New to CRM – Here is All You Need to Know
The business world is evolving at a pace that is too fast and too risky. Every now and then, we hear terms and concepts never heard before. Every other day, there comes a strategy that promises better management, higher sales, or effective marketing. Some of them become an instant hit with every business incorporating them in their structure. Some may take a little time to sink in. So, where does CRM stand?
What is CRM?
CRM or Customer Relationship Management, in its pure sense, is nothing new. It is the strategy that defines how the organization handles customer interactions. However, the term is now used to describe the system or platform used for this purpose. One of the most basic jobs of a CRM is to handle customer relationship by tracking, storing and managing the data and information associated with them.
Why CRM is Important?
It is true that the concept of a Customer Relationship Management system has always been present. The system has been incorporated in the business structure in various forms and manner. It has always been considered important as it provides company with an understanding of their customer base, their needs, demands as well as behavior. Therefore, it enables the sales force of the company to make a positive connection with the costumers. This, in turn, influences the overall sales in a more positive manner.
In simpler worlds, CRM empowers the sales force of the company by enabling connection that leads to sales.
Features of a Good CRM
Set out on a search for a CRM system, and you will find a plethora of options. However, like all businesses, all CRM systems are different. Yet, there are some features that are absolute essential for almost all of them. These features define the capability of a typical CRM system. Let’s take a look.
o Lead Generation: The lead generation feature allows the sales team to manage a list of leads in terms of customers and prospects. A prospect is a lead that has not yet made a purchase. Once the lead turns into sales and the deal closes, the prospect turns into a customer and is shifted to the customer list.
o Opportunity Tracking: If a sales team is working on a particular deal or offer, it is termed as an opportunity. This feature allows the team to track the deal’s performance, its worth, and the stage it is in. This features also allows to run a competitive analysis of how other companies are trying to attract the target customer.
o Collaboration: This is one of the key features that actually make a CRM worth the time and money. Not only it allows the company to collaborate with the customers, it also allows the teams to share the information within the organization. It gives all the teams a centralized view of the information regarding customers, deals, competitors, etc.
o Email integration: Features like email integration enable quick and easy communication that in turn increases the productivity and efficiency. It integrates the CRM with some of the most commonly used email services/system to create and close deals via email.
o Reporting: An efficient CRM will always feature a powerful reporting system through which you can generate sales related reports. Reports help you share specific information and data with teams who so not have constant access to CRM.