In this age of fierce competition, the one aspect which you can certainly not overlook is customer experience and customer expectation. The concept of customer retention comes in to picture only when they are satisfied and at this point, we believe it is safe to assume the role customer retention and customer satisfaction plays in driving business.
Customers are getting smarter and so you need to be proactive and CRM is the only tool which will help you to reach out to your customers in a smooth fashion and help you to build a robust relationship with your customers with clean management. The customer relationship management system apart from helping you to improve your relationship with the customers also adds on to the profit of your organization by reducing the overall cost for your organization. The CRM solution helps you to provide all the appropriate information about your customer which includes critical information like their likes and dislikes, their buying preferences, purchase history, etc which will allow you to cater to their needs better and in a much timely fashion.
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When it is proclaimed that the CRM helps in reducing the cost of your business it implies in the following ways:
1. Drastically Cuts Down The Cost of Acquiring New Customers
Trying to reach out to the potential customers is a hectic and cost-incurring task. It involves marketing, advertisements, promotions and a lot more and these things are uncertain which might not pay off well at times and it is beyond your ignorance. On the other hand, CRM helps to improve your customer interaction and thereby give them a better opportunity to bring in more customers and retain the old ones. Satisfied customers themselves act like a marketing tool where the word of mouth acts wonders. The reviews of old customers help you to bag new ones.
2. Curtails The Cost of production
CRM helps to keep a track and maintain a record of all the purchase history of every single customer and thereby it helps especially the ones in the retail business to get a clear view of the stock inventory. CRM helps to understand which are the highest selling products and the same ones can be placed for reordering immediately and the ones which do not make to the customers can be discontinued. Hence CRM gives a very good advantage to the businesses to understand the items which are not in demand and they can stop spending their valuable bucks on them and spend the money on the fast-moving stock thereby increasing revenue and the returns.
3. Reduction In The Use of Paper
Your CRM system will help you to say NO to the print button. The CRM will be your sales rep’s ultimate buddy everything can be carefully and categorically logged on to the CRM itself and you no longer would require to hit the print button to share stuff with your employees. You can download in any format and share it online cutting out the printing expenses.
4. Self-service Portal
The Customer Relationship Management tool comes along with an SSP that is a self-service portal which has pretty automated functions. An SSP ensures quick responses in case of any emergency issues cropping up. It helps to drastically reduce the turnaround time for resolving the cases without creating a hassle of contacting or constantly pressurizing the call centre team. At the same time, SSP also caters to the various customer touch points like form fills from the website for answering queries. Hence it reduces the cost of person to person call and saves man-hours thereby reducing the cost of businesses to a large extent.
5. Usage of Electronic Templates
CRM saves a lot of time as well as money to cut off drafting sales offers, invites, etc. The CRM software will make the standard templates of the largely used doc available to you which you can customize as per your use. This will allow you to save a lot of time and you can send the documents directly via the email system integrated with the CRM system.
6. Sharing Electronically
CRM Software allows you to share a document via .doc, .cvv, pdf, and excel format and you can send them by one click via the integrated email systems. You can easily store all the information in a single place, and it saves a lot of search time. CRM also helps send group messages thereby saving your time and money.
7. Efficient Reporting
Managers get caught up for several hours taking reports and making collective reports using a large amount of stats and figures in huge excel sheets. It is a very time-consuming process and has huge possibilities of manual errors. The CRM software keeps the updated information and its reporting tool automatically generates the reports saving a large number of man-hours as well as paperwork and increases accuracy and efficiency resulting in a reduction of business cost.
CRM software not only helps you retain customers via timely service but also helps in acquiring new potential customers. It helps in reducing man-hours for several crucial tasks and also aids in other aspects of the business as well as lead management, email automation, etc. Directly or indirectly, it helps give the right push to your business.
Blog Resource: Algoworks