5 benefits of using a Customer Relationship Management Platform
For any business to grow with sustainability, the customers are the key component. How you interact with your customers and how well you serve them determines how popular your business is, and how much revenue can you generate from its operations. Having a strong relationship with your customers is a must for modern day businesses, and this shows in the rapid growth of the CRM (Customer Relationship Management) industry, which is supposed to surpass $80 billion in revenues by 2025. In this article, we will take a look at what customer relationship management is, and five benefits of using customer relationship management solutions which makes it a must have for your brand.
What is Customer Relationship Management?
As you may have understood from the previous segment, CRM is closely associated with the relationship you build with your customers as a brand. The CRM softwares works through four simple steps – collecting customer data, storing customer data, analysing the stored data, and producing actionable insights.
With the help of the CRM softwares, brands can finally interact with their customers at all levels, and build a healthy connection with their audience. It is the backbone for present day marketing, brand promotion, and online reputation management, but the true importance of CRM goes beyond that. It helps brands to collect and store all the useful information regarding their customers, and identify penetrable strategies to enter the markets and ensure sales. This is why, in 2020 within the span of one year, the usage of CRM had risen to 74% from a previous 56%. Customer relationship management has become the true helping hand for brands who want to create healthy engagement and build a strong relationship with their customers.
5 benefits of using Customer Relationship Management solutions
The discussion we had up until now should give you a clear idea of what customer relationship management is, and what kind of growth the CRM industry is expected to have in the recent years. So, what are the major benefits of using customer relationship management solutions that help your brand unlock its true potential? Let us find out –
- Improved customer segmentation and better customer service: There can be millions of customers with whom your brand interacts everyday. You can have all the available data regarding these customers stored in your system. But just storing the data will not help you. Each and every customer comes with their unique needs and expectations from your brand. CRM will help you understand the needs of your customers better and have a proper segmentation for your customer related data. With the help of this improved segmentation, you can offer your customers better services by analysing their requirements and addressing their needs. You will need to have an omnichannel customer engagement strategy to respond to each and every customer. An omnichannel solution provider like Locobuzz provides this kind of strategy.
- Strong analytics program: With the help of the CRM module, you can analyze all the information regarding your customers and produce actionable insights. This is specifically helpful to determine the success probabilities of your operations by contextualising your data. Using the various metrics provided by the CRM software, you can build a strong brand that understands the value of its customers and fulfils their needs.
- Improved customer retention: Did you know that retaining an existing customer is a lot cheaper than getting a new one? CRM helps brands to retain their customers successfully by providing them all the necessary data to judge customer satisfaction and to improve it further. By tracking and analysing customer sentiment and behaviour, you can improve customer loyalty which is extremely helpful for your brand. CRM also provides your customers with necessary help and support to build their trust and keep the cash flow intact.
- Improved internal communication: Building a healthy relationship with your customers only happens when you provide your customers with the best of services and to provide the best of services, you want your brand to act as a well coordinated and well drilled institution. CRM helps brands to streamline their internal communication and establish proper coordination between your internal departments which is crucial for better performance and team building.
- Centralised database and data security: Just collecting and analysing the data is not enough. You also have to store the important information for future reference. CRM provides you with a strong and potent database to store all the necessary information. On top of that it also helps you document the permission given by your customers to access and store their private data. CRM also protects your stored data from most kinds of security breach related threats.
Locobuzz Customer Relationship Management
By understanding the five biggest benefits of using the CRM, it must be clear to you that you need the best CRM solution to build your brand image and likability. Locobuzz is a new age unified digital customer experience tool or management platform that helps measure important brand insights, customer chatter and sentiment and CSAT scores, and performance analytics to completely transform your business. With the help of Locobuzz’s effortless CRM integration capabilities, you can easily unify customer data to deliver heightened and improved customer experience.
With the help of its various tools like brand monitoring tools, competitor analysis tool, social media management tool, sentiment analysis tool, customer experience tools, social media chatbots, social listening tools, etc Locobuzz provides a complete social media management strategy.
On a single view dashboard, Locobuzz helps you collect, store, and analyse all the useful customer related data with ease.
1. Will CRM help in improving your ROI?
CRM ensures that your brand is performing at the best possible level by providing you with actionable insight to build strong customer relationships. By increasing your sales and by helping you with better customer retention, CRM will absolutely help you in improving your ROI.
2. How does CRM work?
CRM works on four basic levels. First it helps you collect and store useful customer related data. Then it helps you analyse the data with different metrics and analytics programs. After the analysis is completed, CRM provides you with crucial insights regarding your customers and competitors and brand performance. And lastly, it stores all the useful data in a centralised database for future use.
3. What is the best CRM solution for me?
For the best CRM services, opt for Locobuzz. Our fine age technology and AI-integrated analytics services help you justify your brand and build the strongest customer relationship with ease.
To conclude, CRM helps brands understand their customers better which is the crucial element of successful businesses. By understanding what your customers need, you can give them proper customer service and build healthy relationships with your users. CRM also helps you with cost-effective efficient services, and build customer trust. By utilising the depth of CRM you can create a successful and sustainable brand.