CRM refers to Customer Relationship Management. However, today, when one talks about CRM, they are usually talking about the CRM Software. It is a tool designed to bring the sales, marketing, customer services and other activities together to streamline your business process, policies and people on a single platform.
As businesses continue to adopt a hybrid work model, the importance of Remote CRM is only increasing. The remote sales team, thus, becomes more productive by gaining access to the central tools which will help them collaborate with their customers.
Why do Businesses Use CRM Software?
CRM is the largest software market in the marketing world. It has become the most beneficial technological asset for companies to invest in. The prominence of the CRM software has grown by manifolds over the years due to the following reasons:
- Helps in Relationship Building
- CRM can Increase Profits
- It is Easy to Use
- Easy to Analyse Customers
- CRM Helps to Garner New Customers
- CRM is a Cost- Effective Necessity
- CRM Gives Easy Access to Information
- CRM Helps in Customer Satisfaction
Helps in Relationship Building.
It helps businesses to build a strong relationship with their customers and earn their loyalty.
CRM can Increase Profits
CRM strategy can result in increased profits for the enterprise.
It is Easy to Use
CRM software helps to create simple user interface for the data to help businesses communicate with customers in a scalable manner.
Easy to Analyse Customers
Customer Relationship Management consists every bit of details of a client. It becomes easy for the business to track the customer accordingly and therefore, can be used to establish which customer can be profitable.
CRM Helps to Garner New Customers
CRM system also helps in acquiring new customers. The process begins by identifying a customer and then corresponding details are maintained into the CRM system. It is also known as the Opportunity of Business.
CRM is a Cost- Effective Necessity
Customer Relationship Management is cost-effective. A decently implemented CRM system requires less paper and manual work. It also requires fewer staff members to manage, hence decreasing the number of resources as well.
CRM Gives Easy Access to Information
Customer Relationship Management system has a centralized system. It means the data is accessible to everyone at any time.
CRM Helps in Customer Satisfaction
Since Customer Relationship Management software allows easy access to customer data, you can surely keep the customers satisfied.
Types of CRM Systems
Customer Relationship Management Systems can be divided into the following types:
- On Premise CRM
- Cloud Based CRM
- Industry Specific CRM
- All in One CRM Software
On Premise CRM
The on premise CRM system puts the responsibility of administration, control, security and maintenance of the database on the company using the CRM software. The company purchases the license of the CRM software instead of buying annual subscriptions.
Cloud Based CRM
The cloud based CRM stores data on external, remote networks which is accessible to the employees at all times. All they need is an internet connection to access the data. The cloud is easy to deploy and is suitable for companies that have limited resources.
On Premise CRM vs. Cloud Based CRM
The on premise CRM system has the businesses set up complete back end infrastructure and foot the bill for maintenance. On the other hand the cloud CRM system is the most preferred option for businesses. It is easy to access and allows for fast deployments and usage.
There are no maintenance cost, and gives you increased accessibility to data.
Industry Specific Customer Relationship Management Software
Most CRM software comes with central features such as contact management, customization options and social media tools. These features help businesses to personalize communications. On the other hand, there are industries that require additional functionality. Such as healthcare professionals and hospitals need a customer relationship management software that will provide and protect patient data by being compliant to HIPAA.
Hence, industry specific CRM software are built specifically to cater to the needs of different industries.
All in One CRM Solutions
The CRM most popular offerings are the All in One CRM solutions. Such systems are robust and easily customizable. They can integrated you with a range of business software and give you a 360 degree idea about your customers. It comes with various functions to help business manage customer interactions with various built in features. The examples of such software includes the Capsule CRM, Flowlu, BlueCamroo, and TeamWave.
Elements of CRM
The basic components of a CRM software include customer information and consolidating the information into a single CRM database for easier access.
With times functions have been added to make the CRM software more useful.
- Marketing Automation
- Sales Force Automation
- Contact Center Automation
- Geolocation Technology
- Artificial Intelligence (AI)
Marketing Automation
The marketing automation tool lets the business automate certain repetitive tasks. This enhances marketing efforts and is helpful for lead generation.
Sales Force Automation
Another tool, the Sales force automation tracks customer interactions and automate certain business functions for the sales cycles.
Contact Center Automation
The Contact Center Automation is designed to reduce difficult and exhausting aspects of a contact center’s agent job. It can also include prerecorded audio which assists customers in problem solving and information dissemination.
Automated contact center tools include chatbots etc, and can greatly improve the customer experience.
Geolocation Technology
Some Customer Relationship Management software come with geo location technology which lets you opt for location based services and campaigns. You can then create marketing campaigns that are specific to the location of the customer. They can also be used as a contact management tool.
Artificial Intelligence (AI)
The AI technologies have also been built into the CRM platforms. They automate various taks, and can even identify customer buying patterns to predict their future behavior.
CRM Software Summary
The CRM software is a great way for businesses to automate certain tasks and increase the efficiency of their company. It can play a key role in stabilizing relationship with the customers, and attract new audience. You can choose from four CRM software types: On Premise CRM, Cloud based CRM, Industry Specific CRM, and All In One CRM depending on your business and need.
You can use CRM to automate multiple, tedious and mundane activities and cut down cost on hiring extra employees. CRM can result in higher efficiency and profits for any company.
