It has almost become a common notion that CRM solution is a luxury available for well established businesses, in place for many years. In our post, we try to burst this disillusion regarding CRM solutions.
1) Network and retain
For getting started, there is no substitute for a business to develop enduring network and contacts. While a lot of meeting and greeting goes on, CRM helps to maintain all contact information in a place, segment them, follow them up when needed and make many requirement based search and correlation among them. This is not all. Owing to its systematic storage and maintenance of clients/ contacts data , the business beginners may get rid of lot of redundant data or data duplication and prevent their data pool from becoming unnecessarily heavy.
2) Data empowerment
The extensive research in initial days of business creates enormous amount of data-about customers (purchase, refund, wish list history), market trends, competitors, compliance and the list goes on. This data in itself is unintelligible unless it is synthesized to make meaningful report, projection or other analyses. The organized data aids in operations and customer identification. It may help an agent on call to check inventory information and update the new customer immediately, the sales team is able to market the right message for right customer segment or look for the potential lead with high conversion prospect.
3) Smarter sales and marketing
CRM solution enables the customer experience teams to identify leads and potential customers. It also paces up cross-selling and up-selling. The probability of selling to an existing customer is 60%-70%, while the probability of selling to a new prospect is 5% – 20% (Invespcro) Further, not all leads become customers and not all customers are equally important. CRM makes this segmentation. For instance, risky customer, fast moving customers, promising leads and other tags may be added to different segments on basis of rich customer information. This enables the top Cx teams to devise more tailored marketing campaign and sales drive which directly impact the revenue of the new company. Needless to point, that the solution automates sales and marketing to a large extent, saving time and cost.
4) Omni-channel reach
Consumers prefer assistance over the following channels: Phone (61%), email (60%), Live Chat (57%), online knowledge base (51%), “click-to-call” support automation (34%) – (eConsultancy). Customers or prospects may check out the new entrant through multiple channels-phone, chat, email, social media, etc. Also if dissatisfied, they may reach the start-up through multi-channel, one after another, if issue remains unaddressed. A start up cannot afford to have the mess of a dissatisfied customer. To be noted: 91% of customer who had a bad customer experience won’t willing do business with your company again – (Glance). CRM allows customer identification across channels and access to complete customer history. In addition to this omni channel presence is enabled so that response may reach the customer instantaneously and query/complaint is resolved in not time. 75% of online customers expect help within 5 minutes (Mckinsey and Co.)
5) Social experience
90 % of social media users used social media to communicate with a brand (Conversocial). As a microcosm of the above point, social media communication renders the superior social experience to most of internet users. Customers will not just look up brands while socializing they may also approach for information and complaint. All this happens, mostly, out of regular business hour with the assumption the other channels may be unreachable. CRM aids in fast response with humane approach, letting retain customer interest and foster customer loyalty towards the start-up.
6) Personalize relationship
Customer Experience will overtake price and product as the key brand differentiator by the year 2020 ( Walker). Customers must be placed at the top most pedestal for businesses to succeed. Personalized experiences are long terms dividends to demonstrate wow moments and consolidate customer loyalty. CRM generates customer rich information which is crucial to devise any personalization plan-be it marketing communication, sales drive, product suggestion, offers or complaint resolution. A small step to make the customer feel special make leaps in terms of nurturing loyal relationships.
7) Go mobile
Everyone’s on the move- business head, customer, employees, logistic partners, etc. As per euromonitor estimates, total number of mobile Internet subscriptions will reach 3.2 billion, overtaking for the first time the total number of Internet users at 3.1 billion in 2017.This is especially true for emerging countries where low application smart phones instead of other sophisticated device is the medium to connect to the world web. Anything other than a mobile app CRM, may be dismissed as obsolete. A handy mobile app enables quicker real time updates and convenience which has a bearing upon time management and lowering overhead costs. For instance, a sales person may predict a delay due to calendar integration and may inform the client immediately or may remind about a forgotten meeting, or access a real time list of points to be discussed with a customer, all done out of office.
8) Encourages Self service
45 % of companies offering web or mobile self-service reported an increase in site traffic and reduced phone inquiries – (CRM Magazine). Customers find it frustrating to explain their inquiry/complaint from scratch to multiple agents with whom they may have language incompetency or wait for answers to posts made on query page. CRM is the singular answer to these multiple customers’ lack of ease cases. CRM helps knowledge sharing with FAQ and know-how pages, enables customer to upload cases , update contact information, thereby reducing inbound support calls and making newsletters subscriptions, redundant. This saves time for start-ups to invest on the important customer experience propositions.
7) Enterprise efficiency
CRM allows better ticket management, seamless communication among employees, access to operations and central update in system about customer, inventory, order, ticket, etc. It also offers masking to security sensitive information about customer, employees, business decisions, as the case may be. It not just lets all be updated in real time but through the shared cognizance of every team’s progress, it permeates a performance driven approach to set targets. In case of employee turnover, it becomes easy for the incumbent to catch up as every progress and status is stored in cloud.
With complete customer information made available to all, the organization gets oriented to more customer centric values. This gets propagated to customers in their employee dealings and the start up is sure to rank with high customer experience score. The status of each process or customer journey may be tracked in a single dashboard, making the whole business come alive in a single unified view.
8) Pay as your pocket permits
Business initiators have to be prudent in budgeting their expenses as they have to meet with many unforeseen costs. CRM as SaaS allows high configurability as well as scalability and payment as per usage of features. This is not just a cost effective option but also allows start-ups to try the solution in the beginning before they are convinced to use more modules to manage their business.
In a nutshell,
CRM lets extremely busy start-ups, immersed neck deep in many tasks and targets to entrust their customer experience deliverance to dependable technology. This trust is earned with CRM’s unique ability to nurture the entire customer lifecycle from prospect to after sales stage in a seamless manner.
The main take away:
In today’s highly competitive market, start ups live and die every moment. CRM is the technological foundation for startups to cease becoming startups forever and take off to the next level of expansion. In other words, CRM is the go-to solution for all start-ups which has a futuristic and ambitious market traction objective.