“Did you know? Businesses lose up to 78% of the customers due to poor customer services” CRM Helps In Cutting Business Costs?enefit
If your business is built to serve long-term relations with your customers, sooner or later, you will not be able to handle things manually. Which may lead to poor customer services which will further lead to bad customer review.
Also, in this world where social media is the channel for venting out our satisfaction or discontent regarding any product, the cost of not providing proper customer service can be paramount for your business.
In the competitive market where 50% of the SMEs and 95% of the startups fail every year, I don’t think you are willing to risk your hard work due to lack of excellent customer services.
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So, What is the Solution?
The solution to this problem is Customer Relation Management software or CRM software. Easy to use CRM system is one of the secrets which leads to happy and satisfied customers.
Interestingly, more than 72% of buying experiences depends entirely on how the company treats its consumers.
With CRM database systems, dealing with consumer needs is not a herculean task anymore. Besides, CRM also helps you cut extra costs and proves beneficial for both consumer and business.
So before you and I begin singing the praises of CRM software, let us briefly discuss what exactly CRM software is and how it works.
What is CRM Software? CRM Helps In Cutting Business Costs
As mentioned above, CRM stands for Customer Relation Management and simply put, it is a practice, technology, or strategy designed to help businesses improve their customer relationships.
In modern days, CRM is a software platform that connects your different departments, from marketing to sales to customer services. It organizes their notes, activities, and metrics into one cohesive system.
Every user has a real-time direct and easy access to the client data they need. This not only allows for unparalleled coordination across the departments and teams but also makes it possible for businesses to provide their customers with something extraordinary: one-to-one customer journeys.
If we compare all this with the old and limited functioned legacy systems, CRM software comes with the ability to revolutionize how you connect with the customers. Also, you cannot define CRM software without considering SaaS and cloud computing. Both these together makes CRM platforms available wherever a user has the internet.
Do you think that just implementing a CRM will work for your business?
Well, I don’t want to scare you, but the following examples may do it. If you wrongly implement/not use a CRM software or don’t choose the right software development company, it may lead to disasters. Take a look.
The two famous catastrophic incidents in CRM’s history are:
#1- Hershey’s not-so-sweet experience will shake you
The famous American chocolate manufacturer, Hershey’s, was facing fierce competition. Being a huge brand, the company reached out to ERP and CRM providers to shape up its client-relations and boost the business.
Though Hershey’s bought a large-scale CRM software worth $112 million from Sibel, things didn’t work out as planned. The system proved too complicated and cumbersome for Hershey’s suppliers and product line leading to a frozen factory and thousands of unhappy customers. (that too just before Halloween. Spooky!)
#2- Do you still remember the bad boy- Blackberry?
There was a time when Blackberry phones were a real swagger in the market, but today, we barely remember how they looked. The company was ruling the mobile phone industry, and we never thought that those phones would turn into mere collectible items one day.
The story began in 2011 when Blackberry faced issues with the email services, resulting in freezes for users in some regions. The localized crisis soon became a company-wide failure when users sought answers from Blackberry’s help services.
Instead of using a well-built CRM software and sending out clear messages to the customer of what is wrong and what they are doing about it, Blackberry relied on Facebook. It failed to realize how many customers were being affected.
“Sobering but true, to cancel out one negative customer feedback, you need 12 positive customer feedback.”
So that was the beginning of the end and a lesson to learn how customer dissatisfaction can lead to the business fiasco.
Also, given the importance of CRM software, one might think that these tools have been a mainstay of businesses for as long as the concept has existed, but it is not true. The reality is that CRM software platforms are a new development, so here are a few reasons justifying “Why do you need CRM software?”, “CRM software benefits” and “How does CRM help in cost-cutting?”
How does CRM help in Cutting Business Costs
#1. It organizes business activities
A collaborative organization can be useful, fast, and timely for its customer. It is not surprising how CRM software can boost the organization’s profit and still gives them the energy that can be spent efficiently.
The more wisely you use your time, the better the investment cost of your business. As per a survey, companies that make advanced use of CRM software can see an increase of 29% in the overall productivity.
#2. Reduces production cost CRM software benefits
CRM software platform is a simultaneously powerful built-in analytics and accounting tool. Based on what your customers like, it allows you to optimize your production and invest profits in those products that your customers buy.
Gradually, your inventory becomes just-in-time, and you need not keep surplus goods in the warehouse. All this makes your production optimized, dynamic, and profitable.
#3. Cut down paper waste and cost
An excellent CRM software eliminates the need to store all data in print as it saves the entire data just a single click away from over the cloud. Any detail like contact, revenue statistics, records, and more are kept in a centralized and accessible spot available from anywhere in the world through the internet.
All this leads to no unnecessary printing of information as it can be accessed over any device with the internet. Thus, leading to cost-cutting and waste reduction.
#4. Reduces cost to gain new customers
As per the long-known law of marketing and economics, retaining the existing customers is cheaper than attracting new ones. However, ultimately we as a business need to grow, and growth without new customers is impossible.
Attracting new customers is undoubtedly a costly affair. You need to invest in your products’ marketing campaigns, but if you want to attract new customers not to become a heavy investment in your budget, then a CRM system can help.
Indirectly, CRM software can help you to get new leads. This solution makes the customer service seamless and continuously keeps it at a high level, leading word-of-mouth marketing of your current customers’ products.
#5. Electronic templates are free of cost
CRM software enables you to use store email and SMS templates to deal with customers. Other business documents that come in repeated use are also stored in this electronic template library.
These templates are beneficial for the sales and marketing department while dealing with customers. So, anytime the consumer requests a quotation or purchase order, the sales, and marketing department may quickly fill out additional information and reuse the predefined prototype.
#6. The cost of storage software is cut out
CRM software is highly scalable and flexible and it is one of the most crucial CRM software benefits. Cloud-based CRM software has everything in a cloud environment maintained and stored.
The end users don’t have to worry about the underlying needs of the software or hardware. All this makes it handy for small businesses and startup businesses, whose incoming customers require high scalability and flexibility.
#7. Reduces sales and business representatives’ costs
As I already mentioned, when your business is based on long-term relationships with customers, which means that your representative needs to meet with them from time to time.
The CRM software platforms make it possible to plan these meetings competently and to localize them at a minimum distance from each other. For businesses, it generally leads to lower transportation costs.
#8. Reduces the cost of customer support .crm helps in cutting business costs
Customer support helps reduce rework and faster sales closure with smart processes and real-time information. It also helps to provide a consumer with high levels of customer satisfaction.
Businesses can expect a high volume of references and word of mouth marketing with efficient customer experiences. All this leads to exponential growth in new takeovers and conversions.
“Did you know? 39% of the companies that have integrated CRM platforms cite their data as a strategic asset.”
Read more: 10 Top Software Development Companies in India
Where to go next?
Well, after knowing the CRM software benefits and also knowing the disasters a wrong or no CRM can do, you must be aware of the fact that you have to choose the right thing for you.
Get in touch with an experienced and expert CRM software product development company in India, which will help you develop the best possible solution as only an expert can come up with expert ideas.
If you have any other queries or suggestions, feel free to comment below.
FAQ’s
Q1- What companies use CRM software?
A1- MNCs like Tesco, Apple, Uber, British Airways, McDonald’s, and many others use CRM to run their businesses successfully.
Q2- Which is the best CRM software development company?
A2- PixelCrayons is India’s most trusted choice when it comes to software development. The company holds 16+ years of experience in this industry and has served 6800+ customers globally to date.
Q3- What information can CRM software provide?
A3- A CRM software is capable of storing and providing customer & prospect contact information, identifying sales opportunities, record service issues, and manage marketing campaigns.
Q4- Why should I choose PixelCrayons for Software development?
A4- Here are a few reasons which will make you fall in love with PixelCrayons:
- High-Performance Software Delivery
- Serving Multiple Industries
- Advanced Software Security
- Price Match Guaranteed
- Extended Software Protection
- First Time Right
Q5- Is my idea safe with the software development company I choose?
A5- If you choose PixelCrayons, we assure you that your idea is safe. Not just verbally, we sign a strict non-disclosure agreement to protect your rights.
You are absolutely correct in your insights. CRM has helped me a lot in my business too.