4 Benefits of CRM for Businesses

4 Benefits of CRM for Businesses

We’re sure you’ve heard of customer relationship management. How is social media and customer relationship management interrelated? What is the need for customer relationship management if you’re a business owner today?

The rise of social media is imminent and cannot be unseen. As a customer, you might be unaware of how social media impacts every purchase decision you make. As for the businesses, we cannot ignore the role of social media in the entire process of making a sale, as well as in customer relationship management.

For both B2B and B2C industries, social media plays a crucial role in the decision making process. According to reports, social media interactions also have an effect on upselling efforts. Social media acts as a medium to generate good quality leads before they finally convert.

Customers now are more interested in products and services that make a difference to their lives. We are seeing a keen focus on building strong relationships with customers. This calls for effective customer relationship management.

The insights that are gained with the help of CRM help market your services or products more efficiently. If you know how to target your customers, your business will grow better. So here is the ideal purchase process followed by businesses to target users:

Awareness- Business promotion creates awareness about the product/service that you are offering.

Interest- At this point, customers begin to search for something specific that interests them. Businesses pay attention to this step to capture leads.

Desire- Here you need to market your product in a subtle manner. This should reflect how your product fulfils the demands of customers.

Purchase- Customer recommendations largely influence a purchase. Providing quality customer service ensures that existing customers advocate for the new customers.

Retention- Retaining existing customers is beneficial for the long run. This will help you build a strong customer base.

Now that we know why businesses are implementing CRM, let’s discuss the benefits of CRM for businesses:

Business Growth

What does business growth depend on? There are various factors that are responsible for business growth, the primary one being how well you market your business. The stronger your relationship is with your customers, the more business you are likely to receive.

Getting a good understanding of what your customers like or dislike gives you an opportunity to cater to their needs and wants better. You can position your products and services in a way that your customers find most appealing, making your brand one of their favourites.

Get Customer Insights

Big data is an important part of CRM and because of this businesses are able to get insights that can be beneficial for them. All customer data is easily available, which means that informed decisions can be made with greater agility.

As far as the marketing campaigns are concerned, having insights on the responses of your customers can help you avoid making previous mistakes. This will make you market your business in a better way.

Loyal Customer Base

Customer relationship is the key for having a strong and loyal follower base, which is important if you want your business to grow in the long run.

Social media CRM is the next big thing for businesses and the formula to gain loyal followers. Social media offers tremendous potential for businesses to grow. This helps businesses not only to build online virtual communities but also lets you create customer engagement programs and activities that help build strong customer relationships.

Customer Retention

With every other business having a presence on social media channel offering almost similar services, it has become important for businesses to break through the noise and give customers a reason to stay loyal to their brand. Having customers that are loyal to your brand helps in increasing customer retention. Fulfilling the needs and requirements of your customers gives them a reason to stick to your brand and also tell other people why they should purchase products or services from you.

So, customer relationship management is no more just an option for businesses to consider. It has become a necessity for any business in order to get better insights about your customers and therefore cater to their needs better. Considering what your customers are saying about you and your business will help flourish your business.

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  • Martin Humphreys

    CRM has been widely embraced throughout the business world.

  • Ethan Lane

    Marketing budget isn’t being used effectively because contacts are poorly segmented so messages aren't targeted and result in unsatisfactory volumes of leads.

  • Rich Sutton

    Many workflows consist of repetitive, time consuming processes. Routine tasks are taking too long to fulfil resulting in uncompetitive operational costs.

  • Jemma Hill

    CRM creates a single truth about each relationship that is accessible from a consistent interface wherever people work.

  • Louis Hodgson

    By better aligning people and business processes, CRM systems help organisations achieve greater scale and grow efficiently.

  • Rightly said Louis!

  • Christopher Loft

    Good article

  • Thank you Christopher!

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Anuja Lath

Digital Marketing Guru

Anuja is India's #7 LinkedIn Top Voice 2017. She is the Co-founder and CEO of RedAlkemi Online Pvt. Ltd., a digital marketing agency helping clients with their end to end online presence. Anuja has 30 years of work experience as a successful entrepreneur and has co-founded several ventures since 1986. She and her team are passionate about helping SMEs achieve measurable online success for their business. Anuja holds a Bachelors degree in Advertising from the Government College of Fine Arts, Chandigarh, India.

 

   

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