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Benefits of CRM Every Business Needs To Know

Benefits Of CRM

What is CRM?

Customer relationship management (CRM) is a set of techniques, methods, and technology that businesses employ to manage and analyze customer interactions and data in the course of their relationship with them. The objective is to strengthen customer service relationships, encourage client retention, and increase sales. CRM software allows you to store, access, and manage all of your customer data from a single point of access.

In this article, we will discuss why CRMs are so important for different types of organizations, trends, benefits of CRM, features, and functionalities, as well as the pricing according to business types.

How Does CRM Help Businesses?

CRM software allows you to store, access, and manage all of your customer data from a single point of access. Sales and marketing professionals can comprehend the current condition of the sales funnel thanks to such a centralized data store. It also allows salespeople to engage with and care for clients regularly, resulting in a consistent WOW customer experience. In fact, CRM systems collect data from customers across many channels, such as the company's website, phone, live chat, direct mail, marketing materials, and social media. It may also provide extensive information on consumers' personal information, purchasing history, buying preferences, and concerns to customer-facing employees.

A CRM´s role isn't limited to obtaining and storing current customer data. It also aids in the quick identification of potential consumers, the collection of fresh contact information, the execution of successful follow-ups, and much more. Some of the most common benefits of CRM for small businesses and large enterprises are aimed at, but not limited to:

  • Enhancing consumer loyalty
  • Increasing sales
  • Automating sales activities
  • Assisting in making sales go more smoothly and quickly
  • Assisting in providing greater protection for client data by ensuring perfect, customized customer communication
  • Providing a comprehensive understanding of client behavior
  • Keeping a meticulous track of tasks that help improve the sales process
  • Assisting in the segmentation of consumers based on demographic characteristics
  • Ensures individualized client assistance;
  • Offering a unified interface for seeing all customer and lead data

What Are The Key Benefits Of CRM?

A CRM system that has been correctly implemented fitting your industry, business´s type, and customer needs  can bring an infinite number of benefits that significantly simplify and improve the majority of the processes. In fact, your customers are the single most important asset of your business, regardless of what sector you're in, what your focus is, or what services or products you provide. Here are some of the most important benefits of using CRM that tour businesses can obtain.

Primary CRM Benefits for Companies

Contact Database & Centralized Data System

CRMs make it  easy for your team to maintain track of every contact and their associated data, regardless of what stage they are in the buyer's journey. CRMs allow your whole sales team to keep all prospect information in one place for any period of time. This enables rapid cross-team access as well as the management of all information in one central area. Such a process saves your staff time searching through outdated files and data  and provides a better and more productive client experience.

Increased Sales & Cross-selling

A CRM solution may help you automate essential activities, improve your sales process, and evaluate all of your sales data in one centralized location, possibly improving sales and productivity. A CRM allows you to create a step-by-step sales procedure that your workers can trust, which you can simply adjust when problems occur. Moreover, the benefit of a CRM system in cross-selling is that there is no need for duplication of effort because all of the data is already stored in the CRM. When customer data is properly classified and categorized in the CRM, it becomes the most powerful instrument for cross-selling.

Customer Service Functionality

Another very important benefit of CRM software is that it aids the improvement of customer interaction. You can enhance your retention rates for existing clients by utilizing CRM software for your business, which eventually  translates into more income for your company. Sentiment analysis, automatic ticketing, customer care automation, and user behavior tracking are all features of the CRM that can help you identify problems and promptly handle them with your customers. Additionally, your team may utilize CRM to proactively manage at-risk accounts as well as reach back to pleased consumers at the perfect time to drive repeat purchases utilizing the data acquired.

Enhanced Productivity

Businesses may use a CRM system to process customer data, eliminating redundancy, and increasing productivity. Customers can be kept updated about a company's interactions with them. CRM software makes use of marketing automation technology, which speeds up time-consuming operations like drip campaigns and allows your staff to focus on things that only people can do. Furthermore, a very useful benefit of a CRM tool is that it may also provide you with a dashboard that shows you how well your company operations are performing and where they could be improved. All in all, there are lots of benefits of CRM for sales managers in particular.

Mobility

It is of crucial importance that CRM software could offer all the basic functionalities at mobile devices such as smartphones and tablets just like on desktops computers and laptops. Therefore, every salesperson  can have access to comprehensive CRM data, analytics, etc. on any device at any time. Simultaneously, it is one of the many benefits of the CRM system to the client, as they receive the finest service possible. Employees have real-time access to important information and changes, ensuring that they are completely prepared to give clients the accurate information they require quickly.

Automation

Using the CRM software's dashboard and reporting tools, your team can simply collect and organize data on potential and present customers, allowing staff to automate and manage their pipelines and procedures. Your team members may use the CRM to assess their performance, track their objectives, and see how far each of their projects has progressed at a glance. Moreover, it is crucial for any business to be able to accurately evaluate the previous performance and effectively prepare for the future in any company activity. One of the greatest benefits of analytical CRM is that it offers automated reporting that can detect significant patterns and gain a sense of what to expect from your future sales cycle performance.

Integration with Third-Party Systems

Another very valuable benefit of a CRM system is that it allows  the integration of third-party tools and systems. It allows the exchange of information in a secure and timely manner. Your team will become much more efficient in data management as a result of connecting all of your systems, as the system will automate all of the essential procedures from data gathering to analysis and forecasting. To those third-party systems, we may include social media networks that can be managed through a CRM platform. Some systems provide basic interfaces with one or two social networks, while others include a variety of capabilities for managing community formation. A good social CRM system will allow you to keep track of all the conversations regarding your organization and provide you with information on search terms, and behavioral analysis, which may be quite useful to marketers.

Marketing Performance Tracking

The benefits of CRM in marketing are innumerable, as they go hand in hand. CRM data can assist your marketing team in identifying, capturing, nurturing, and converting prospects, as well as tracking customer-salesperson interactions and monitoring drip campaigns throughout the sales cycle. As a matter of fact, CRM gives marketers a data-driven perspective. It might be connected to tracking the conversions of a certain marketing campaign or event, and it's undoubtedly helpful in understanding which strategies are most effective. Moreover, CRMs can track client online behavior, which is critical for determining what matters to them and developing commercial value based on that information.

Common CRM Features & Benefits for Businesses

There is a set of features that you should look for when selecting a CRM system. The software can do a lot more than just keep track of contacts. The right CRM software may help you increase sales by keeping track of customers, from nurturing leads to closing transactions and retaining client loyalty, if you have the proper capabilities as well as save you a lot of time and money. Here are some of the features that you should look for to get the most of the purpose and benefits of CRM.

Common CRM Features

Sales Automation

Customer Service Marketing Integration

Helpdesk Automation

  • Account Management;
  • Contact Management;
  • Opportunity Management;
  • Quotes Management;
  • Sales Forecasting;
  • Sales Pipeline Management;
  • Scheduling;
  • Mail Synchronization.
  • A full comprehensive picture of your customers, revealing all the necessary information from the first point of contact;
  • Automated tracking of all the points of communications, from lead generation through closed transactions and sales history;
  • Track  all the website visits, purchase histories, and other activities for future reference;
  • Customers are automatically acknowledged for their questions and communications, so they don't feel neglected;
  • Pre-made email templates and phone scripts are available to answer the most frequently asked questions.
  • Email marketing integration:
  • Basic corporate information.
  • Follow-up after a call or email;
  • Follow-up on a proposal that reps are awaiting feedback on.
  • Integrated web forms:
  • The CRM automatically sends a message to a sales representative when a potential client fills in a form on the website.
  • Social media integration:
  • Automated social listening to find out what people are saying about your company;
  • Learn how many social media activities your brand receives (comments, shares, and mentions);
  • Examine each social media platform (Facebook, Twitter, Instagram, etc.) to tailor your social media approach;
  • Get a better understanding of who your consumers are.
  • Automated Reporting
  • The CRM automatically sends a message to the appropriate sales representative, when a customer fills out a contact form on your website;
  • When the sales representative receives a message, the CRM automatically sends a response to acknowledge the message;
  • The CRM automatically registers hours and tracks all the conversations between customers and sales representatives, both calls and messages;
  • The CRM software automatically transmits completed tasks to supervisors and senior management for performance reports as salespeople complete them.

You are probably asking yourself: Which of these benefits can an organization receive from CRM? The answer is all of them. The features mentioned are known as the core CRM features, that should be incorporated into each CRM software. Now, let's take a look at the features that work better for certain types of businesses.

CRM Features & Benefits for Businesses

Each type of business requires some set of CRM features that will bring the most value. The functionalities of the CRM directly depend on your business necessities and objectives. Here is an idea of what features your CRM should include according to your business type:

Single User Small Business Midsized Business Enterprises
Centralized data &

Contact base

Sales Automation Marketing Automation Customer service functionality

Each type of organization from different industries uses CRMs and enjoys its benefits. To understand how a CRM works for different sectors, here are some examples of the value that a CRM brings to such industries as retail, banking and the benefits of CRM in the hospitality industry.

Benefits of CRM in the hotel industry

  • Improve customer loyalty;
  • Track rooms and banquet occupancy;
  • Generate automated invoice and quotation;
  • Manage inquiries;
  • Schedule follow-ups and any kind of reminders for employees.

Benefits of CRM in the banking sector

  • Improve employee productivity;
  • Reach better communication;
  • Increase sales;
  • Improve customer service and support.

Benefits of CRM in retail

  • Streamline the workflows;
  • Improve customer service and support;
  • Enhance retentions and revenue;
  • Improve marketing performance tracking.

CRM Top Requested Features

It is not a surprise that building great ties with customers is crucial for any type of business. That is the principal reason why CRMs are still of huge importance and continue to expand at a rapid pace. It helps businesses to have real-time access to 360-degree views of their consumers in order to deliver trustworthy and personalized experiences throughout their customer journeys.

In fact, the CRM solution is already considered as the largest software market, and according to Statista, by 2025 it is expected to be worth $108.58 billion. Such success is reached by always responding to the necessities of its users by providing a constant extension of the CRM features, thus improving the CRM benefits statistics all over the world. Nowadays, to the CRM top requested features we must include the following:

CRM Trends

Key Points To Consider

Communication channels are being unified

 

  • CRM tactics will shift from multichannel to single-channel in the near future.
  • Companies will benefit from single-channel CRM since it will streamline internal processes.

CRM will be impacted by artificial intelligence

  • Artificial intelligence will increase productivity by automating time-consuming manual processes.
  • Chatbots powered by AI will also be able to anticipate consumer demands and offer recommendations to customer support representatives.

The fusion of big data, AI-powered analytics, and customer relationship management

  • CRM solutions can now deliver a constant flow of data thanks to the integration of big data.
  • Data from numerous touchpoints will be able to be consolidated by more CRM software solutions.
  • СRM solutions will soon be able to deliver advanced insights thanks to artificial intelligence.

CRM will harness the power of voice technology

 

  • To deliver both data and insights, CRM solutions will offer voice technology combined with AI and machine learning.

CRM perfectly matches the Internet of Things

  • IoT device streams are already being connected to advanced CRM solutions.
  • Customers will soon be able to provide corporate information on product performance concerns via IoT devices.

A new customer journey through AR & VR

  • AR and VR are altering the way businesses interact with their consumers.
  • These technologies are beginning to be adopted by the retail industry.
  • Internal staff training can also benefit from augmented reality.

Tailor-made CRM for vertical market

  • CRM verticalization may become more visible in the future years.
  • Niche-focused CRMs can help highly regulated industries like healthcare and manufacturing.

Mobile and social CRMs are gaining popularity

  • More CRM systems will have complete mobile capabilities.
  • CRM solutions will also have additional social media interfaces.
  • Employees claim that mobile and social CRMs have increased their productivity.

Budgets

With the fast growth in the popularity of CRMs, there is a variety of software with different functionalities and pricing. To provide at least a general idea of a budget that is required when starting with a CRM, here is the pricing for the top 5 most popular CRMs.

Generally speaking, we can conclude that the average pricing for the CRMs  based on the organization type is  as follows:

Business Type

Average CRM pricing

Single User

Up to $40 per month

Small Business

Ranging from $25 to $75 per month

Midsized Business

Ranging from $40 to $1,250 per month
*varies according to the number of contacts and additional features

Enterprise

Ranging from $150 to $3,200 per month

*varies according to the number of contacts and additional features

HubSpot

HubSpot CRM offers a great number of sales and marketing features. The software is great for any type of business thanks to  its vast pricing plan that looks like the following:

hubspot pricing

The pricing of HubSpot CRM ranges from $40 to $3,200 per month, which is completely available for single users,  startups, as well as big enterprises. In fact,  HubSpot also has a free plan with the necessary features to start with.

Salesforce

If you already started your search for a perfect CRM, you probably already came across Salesforce - the most popular CRM on the market. It's a cloud-based CRM system that handles all aspects of a company, including sales, service, marketing, analytics, and more. It is known as one of the best options for enterprises because of its vast scope of functionalities. However, Salesforce offers plans for any type of business. The pricing plans for small businesses look like the following:

salesforce small business pricing

Pipedrive

Pipedrive is one of the finest CRMs for small businesses and startups since it's all about obtaining more sales and actively monitoring your deal pipeline. In fact, it's also a wonderful option for connecting with other tools if you want additional capabilities. Pipedrive is simple, yet very powerful and super affordable. Its pricing plans look like the following:

pipedrive pricing

Monday.com

Monday.com is initially a project management tool, but it does well the job of managing sales pipelines, thus, it became a favorite CRM for many small businesses and freelancers. It offers useful functionalities to track clients and leads, manage the sales pipelines, and visualize the entire sales process. The pricing of Monday.com varies not only according to the functionalities users add over time but also when more team members are added. The pricing plans look like the following:

monday com pricing

Zoho

Zoho CRM is also known among small businesses, startups, and freelancers, as it perfectly balances the features within the software as well as allows smooth integration of other tools you might be using.  Its most famous feature is the email marketing tool, as it allows its users to reach a high volume of potential clients. The pricing of Zoho looks like the following:

zoho pricing

Conclusion

For any business, the customer relationship is the core of its existence. However, the larger the company becomes, the more difficult it becomes to meet the demands of individual consumers. That is the most important reason why every business is looking for a perfect CRM. Obviously, there are benefits and challenges of CRM, such as choosing the proper CRM platform and then implementing it in a way that maximizes customer happiness while using the fewest resources possible. At the end of the day, CRM is expected to play a key part in the next-generation business model, since even the tiniest businesses may function on a worldwide scale.

By the end of this article, you should know all the necessary information of the CRM benefits and challenges, trends, core features and functionalities, pricing, and much more, in order to feel much more confident when choosing the most matching CRM for your business and industry.

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Written by

Dmitriy Sorokin

Dmitriy is developing the company’s financial expertise and helps clients to automate their business process with the help of Financial Services Cloud.

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