What are the top ten CRM Software benefits?
Customer relationship management is the cornerstone function in most enterprises and the CRM Software benefits are varied and multi-dimensional. While the CRM Software solutions are a key pillar of transformation, it is but one pillar. So, to harness the true benefits of CRM software, it is essential to get the vision, strategy and the CRM transformation roadmap right, before ever getting into system related benefits.For enterprises that have successfully completed a system led CRM transformation, here the potential CRM Software benefits.
Top Ten CRM Software Benefits:
- 360-degree view of the customer: All the modern CRM systems allow sales and service teams have a 360-degree view of the customers. This is probably one of the best benefits of a purpose-driven CRM system that can integrate various customer related information to create a holistic profile.
- Better engagement with clients: CRM software enables sales and service teams to engage with the customers effectively and efficiently.
- Higher customer satisfaction and better Net Promoter score: A holistic approach to client engagement and super experience across channels will improve customer satisfaction and the holy grail metric – the net promoter score.
- An increase in topline and a better bottom line: Various research studies across a spectrum enterprises who have successfully transformed CRM and implemented modern CRM software report benefits of 10-20% increase in topline growth, and an improvement in productivity and efficiency ranging from 2-5%.
- Accelerated sales cycle: Segmenting the customers, not just on demographics, but thru datamining and other techniques, on their propensity to buy will help accelerate the sales cycle and result in higher close ratio. For example, for a financial services sales person, a client’s kid joining kindergarten could be a great opportunity to sell a College Savings Account.
- Proactive Customer Issue resolution: An integrated CRM system will help provide opportunities for proactive customer service incident resolution.
- Increased efficiency and productivity of sales and support teams: Without having to open multiple systems and collate and compile information about a customer, the sales, and productivity of sales and service teams will increase dramatically. The right information at the right time in one place is a powerful productivity booster.
- Improved collaboration between sales/service teams, and with customers and partners: Well configured CRM systems that are integrated with customer and partner portals allow for collaboration between various stakeholders involved in the sales and service processes.
- Better Up Sell and Cross Sell opportunities: An essential benefit of a CRM Software is providing the opportunities for better up sell and cross sell opportunities.
- Lower customer attrition: All in all, the goal of any enterprise is to acquire more customers at a lower cost and keep them forever. A good CRM software is the underpinning of client retention and lowering customer attrition.
Segmenting the customers, not just on demographics, but thru datamining and other techniques, on their propensity to buy will help accelerate the sales cycle and result in higher close ratio.
What other CRM Software benefits do you think warrant mentioning in this article? Please feel free to share the benefits of a successful CRM transformation and software implementation.