A well-designed customer relationship management (CRM) gives a firm the tools that it needs to collect and analyze all types and aspects of client information in one convenient place. In order to successfully complete essential CRM processes, firms can benefit immensely from a high-quality digital CRM platform.
Broadly defined, “CRM” encompasses all approaches, practices, and standards that an organization employs to interact with its clients or customers. The CRM umbrella covers everything from lead generation to trend forecasting, direct consumer contact through sales, and service-related processes.
To effectively capitalize on CRM, a firm should leverage the power of its online channels, which include its website, personalized emails, and social media interaction. If performed effectively, this approach will help achieve the ultimate goal of CRM: improving the overall consumer experience – and thereby the bottom line – of the firm.
In the modern business environment, the term CRM is often used interchangeably with the high-tech digital CRM platforms or software. These platforms aid firms in managing and optimizing customer relationships. The rapidly-evolving CRM tech sector embraces everything from cloud computing to AI, and more.
The Importance of CRM and a High-Quality CRM Platform
If your firm wants effective marketing, sales, and consumer retention campaigns, a great CRM is crucial and will provide a leg-up on your competition.
BQE’s CORE CRM, for example, helps firms efficiently monitor and react to consumer interactions at all points of the consumer lifecycle, from discovery and education to purchase and post-purchase communications.
Firms that are operating sufficiently without a comprehensive CRM platform are most likely small firms growing at a relatively slow rate. Most larger firms will maintain that effective contact with each and every customer is virtually impossible without appropriate digital assistance.
While the right CRM platform for your firm will depend on your specific needs and goals, there are a few areas of focus that should remain consistent across all business software systems. Let’s check them out.
5 Key Benefits of High-Quality CRM
- CRM Increases Sales: Thanks to the valuable consumer insights and the ongoing consumer support that it provides, CRM is a key driver of overall sales. From capturing new sales leads to closing final deals and encouraging repeat business, the ways in which CRM can boost your sales rates are both multifaceted and powerful.
- CRM Improves Customer Outreach and Retention: By keeping a detailed record of the ways in which each of your clients behaves, CRM paints a far better picture of what attracts new clients to your firm and what prompts them to continue through each stage of the relationship-building process. This allows you to refine your marketing and sales operations appropriately. Perhaps even more importantly, CRM has a proven ability to boost post-purchase client satisfaction and retention rates.
- CRM Enables More Effective Collaboration: According to software programmer and technical writer Ethan Millar, an increased ability to collaborate is one of the chief benefits that CRM has to offer. A good CRM system can help employees in different business units to better serve the specific needs of each client by working effectively together through enhanced communication channels.
- CRM Optimizes Workflow to Boost Performance in All Company Operations: Digital platforms are more effective than analog “paper and print” methods of workflow management. In the same way, platforms that handle CRM processes are no different. With the help of a quality CRM platform, you can better avoid the workflow bottlenecks that can bring client relationship-building to a grinding stop. Because relationship-building infiltrates nearly every aspect of business operation, effective CRM can aid in areas that include customer service, sales automation, marketing automation, marketing channel management, and even call center operations.
- CRM Helps You Keep Pace with the Future: The vast majority of small to midsize firms already have a high-tech CRM system in place, and this trend toward digital CRM management shows no signs of slowing down anytime soon. In fact, a 2020 study by the independent Grand View Research predicts that the global CRM market will experience a compound annual growth rate of more than 14 percent over the next six years to reach an estimated $114.4 billion by 2027.
At the end of the day, a CRM is all about engendering positive experiences to attract consumers and keep them coming back for more.
For firms that want to take their client relationships to the next level, there is really no substitute for a high-quality digital CRM platform. CRM is simply too time-consuming and arduous for most firms without one.
Thankfully, as part of a larger all-inclusive professional services platform, BQE CORE CRM is designed to deliver all these key benefits, and more, along with offering a dual focus on securing new clients and keeping existing ones. Furthermore, CORE also seamlessly incorporates CRM operation into a larger framework that can handle everything from human resources processes to targeted project management.