Any commercial company is primarily interested in the sale of products and services, and for this, it is necessary to work especially carefully with clients. This task is performed by CRM programs, which have become an indispensable component of larger modern ERP complexes, thus representing a new generation of control systems.
The global CRM market is expected to grow from 58.04 billion USD in 2021 to 128.97 billion (at a CAGR of 12.1%) from 2021 to 2028.
In the conditions of industrial enterprises, the function of CRM subsystems is to organize effective interaction with customers, the purpose of which is to increase profits from the sale of finished products. But to do everything right, you need to understand what functionality this system has and when it will be helpful to opt for custom CRM system development in your business. So that you can better understand this issue, we have prepared this article for you.
What Is CRM?
CRM-system is any software that helps you successfully control work with clients and organize and plan it.Even if you keep a history of calls and contacts on paper or in Excel, it can be regarded as a CRM system if the developed accounting and control scheme works and allows you to control all options for interacting with customers. Of course, such accounting methods are a thing of the past because it is difficult to imagine the work of any business without effective automation in the modern world. Therefore, when they talk about a CRM system, they usually mean special software.
Who Needs CRM?
Before choosing a CRM system, you need to understand whether your business needs it. CRM systems are essential for any business that works directly with customers and seeks to expand the number of buyers.
What is Customer Relationship Management System Used For?
CRM is a ready-made solution that you can use to build your own system and automate the workflow. Each CRM system is the embodiment of the developers’ vision of how to work with a client. It contains many ready-made tools that allow you to take your work to a qualitatively new level.
For example, the integration of a CRM system with telephony allows you to record all calls, remember all new contacts and analyze the quality of the sales department’s work with leads.
Improve Customer Service by supporting and satisfying them.
Increase Sales by personalizing communication
Smarter Offers by being in close touch with your prospects and concentrating on promising leads
Automate Processes by standardizing workflows allows you to get an accurate picture of the interaction with the client
In addition, storage on a single server protects against loss or damage to information.
CRM Key Features
Implementing a CRM system allows you to get a tool/assistant and a view of the developers on how the sales department should work. In turn, when developing a CRM system, they usually rely on best practices on experts in working with clients. And therefore, if you actively use the tools provided by the CRM system, then the work of your sales department will also be optimized. Various system tools themselves suggest what steps should be taken in the process of optimizing work with clients.
CRM system stores unified client and competitors database which allows building business more efficiently. All information is unique, and duplication is excluded.
Managing Interaction With Customers
The CRM system allows forming a precise picture of interaction with each customer, which helps analyze future clients’ needs using the data provided within the system.
Managing Potential And Closed Deals
CRM allows controlling the process of each purchase and makes estimations of future sales.
With CRM, it is easy to organize the reporting of the sales department. In “manual mode,” accurate accounting is based on two types of data: the level of paid orders and the shipment of goods.
In reality, other mechanisms are involved in the sales mechanism:
the degree of processing of incoming leads
number of refusals and returns
the efficiency of the sales department
the number of incoming applications.
Customer relationship management software is designed to help streamline the work of the sales department. Still, it can also be used to solve other tasks, such as social media management, lead/contact management, customer support, email marketing campaigns, email subscriptions, subscribers to email newsletters, and so on.
It is required that your CRM allows you to plan, set tasks and reminders. An excellent feature to have is implementing an automatic task setting service.
The company uses up to a dozen separate applications and services to work with clients. CRM becomes the platform that connects them, and you get complex data to assess the stages of sales.
Using calendars within the system, users can plan their and their colleagues’ work more efficiently.
The system has in its toolkit a rather powerful analytical tool that allows users to build reports in various areas and plan the future work of the company.
Managing managers’ access to specific clients and related transactions. Visual display of the stages of work with the ability to highlight the most problematic areas where there is an opportunity to intervene.
Analytical capabilities Of CRM systems
Determine employee efficiency based on the ratio of time spent and successfully closed deals
Compare the dynamics of sales and costs in different periods
Determine the seasonality of the product depending on the indicators of demand throughout the year
Artificial intelligence In CRM
Machine learning is used in CRM systems to automate the following tasks:
– creating and filling in customer cards from email messages, social networks
– voice input of data into the client’s card
– translation of records of telephone conversations into text
– auto-recommendations for the next step in working with a client
– determining the likelihood of closing a deal (priority of clients)
– forecasting sales volumes
A CRM system is not a one-size-fits-all solution, though, thanks to its functions, all business processes are brought together and conveniently displayed in one field. This includes correspondence with customers, phone calls made, orders completed. Information on each client is also available immediately. The convenience of working with such functionality is beyond doubt.