A successful implementation of a CRM (Customer Relationship Management) solution is a serious way in which a business can start saving on overheads paving the way for increased profitability. Whether selling a product or a service, the mechanics of how to make a profit are set in stone.
One of the starting points is the need to cover your business costs. Staff, premises and stock are initial expenses not to mention bills and advertising. Here are five examples of how CRM can help save money.
- Minimal investment in technology. Cloud-based CRM works on any device with internet access. This means that unlike previous technology solutions, you don’t have to buy and install expensive new hardware and software. Your system will generally stay up to date, with the CRM provider taking care of updates and upgrades, instead of requiring you to purchase and install more software. Software as a Service (Saas) CRM models are also quickly set up and running, meaning that a well-run CRM solution will start to show benefits sooner rather than later.
- Capitalizing on repeat business. It takes a significant effort to capture new business, but repeat business is where you can increase profitability. Your CRM system contains your important customer data, and with each transaction you build up a great picture of customer patterns. You can pursue existing customers with new offers that are attractive to them, using your knowledge to create targeted campaigns that have more of an impact for less expenditure than mass marketing could achieve.
- Lead management tools. Using your CRM solution to record details of events relating to your leads, you can view how, when and why a lead moves from a cold to a hot stage. Cloud save money This gives your sales team some powerful information on these potential clients and allows them to concentrate on leads likely to become customers instead of chasing leads that are not ready to commit.
- Customer data is visible throughout your organisation. Staff have instant access to the overall view of customer records and interactions. This means that for example, your support staff team has access to the information collected at the marketing and sales stages, which is essential in helping improve the overall customer experience. There is no need to transfer information from one department to another, which costs time and money.
- The ability to create reports means that purchasing becomes far more efficient – you won’t invest in less successful goods whilst ensuring that popular goods don’t run out of stock. This becomes a powerful tool for your sales team; they are able to use purchase history and inventory levels and customer satisfaction levels when pitching a sale.
All in all cloud-based CRM gives the modern business more powerful tools that ever before to achieve a depth of understanding of their client base, and to use this to identify and service those most profitable.