand this transaction language; they recognize good leads. With such different outlook about a good customer, an efficient system is much needed to direct sales, marketing, and customer service for reaching business long-term and short-term goals together.
In this regard, CRM software is extremely useful. CRM Solutions consolidate all customer related communications and contacts (Both existing and potential customers) on a single platform. It’s a boon for customer oriented organizations focusing on acquiring new customers and retaining the existing base.
By organizing and aligning all information across departments in one place, CRM Solutions help to:
- Increase sales by acquiring new customers: Analysis of customer buying behavior helps customize communications around their needs, group similar customers together and customize offerings suited to their needs
- Maintain Customer Satisfaction and retain customers rather than losing them to competition
In the pre-CRM era, management solutions were available only for contacts, customer databases and call centres etc.- all existed in isolation. CRM solutions came into the picture with the stark growth in customer base leading to the need for integrating these platforms to deliver enhanced customer services across large organizations.
Until recently CRM solutions were used by only large businesses who could afford the technology. This helped them reap value by increasing customer satisfaction, retaining customers, and reducing operational costs. Small businesses could not afford the money to spend and hence did not find these solutions relevant.
However, today CRM solutions are available to all kinds of businesses. Affordable web-based, easy to use and easy to customize CRM software programs have proved useful for smaller organisations, even more than bigger organizations in many instances.
At TechoStudios, we develop CRM Solutions which span industries like Software Services & Products, Trading e-commerce, Electronics, Advertising Marketing, Professional Services and Consulting, Call centers and Multi-site companies. We provide quick start, easy to plan and instant deployment CRM Solutions.
Benefits from a CRM Solution
At TechoStudios, we ensure that our clients gain the most out of their CRM Solutions. The business benefits we deliver with our CRM solution are:
- Consolidated 360 Degree overall view of Sales Lifecycle and Pipeline
- Comprehensive Lead Management and monitoring
- Better Customer satisfaction- Customer and Leads contact details, communications and sales opportunities on a single screen helps address customer needs better
- Higher rate of conversion- Insights from customer data helps convert leads to prospects
- Enhanced Productivity- Elimination of manual and redundant processes helps people focus on core competencies
- Better Monitoring and performance measurement of sales team
All these lead to a surge in top line revenue, reduction in costs, enhanced productivity and customer satisfaction.
Key CRM Features
At TechoStudios, our CRM Solutions provide extensive support to manage and retain customers in the following ways:
- Business Process Automation: Automate business processes like quotations (sent automatically), opportunity management- qualification and assignment, enhanced communication for relationship management with customers.
- Effective Lead Generation and Tracking: Consolidated view of contacts and monitoring of progress made by sales with leads.
- Salesforce automation : Complete automation of sales processes
- Improved customer service: Enhanced customer support through timely management of requests/tickets.
Planning is important to generate ROI (return on investments) from CRM
CRM Solutions bring a lot of value to the table. However, CRM installation is a huge investment. The investment not only includes the cost of application software, but also the cost of converting business operations, implementation time ,resource costs and other additional costs like consulting fees to implement the system.
What about returns? The return from CRM investments can be measured through increase in top line revenues, improved productivity and cost savings from automated processes. In addition to these “hard” benefits, there also are “soft” benefits that don’t show up directly on the financial statements of an organization. This includes improved customer loyalty due to better customer service, improved decision making from having better and timely information and improved transaction throughput resulting from decreased cycle times.
At TechoStudios, our team of talented individuals ensures that our clients leverage our CRM solutions completely and extract the entire investment made on CRM with quality results, leaving nothing behind on the table!