A recent Customer Service Benchmark Report has shown that only 8 percent of customers are satisfied. That’s in contrast to 80 percent of businesses saying they provided a positive experience.
Every year, businesses lose $62 billion in potential revenue due to poor customer service. And yet most of these losses could have been averted if they used the data provided by their CRMs.
Many businesses often underestimate the advantages of CRM. Yet, if anything remains consistent, it’s that if the information gathered from the use of CRMs is properly utilized, businesses will enjoy a healthier bottom line.
CRMs are a must-have for all businesses. Here’s why:
IMPROVED CLIENT RELATIONS
Customers are capable of ruining your reputation in an instant and causing catastrophic loss. For instance, just one tweet from Kylie Jenner cost Snapchat a $1.3 billion loss in valuation.
You can wake up one morning to find so much bad blood generated by negative reviews. Yet, that can be prevented. Successful businesses understand this. Which is why they’re primarily focused on customer satisfaction.
A good CRM helps with improving client communications. Which will, in turn, improve the relationship between you and your customers.
The software can also provide as much information about your customers as possible. This translates into better products and services from your end.
HIGHER REVENUE AND PROFITS
Satisfied customers tend to buy more, refer others, and become your biggest promoters. 75 percent of customers admit to spending more money with a company just because they had a positive experience.
Companies that are able to pull this off do so because they have and use a solid CRM system. With the information therein, they’re able to provide customers with a positive experience.
PROVIDES VALUABLE INSIGHTS INTO CUSTOMER PREFERENCES
What are your customers buying? What’s happening in their lives? Knowing these details can help you serve them better. A CRM can help streamline your sales process and business operations whilst minimizing business cost.
For instance, companies like Target are known to provide timely relevantoffers to their frequent customers. This insight into their buying behaviors is possible because of their proprietary CRM.
IMPROVED SALES PERFORMANCE
Your sales team’s performance is often tied to how much information they have about a prospect. The more they know about the prospect, the better their outcome.
So, if you run a small business and are struggling with sales, investing in the best CRM for small business can help your team close more leads and get more sales in the door.
INCREASED WORKPLACE EFFICIENCY
A good customer management software helps employees do a better job of attending to customers.
If a client has a problem, for instance, your staff can easily pull up their details and attend to them immediately. This will not only save time but also ensure that your office runs efficiently.
ARE THESE ALL THE ADVANTAGES OF CRM SYSTEMS?
Not really. Others include improved automation of routine tasks and reduced operational costs.
If you need more help on customer acquisition strategies, check out this article on how to get more customers using live chats.