What can businesses learn from CRM software?

by Wasim Ismail on April 15, 2011

Customer Relationship Management (CRM) software is an invaluable tool for business. Information makes the world go round, and CRM software has many tools inherent within it to help make sense of the information that it gathers. By using these tools, businesses can learn more about themselves and their customers, thereby improving their efficiency and service.

Customer Relationship Management Software and Analytical Tools

Customer Relationship Management software, used as it is to track and manage a company’s interactions with customers and potential customers, comes with integrated analytical tools. Some systems also have separate, multifaceted analytical software which integrates the information from sales, marketing and customer service to give a big-picture view of the impact of company policies and procedures on customers.

Customer Relationship Management Software and Sales

The sales force automation element of Customer Relationship Management software is based on a contact management system. This tool records every part of the sales process for every client and prospective client. Apart from allowing the sales process to be streamlined, the information gathered is invaluable in other ways. By analysing this information, customer preferences and actions can be understood, leading to more efficient sales forecasting. Weak links in the sales chain can be discovered, whether these be company practices that need to be revised or particular individuals who may need to be retrained. Insights into new territories and business opportunities can also be flagged by the software.

Customer Relationship Management Software and Marketing

This software allows the targeting and identification of potential customers, thereby generating leads for sales teams. Campaigns such as direct mail, telephone, social media and email can all be tracked and success measured by various metrics, including leads, responses, deals, revenue and clicks. Web-based marketing is also catered for, with Customer Relationship Management software able to track web activities known as “buy signals”. These signals indicate which potential customers are most likely to make a purchase and which may require extra communication or help. Predictive analytics help to improve market segmentation, customer targeting and effectiveness of various campaign tactics and implementation.

Customer Relationship Management Software and Customer Support and Service

Customer Relationship Management software can help you to keep track of your customers’ experiences and needs. You can see a customer’s entire history of interaction with your company at the click of a button. This allows you to anticipate their future needs and communicate with them, offering them a product or service in a timely, efficient manner. This ensures that you will always be the first person they think of when making a purchasing decision. However, this approach is different to and more effective than more usual brochure mailings or offers as you are targeting this specific customer with offers that will be welcomed. Customer Relationship Management Software is also invaluable when things go wrong, as you need not trouble an irate customer with questions about their communications with and support from your company. Instead you can offer smooth, professional service as all this information is available in front of you.

This article was written by Workbooks, leading supplier of web-based CRM software.

Image: Vlado / FreeDigitalPhotos.net

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