A Customer Relationship Management (CRM) tool is an essential tool for businesses to be more productive and effective in managing their clients. It provides a platform for businesses to consolidate all client information in one central location, making it easily accessible for all team members. It’s no coincidence that 91% of businesses with 10 or more employees utilize a CRM, according to a Grand View Research report.
A well-implemented CRM system can improve a business’s sales productivity by streamlining their processes, reducing administrative tasks and increasing collaboration between team members. This results in a more efficient sales process, allowing sales representatives to spend more time on selling and less time on administrative work. In reference to a Capterra research infographic, 45% of businesses report that using a CRM has greatly improved their sales revenue.
By having a single, centralized location for client information, team members can quickly access important details, such as contact information, purchase history and communication history. This information can be used to better understand client needs, personalize sales interactions and close deals more efficiently.
Here are three key ways a CRM can optimize your business’ processes:
Manage contacts efficiently with a CRM by updating contact information, accessible by everyone in your team, and send automated personalized emails. In this way, you never lose touch with prospects and recurring customers, and can customize the emails according to the stages of your leads and deals.
Prospect monitoring and pipeline management through CRMs reduces the amount of time your teams must perform on admin tasks in maintaining accounts and portfolios.
‘Pass the torch’ to different team members by allocating and assigning different people to different stages of a deal or lead.
IBM conducted a survey in the US, asking companies about how CRMs have impacted their growth. 65% of businesses reported an increase in their sales quota, and 74% improved customer relationships. The benefits of CRMs are clear in relation to their contribution to business growth.
According to the Digital Cyprus survey, out of 500 Cyprus-based companies, 47% believe that CRMs are critical to the success of their business. Data from the survey shows that in 2023, over 50% of companies will be using CRMs to improve their processes. This indicator showcases the prevalence of streamlining communication efficiencies and processes both within an organization, and with their prospective and recurring customers.
In addition to conventional CRMs, there is a notable rise in personal CRMs (pCRM). While CRMs are focused on showing real-time information across sales and marketing teams, a pCRM, such as Covve, focuses on helping you track and nurture your personal contacts, such as professional connections, friends, and family. They combine detailed address books, daily planners with reminders, and insights on your contacts interests to encourage better engagement with them.
As part of our digital transformation, our methodology includes an extensive assessment of your operations, identifying any inefficiencies and bottlenecks, geared towards offering technology-driven and process-centric recommendations for optimization. As part of our process analysis, we will help you find the ideal CRM system and ensure a smooth implementation with trusted partners.
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