CRM software has become an integral part of businesses in not only managing customer relationships but for helping in various ways such as improving the informational workflow among the relevant teams, enhancing communication with the customer, and offering better data analytics solutions, to name a few. But not only does CRM software help boost the customer experience and relationship with your business, but helps you reduce the overall cost for your business provided you choose the right CRM software for your business.
As revealed in a recent research report, CRM software can help you gain an average of $30.48 return for every dollar you spend on your business. So, precisely, the benefits of CRM are not only limited in reducing the costs of your company, but to increase the ROI significantly. No wonder that more than 91% of companies with 10 or more employees opt for a CRM, as stated in a recent report. And with the rise in popularity of CRM systems, the number will increase further.
No matter whether you are planning to build a startup or scale your business up, you must utilize suitable CRM software to reduce the costs of your business and avail several benefits of CRM. Wondering how to opt for the right one, or where to start? Well, we will guide you through it all in this blog. So, let’s start from the basics and delve deeper.
What Is CRM?
CRM or Customer Relationship Management refers to a technology that helps you manage, streamline, and improve the relationship and communication between your business and the customers as well as among the relevant teams. CRM software helps you automate this process and reach the goals of quality customer relationships and experience.
While the main purpose of CRM software is to manage and enhance customer relationships, a quality CRM system also offers OLAP (Online Analytical Processing) and data mining solutions for reports creations, forecasting, analytical purposes, and others. Here OLAP plays a vital role in extracting, analyzing, and utilizing the customer data to serve them better and boost the customer experience without compromising with the data security. Here we have listed out some of the most popular CRM software and their respective USPs-
See More: Benefits of Outsourcing Custom CRM Software Development In 2022
What are the Benefits of A CRM System?
The benefits of CRM are not just limited to its core functionality of boosting customer relationship but are widespread in several other areas to improve business productivity and profitability. Here are some of the key benefits of CRM software and how it can help reduce costs for your business.
1. High Level of Automation
One of the main benefits of CRM is it automates a majority of your businesses’ workflows related to customer relationship management, communication with the customers, and the relevant team activities. Not only does CRM software help in streamlining and optimizing the process, but also helps optimize the output.
This also eases the tasks of the sales and marketing teams along with the customer service teams. Statistics say that opting for a quality CRM can boost the business productivity by 29% while reducing the costs of hiring additional personnel, buying additional tools, or going through expensive processes.
2. Reducing Error
CRM software can help reduce errors in various areas of your business - understanding customer concerns/queries, resolving them, loopholes in customer service, adopting effective marketing strategies according to the demand of the customers, and others. Understanding customer requirements is one of the basic requirements to serve them better and improve marketing strategies.
Research says that 63% of the customers expect businesses to understand their specific requirements, while the same for the B2B customers is 76%. And quality CRM software ensures to meet their exact set of requirements by reducing errors in these areas as well as offering an apt and in-depth view of the customer behavioral pattern, demand-supply curves, lifecycle values, and others.
3. Bridging Communication Gaps
Good communication with your customers paves the path to success in the long run while communication gaps can lead to issues like poor retention rates, higher acquisition costs, lower customer lifecycle values, and others.
By choosing suitable CRM software for your business, you can bypass such hassles. Not only does it look after customer relation management but helps bridge the communication gaps with your customer and helps in boosting the retention rate and customer lifecycle values while reducing the cost associated.
4. Better Monitoring
It is crucial to monitor the interaction of your business with the customers, the customer satisfaction levels, how well their queries are solved, and whether the target KPIs are met or not.
CRM software helps you with the monitoring of all such areas and tracking the KPIs. As a result, you can easily analyze and optimize them with this in-built solution without needing to invest in any additional tools/solutions.
5. Great Shareability
One of the exclusive benefits of a CRM tool is, that it facilitates easy sharing of reports, documents, and required information in electronic formats among the concerned teams. It lets you store, access, and share all such information in one place and share them as and when required with ease. You don’t need to do any additional investment for a new tool/system at all, and can also reduce the loss incurred due to human errors.
6. Improved Data Analysis
Data analysis is an integral part of any business to come up with the most relevant product, solutions, and strategies for its customers. And for that, you need to gather, collate, store, and analyze all the relevant customer data.
Without CRM software, this task becomes tedious and costly as you need to opt for dedicated tools for that or risk having errors for manual processes. A suitable CRM for your business, on the other hand, helps automate this task while looking after the security factors as well. As a result, the overall cost associated can be lowered significantly.
7. Easy Tasks Planning
One of the benefits of CRM that makes it highly sought-after is easy task planning. Be it planning your customer relationship KPIs optimization, or improving the customer service workflow, it lets you easily plan, execute, and track all without needing to spend extra.
8. Simple Contact and Mailing List Creation
A Top-notch CRM lets you easily create contact and mailing lists that you can utilize for running target campaigns, keeping in touch with your existing customers, boosting multi-channel communications, and for other purposes.
You can easily collect emails and contacts from various sources and add them to your CRM database to utilize and repurpose them as and when required. Not only does it save you time, but drastically reduces the costs associated.
See More: How Much Does it Cost to Build a Custom CRM Software
How to Choose a Development Company for Your CRM System?
Having a CRM system is no more optional but a necessity for any business to sustain itself in the competitive market. And it is the best option to get your CRM system developed by a professional team from a good development company. But how to choose a proper development company to avail all the benefits of CRM? Let’s see.
Below are some of the criteria/factors to look for in a development company for your CRM system development.
1. Dedicated Solution
The company must offer a dedicated solution for CRM development. This will help ensure that the developer team has the proper knowledge on the product, how to develop a market-driven CRM, and how to build competitive features and solutions.
2. Domain Knowledge
Always check whether the development company and the concerned team have the relevant domain knowledge including the type of software to be developed, tech sacks, framework, or programming languages. This will ensure the development of a high-quality CRM for your business.
3. Expert Team
It is important to check the expertise and experience of the developing and testing team. Unless they have real-time development experience, preferably in developing the same type of product, it is better to not take the risk. It is recommended to go through their prior work or portfolio to ensure this.
Once you check the above-mentioned factors, you need to make sure the cost is budget-friendly. While most development companies determine their cost as per the industry standards and services offered, there can be huge differences based on the regions.
It is advisable to choose the development company from the South-East Asian countries like India, China, Japan, etc., preferably India as it offers some of the best cost-effective yet quality product development services around the world.
If you are yet to choose a good company for your custom CRM development, then Third Rock Techkno, one of its kind of product development company can be your choice. Equipped with professional teams with years long experience, we offer a range of product development services and solutions - starting from CRM to healthcare app/web development. Check out our portfolio and drop us a line to get started today.