CRM Solutions - What is a CRM and why implement one?

CRM Solutions - What is a CRM and why implement one?

Navos team

30 March 2021

Every organisation can benefit from a CRM system from brand new start-ups to small and growing businesses to industry leaders in need of large-scale solutions. At all stages of business, it is essential to have one central place to facilitate effective marketing, sales and data management efforts. As such, today's global CRM market is the fastest growing Software as a Service (SaaS) projected to reach $113.46 billion by 2027. If you are yet to implement a CRM solution, then please continue reading to learn what CRM is and how CRM solutions can help your business.

What is CRM?

Firstly, CRM stands for Customer Relationship Management. This is a combination of people, processes and technology in which businesses manage and maintain their interactions with existing and potential customers, colleagues, partners and suppliers. Essentially, it is a system that consolidates data from such interactions into a central database that supports crucial business operations in real-time such as sales management, marketing efforts and team communication. Its primary purpose is to improve relationships with stakeholders by providing smart tools to develop a successful business strategy.

When CRM is discussed it usually refers to the multifaceted tools and software that automate business processes to improve the efficiency of all interaction touch points. CRM software can include a history of contacts, customer interactions and tools for analytics, collaboration and data management within a customisable database. By collecting and organising customer and sales data, CRM solutions deliver accessible and actionable tasks which result in many advantages.

Why implement a CRM solution?

CRM is considered as one of the most important facets of business operations as it integrates sales, marketing, and customer service in one solution. This translates into increased productivity, superior customer satisfaction and ultimately greater profitability.

1. Increased productivity

CRM solutions can remove the burden of process-heavy administrative tasks from your employees through its automation across sales, marketing and customer service. This results in more efficient processes and better time management. For example, in 2020 businesses who invested in using CRM solutions experiences a 50% increase in productivity.

Equally, CRM solutions provide insights into employee performance and a high-level picture of what’s working and what could be improved. More specifically, it allows for improved management information reporting (MI). Analysis of this data can provide opportunities for continuous improvement of business operations, regulatory obligations, client engagement and employee training needs.

2. Superior customer satisfaction

CRM solutions allow your business to track customer and company interactions through various available channels. These channels include emails, contact forms, phone calls, and more. As a result, through the professional handling of data, you can create a more personalised customer service which will allow you to build deeper trust and loyalty with new and existing customers. For example, the CRM software will allow employees to quickly pick up a customer conversation equipped with the complete history and key information they need to complete the purchase.

Return on Investment (ROI) benefits experienced by businesses implementing a CRM solution highlights an increase in customer satisfaction by 74%. With access to CRM software, you can personalise your messaging and provide smoother interactions that deliver greater value and encourage repeat business. Hence, creating superior customer satisfaction.

3. Greater profitability

The combination of the above ultimately results in greater profitability for your business. As your productivity and customer satisfaction improves, your revenue will increase proportionally.

Next steps

Before you leave, we have a quick question for you:

Do you need advice on implementing a CRM solution that is appropriate for the size and type of business you are in?

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