- Posted by: Jade Brindley
- Categories: business development, CRM
A well-implemented CRM system can bring many benefits to your business.
Some are obvious – such as streamlining your sales and business development, enhancing your customer relationship management, and optimising your resources to free-up capacity.
There are, however, some business benefits of a CRM that are not-so-obvious too.
These include facilitating better internal communication, which can boost staff morale; scaling your business up; standardising your key processes; and even cutting back on the amount of admin that’s required.
But a CRM system is only as good as the way it’s been implemented. And part of its implementation is to make sure that everyone using it is not only fully trained, but also understands exactly how you need them to use it to get the most business benefits from it.
This guide aims to highlight the business benefits of a well-implemented CRM system can bring.
Enhance your customer engagement
CRM stands for Customer Relationship Management. So, a CRM system, by definition, is there to assist your business in the way it manages – and engages with – its customers.
It’s not only for your customers either – anyone that your business has a relationship with, from paying customers to suppliers, shareholders, corporate partners and any other form of stakeholder, can be managed by your CRM to ensure you are engaging with them in the best way.
Without a clear understanding of the history of every relationship your business has with someone, the way you work with them will always be based on guesswork.
CRM’s helps businesses to understand the true situation and status about every relationship it has, meaning anyone accessing that information can tailor their approach accordingly. It helps visulise and understand the customer journey so it can be continually reviewed and improved.
Segmenting your audience
One of the main business benefits of a well-implemented CRM system is the way it will enable you to segment your audience.
Provided the data you hold is accurate and up to date (which can be a challenge in itself), you can use your CRM to view customers who are current and lapsed. You can gain an understanding of their favourite products and the things they are least likely to buy from you.
You can see who your most loyal customers are and assign a tiered status to make sure you are always looking after your ‘gold’ customers well and doing more to encourage your ‘bronze’ customers to come back to you.
You can create whole marketing campaigns aimed specifically at each of your audience segments and then track their success.
But again, it all boils down to how well set-up your CRM is and how well your people are trained.
Good data and user discipline are the keys to unlocking the full benefits a CRM can bring.
In normal times, every business goes through peaks and troughs.
In situations like the one we currently find ourselves in, with an economic shutdown caused by a global pandemic to contend with, it’s more vital than ever that businesses know their numbers.
Regardless of the size of your enterprise, your bottom line is everything. If you don’t know what it is at any given time, this can cause you big problems.
A well-implemented CRM will give you full visibility of the numbers that matter, in real-time.
You’ll be able to see where you are spending money, where the money is coming in, what’s working and what’s not sales-wise, so you can adapt your approach and allocate resources as required.
Without CRM, you’d be doing this blind.
With CRM, you have the peace of mind of knowing you are making decisions driven by data and evidence, rather than your gut.
A well-implemented CRM, provided everyone uses it correctly, can help your business achieve huge efficiencies, from reducing the amount of paperwork and admin required through automation to identifying where resources are being under- or over-utilised and redeploying them accordingly.
This will also help you to visualise your short-, medium- and long-term priorities, so you can plan your approach better, re-forecast is required, and set new targets if necessary.
CRM can provide businesses with valuable insight into trends which may develop into new opportunities.
This might include insight on where a particular market sector is moving and how your products may be able to help.
It might be finding customers who you haven’t engaged with in a while, so you can try to restart and rebuild your relationship with them through some focused marketing activity.
It might also be used for identifying customer segments that might be interested in complementary products or services you offer, based on the behaviour of other individuals within their segment.
At the very least, CRM will give all your people a better understanding of the individual habits, needs and purchasing history of each and every customer, which they can use during engagements with them to facilitate better conversations and an improved customer experience.
How can Koa Consulting help?
Our expert team has many years’ experience in implementing CRM systems for organisations of all sizes, as well as providing training and support to help them get the most out of their CRM, regardless of the software or supplier.
This includes managing entire new CRM implementations, translating your business needs to your CRM supplier and providing review and improvement support to help you maximise the returns on your investment in this business-critical area.
We can also review your customer journey and experience to help you ensure you’re offering great service and providing long-term value to your clients, with a clear strategic plan to help you maximise your relationships and get more from your customers.