The customer relationship management (CRM) software suite market is expected to grow to more than $145 billion, up from $57.83 billion in 2021, according to data from Fortune Business Insights. Most businesses adopt a CRM relatively early, within five years of launching, with an average return on the investment of more than $8.70 for every dollar that's spent.
Does that powerful data intrigue you? If that isn’t enough to sway you to consider getting a CRM software suite for your business, consider these 10 reasons.
1. Improved Customer Service
At the core of every CRM is the power to improve the customer experience. CRM software suites were created with the express purpose of providing businesses with the ability to manage contacts, store key customer information, and provide access to all authorized employees to provide consistency and support high-level customer service.
2. Increased Productivity
CRM software suites help you maintain and manage a central database that allows for a fast, easy exchange of information. Cross-team access reduces the time individuals would spend locating files and data. Additionally, automated features like email and call logging allow you and your employees to spend less time on menial tasks. In turn, it frees up the time and effort you and your team can devote to revenue-producing activities.
3. Boosted Sales
A CRM makes it easier to take excellent care of customers and nurture leads more efficiently. Using a CRM software suite can also help increase the number of deals you close. You can set follow-up reminders, and automate emails or short message service (SMS) messages to be sent at specific stages within the pipeline. The CRM is also your secret weapon for contacting customers at the right time to renew contracts, replace products, or upsell new offerings.
4. Higher Customer Retention
By providing customers with an optimal experience, you also foster higher levels of customer loyalty. Turnover has negative impacts ranging from disruptions in cash flow to unexpectedly reduced revenue. But using a CRM software suite can help with key activities like behavior tracking, sentiment analysis, help desk tickets, and automated customer support. This allows you to handle customer problems faster and increase overall satisfaction, which also boosts retention.
5. Better Time Management
CRM software suites help improve time management in a variety of ways. Automating specific workflows is just the start of what a CRM can help you do. Other common features include instant task and activity assignments. A CRM may also provide real-time features like tracking employees and deals, setting and tracking goals, and automated data management.
6. More Data-driven Insights
The more data, the better your decisions can be. CRM analytics give you the key data points you need to create and measure the effectiveness of marketing strategies. Other ways you can use these insights include gauging website engagement and improving customer service and sales processes. Depending on the CRM software you choose, it can also help generate more quality leads, find buying patterns, and track problems.
7. Improved Customer Targeting
In addition to improving the customer experience, CRM software suites can also help businesses better know what customers want and need. One of the benefits of having customer data stored in a centralized place is that it facilitates increased customer analysis and improved customer segmentation. The CRM can also automatically segment your contacts, making it simple to sort according to applicable factors.
8. Optimized Business Processes
Improving customer relationships is only the beginning of what CRM software suites can do. Depending on the software you ultimately choose, you may be able to automate and streamline many business processes that, ultimately, may boost the bottom line. Some of the common workflows you may be able to automate with your CRM include marketing, customer support, human resources (HR) management, and project management, among others.
